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Watch Ron Paul Hearing On "Legislation To Reform Fed And Other Alternatives"

Tyler Durden's picture




 

We skipped the first part of today's hearing by the Ron Paul-chaired Domestic Monetary Policy and Technology Subcommittee titled “Improving the Federal Reserve System: Examining Legislation to Reform the Fed and Other Alternatives” as one of the two panelists was Barney Frank, which immediately meant it would be a complete and utter waste of time, and everyone would walk away far dumber from it, with god likely not having mercy on anyone's soul. The second part however promises to be far more interesting featuring such names as John Taylor (not the FX Concepts Taylor or the musician), Peter Klein, James Galbraith and Alice Rivlin. While everyone knows wha has to be done about the Fed, the likelihood that this will happen before the Big Reset is zero, but at least people can talk, dream and speculate. Watch the live webcast for more of the latter.

Panelists and their prepared testimony below:

  • Dr. Jeffrey M. Herbener, Chairman, Economics Department, Grove City College
  • Dr. Peter G. Klein,
    Associate Professor, Applied Social Sciences and Director, McQuinn
    Center for Entrepreneurial Leadership, University of Missouri
  • Dr. John B. Taylor,
    Mary and Robert Raymond Professor of Economics, Stanford University and
    George P. Schultz Senior Fellow in Economics, Hoover Institution
  • Dr. James K. Galbraith, Lloyd M. Bentsen, Jr. Chair in Government/Business Relations, LBJ School of Public Affairs, University of Texas at Austin
  • Dr. Alice Rivlin, Senior Fellow, Economic Studies, Brookings Institution, and former Vice Chair, Federal Reserve Board of Governors

Click on link for live webcast:

 

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Tue, 05/08/2012 - 11:24 | 2406725 Dead Canary
Dead Canary's picture

We are as private parts to the Gods. They play with us for their sport.

Tue, 05/08/2012 - 11:29 | 2406751 GetZeeGold
GetZeeGold's picture

 

Crap if I'd known Ron was going to talk about that today I would have taken more money out of my checking account for the trip to the coinstore.

Tue, 05/08/2012 - 12:51 | 2407080 worbsid
worbsid's picture

youtube has pulled it.

Tue, 05/08/2012 - 14:37 | 2407573 smlbizman
smlbizman's picture

you tube didnt pull it, cnbc pulled it, along with every other ron paul clip that some how connects them....cocksuckers...

Tue, 05/08/2012 - 11:30 | 2406735 Cognitive Dissonance
Cognitive Dissonance's picture

Unfortunately a pain greater than simply economic must strike before people become willing desperate to do what needs to be done. The only reason the can gets kicked down the road is because the majority of us want it to be kicked.

When this is no longer the case the Fed in its present form will be dead. But not before most of the middle class wealth has been extracted and converted to the financial elite.

Sadly we are our own worst enemy. We are still enamored by our false hopes which are helpfully promoted by those who stand to benefit.

Tue, 05/08/2012 - 12:01 | 2406887 AlaricBalth
AlaricBalth's picture

The majority are oblivious to the fact that a can even exists. Self-deception is pervasive in our society.
"There is an almost gravitational pull toward putting out of mind unpleasant facts. And our collective ability to face painful facts is no greater than our personal one. We tune out, we turn away, we avoid. Finally we forget, and forget we have forgotten" WHY WE STICK OUR HEADS IN THE SAND
By Zick Rubin; Zick Rubin is the Louis and Frances Salvage Professor of Social Psychology at Brandeis University and the author of ''Psychology: Being Human.''
Published: June 16, 1985

Tue, 05/08/2012 - 12:05 | 2406907 Vince Clortho
Vince Clortho's picture

"... Sadly we are our own worst enemy".

No.

Make no mistake.  The worst enemy of 99% of the life forms on this planet are the parasitical Central Planners.  Nothing else comes remotely close.

If your point is that a large majority are ignorant of the problem, or that many are too lazy or distracted to respond, I would agree with you.

Never lose focus on the true source of the problem.  And never give the ruthless bastards a free pass.

Tue, 05/08/2012 - 12:40 | 2407046 Cognitive Dissonance
Cognitive Dissonance's picture

"If your point is that a large majority are ignorant of the problem, or that many are too lazy or distracted to respond, I would agree with you."

Yeah. That. :>)

Blissfully ignorant I might add because the system is designed to encourage precisely that state of mind.....until the piano falls on them that is.

Wed, 05/09/2012 - 01:19 | 2409138 StychoKiller
Tue, 05/08/2012 - 13:58 | 2407405 Blankenstein
Blankenstein's picture

"The world is a dangerous place.  Not because of the people who are evil; but because of the people who don't do anything about it."

 

-Albert Einstein

Tue, 05/08/2012 - 11:26 | 2406737 Dr. Engali
Dr. Engali's picture

Funny how when there is any light brought on the fed the economic terrorists tank the market.

Tue, 05/08/2012 - 11:41 | 2406803 Lord Blankcheck
Lord Blankcheck's picture

CSPAN3 feed kept droping out when the hearing began.(unwatchable),this link didn't work either.

Tue, 05/08/2012 - 11:44 | 2406815 GetZeeGold
GetZeeGold's picture

 

 

Something about double secret probation.

 

It's on now.....must be done talking about the metals.

 

 

Tue, 05/08/2012 - 11:31 | 2406745 Zero Govt
Zero Govt's picture

Ron Paul helps to re-arrange the deckchairs on the Titanic

...gripping TV, wake me up when they drown as i'd like to take note of Pauls final words capping his worthless (pissing into a hurricane) political career

Tue, 05/08/2012 - 11:37 | 2406785 Seize Mars
Seize Mars's picture

You are incorrect. I have concluded that your ability to ascertain worth is bad.

Tue, 05/08/2012 - 11:51 | 2406854 aheady
aheady's picture

Can sadly agree with you there, Zero G.

Tue, 05/08/2012 - 11:55 | 2406865 razorthin
razorthin's picture

Well I will agree that we need a real ATTACK DOG on our side in this circus.  RP is far too cordial when he's in the same room with these idiots.

Tue, 05/08/2012 - 12:00 | 2406885 Zero Govt
Zero Govt's picture

you cannot attack Govt through the rigged 'democratic process'

there's only one way to stop Govt, stop feeding the sucker/s

Stop Paying Your Taxes 

Tue, 05/08/2012 - 12:08 | 2406918 Seize Mars
Seize Mars's picture

How?

Tue, 05/08/2012 - 12:34 | 2407024 wisefool
wisefool's picture

Go Galt. ... or just dont pay them and maybe one of us zerohedgers will get to be SEC-TRES like Timmah.

Tue, 05/08/2012 - 14:24 | 2407525 Ace Ventura
Ace Ventura's picture

Been asking ever since this method keeps getting suggested:  HOW does one stop paying taxes?   Still no answer.

Don't get me wrong, I am fully onboard with the idea. Just now certain how it can be done without ending up in prison.

Tue, 05/08/2012 - 15:54 | 2407924 Whiner
Whiner's picture

You go first. I am behind you.

Tue, 05/08/2012 - 12:34 | 2407027 aheady
aheady's picture

Unfortunately, if he were any less cordial, he'd be dead now.

Tue, 05/08/2012 - 12:58 | 2407120 NemoDeNovo
NemoDeNovo's picture

Ron Paul is an anagram for "Our Plan"

Weird huh?

 

Nemo

Tue, 05/08/2012 - 13:18 | 2407206 Revert_Back_to_...
Revert_Back_to_1792_Act's picture

He has been doing it for so long that it might start moving the other way.

http://www.youtube.com/watch?v=Sok0oU8R-uU

 

Tue, 05/08/2012 - 11:30 | 2406762 Capitalist
Capitalist's picture

YES Jeff Herbener is of the Austrian School.

Tue, 05/08/2012 - 11:31 | 2406764 tu-ne-cede-malis
tu-ne-cede-malis's picture

And Peter Klein

 

Fuck you, Galbraith!

Tue, 05/08/2012 - 11:40 | 2406806 NotApplicable
NotApplicable's picture

Gailbraith and Rivlin should both have fun!

Tue, 05/08/2012 - 11:31 | 2406763 Blotsky
Blotsky's picture

Talk, and nothing else.

 

There was a time when I believed something could be done, what an idiot I was.

Tue, 05/08/2012 - 11:50 | 2406779 Seize Mars
Seize Mars's picture

It took the founders about four years.

Tue, 05/08/2012 - 11:43 | 2406812 WSMassiv
WSMassiv's picture

How else can you educate and agitate?  Do nothing? Watching prime time TV seems to be a good way of protesting the sytem...

I remind my parents that not many things that are actually happening in the world are being broadcast on American news.

Wonder why that is?

Tue, 05/08/2012 - 11:45 | 2406829 NotApplicable
NotApplicable's picture

Something can be done, just not by any organized criminal group (even if Dr. Paul can leverage their facade against them). Mob rule, regardless of intent, can never evolve beyond non-thinking action.

Change, social harmony, and all other aspects of life blossom only from the individual, the only entity with the capacity to think, feel and act.

Tue, 05/08/2012 - 11:34 | 2406773 AL_SWEARENGEN
AL_SWEARENGEN's picture

By time the Big Reset happens, most of the congress, economists, and all other cocksucking fed apologists will have gone into hiding or fled the country. 

Tue, 05/08/2012 - 11:47 | 2406841 NotApplicable
NotApplicable's picture

Then there's Long Island, last refuge in NE CONUS. I wonder how long they can hold off a siege?

Tue, 05/08/2012 - 11:39 | 2406795 Everybodys All ...
Everybodys All American's picture

Tell them to stop playing with the Russell 2000 index like it's their own personal toy.

Tue, 05/08/2012 - 11:42 | 2406800 hedgeless_horseman
hedgeless_horseman's picture

 

 

Reform the Fed? 

lol

Wake me when one of them is testifying with a rifle slung over his shoulder.

Tue, 05/08/2012 - 20:48 | 2408655 icanhasbailout
icanhasbailout's picture

wake me up when they're testifying in leg irons and body armor

Tue, 05/08/2012 - 11:43 | 2406802 razorthin
razorthin's picture

Galbraith is an asshole like the rest of who tout the "full employment" mandate.  Bang up job they've done if you look at U-6.  And Rivlin with her "inflation controlled" mantra is another shill.  ALL these fukkers need to be taken to the woodshed.  Sorry.

Tue, 05/08/2012 - 11:41 | 2406804 midgetrannyporn
midgetrannyporn's picture

"reform" and "fed", isn't that an oxymoron?

Tue, 05/08/2012 - 11:45 | 2406821 youngman
youngman's picture

Ron Paul is talking and gold is going back up...hmmmmmmm

Tue, 05/08/2012 - 11:49 | 2406847 veyron
veyron's picture

that, my friend, is one massive jew nose

Tue, 05/08/2012 - 12:04 | 2406901 youngman
youngman's picture

I always get some extra part time work at the Winter Olympics.....moveable temporary ski jump

Tue, 05/08/2012 - 12:11 | 2406934 tocointhephrase
tocointhephrase's picture

Looks like yours is so big, you had to put a bag over your head!

Tue, 05/08/2012 - 11:47 | 2406839 Negro Primero
Negro Primero's picture

 

4-Week Treasury Bill Auction Results

 

Issue Date: 05/10/2012 -  Maturity Date: 06/07/2012

Price: $99.994167

High Rate:                    0.075%
Investment Rate*:         0.076%

Allotted at High:             60.58%
Total Tendered:             $155,169,689,100
Total Accepted:              $  33,782,069,500

Tue, 05/08/2012 - 11:52 | 2406859 NotApplicable
NotApplicable's picture

Why, you'll take those 7.5 basis points and be happy that it isn't any lower!

 

Meanwhile in 11/2005

"Today, the new rate for the 4-week T-Bill is 3.788%"

http://www.mymoneyblog.com/buying_a_4week_1.html

Can a brother get a ZIRP?

Tue, 05/08/2012 - 11:48 | 2406848 Revert_Back_to_...
Revert_Back_to_1792_Act's picture

From;

http://www.afn.org/~govern/mcfadden_speech_1932.html

Facsimilie of Congressional Record: http://www.afn.org/~govern/mcfaddengif.html

Senator Glass makes the following statement:

"The only other feature of the currency bill around which a conflict raged at this time was the note-issue provision. Long before I knew it, the President was desperately worried over it. His economic good sense told him the notes should be issued by the banks and not by the Government; but some of his advisers told him Mr. Bryan could not be induced to give his support to any bill that did not provide for a "Government note." There was in the Senate and House a large Bryan following which, united with a naturally adversary party vote, could prevent legislation. Certain overconfident gentlemen proffered their services in the task of "managing Bryan." They did not budge him.... When a decision could no longer be postponed the President summoned me to the White House to say he wanted Federal Reserve notes to "be obligations of the United States." I was for an instant speechless. With all the earnestness of my being I remonstrated, pointing out the unscientific nature of such a thing, as well as the evident inconsistency of it. "
         "There is not, in truth, any Government obligation here, Mr. President," I exclaimed. "It would be a pretense on its face. Was there ever a Government note based primarily on the property of banking institutions? Was there ever a Government issue not one dollar of which could be put out except by demand of a bank? The suggested Government obligation is so remote it could never be discerned," I concluded, out of breath.
         "Exactly so, Glass," earnestly said the President. "Every word you say is true; the Government liability is a mere thought. And so, if we can hold to the substance of the thing and give the other fellow the shadow, why not do it, if thereby we may save our bill?"


Tue, 05/08/2012 - 11:55 | 2406868 NotApplicable
NotApplicable's picture

Mixin' tha muthafuckin' Kool-Aid, old skool!

Tue, 05/08/2012 - 12:55 | 2407069 Revert_Back_to_...
Revert_Back_to_1792_Act's picture

How is it Kool-Aid?  I am a little confused about the inconsistencies I find when researching this subject.  The so-called Federal Reserve Act was known by another name when the bill was signed according to the newspapers of that day.  I have a series 1914 note redeemable in gold that specifically refers to "The Federal Reserve Act and the date it was passed" on the front and Federal Reserve Bank on the back.

I have copies of historical writings which I believe are genuine and follow sound logic warning against the establishment of a Central Bank - for instance;

http://avalon.law.yale.edu/18th_century/bank-tj.asp

I have my own experience; when I was younger and honest silver values were still circulating in society - there was much more liberty and much more prosperity.  Those values have been encumbered and drawn out of society.  They are now sitting idle in sock drawers and bank vaults.  The 1965 Coinage Act?

http://www.presidency.ucsb.edu/ws/?pid=27108

I have the historical observation that paper money is almost always used to finance war - because it is difficult to do so when the money power is in the hands of the people.

This video is excellent on that subject.

http://www.youtube.com/watch?v=kerNZPC2fhM

What do we have all this history for if no one reads it and uses it to learn from?

So tell me then, how is it Kool-Aid.  I am taking that as a Jim Jones reference - a false belief; that kills. Please elaborate.

 

 

Tue, 05/08/2012 - 14:25 | 2407529 NotApplicable
NotApplicable's picture

This part.

"And so, if we can hold to the substance of the thing and give the other fellow the shadow, why not do it, if thereby we may save our bill?"

Kool-Aid/Smoke and Mirrors/Dog and Pony Show/etc... It's all about maintainence of the facade at the expense of the truth. Might kill ya if you're in Jonestown, or it might feed ya, if you're in DC.

Tue, 05/08/2012 - 12:06 | 2406914 Revert_Back_to_...
Revert_Back_to_1792_Act's picture

Nothing new under the Sun

Credit Bubbles; See page 56....

http://archive.org/details/coinsfinancialsc00harvrich

 

 

Tue, 05/08/2012 - 11:55 | 2406862 Smokey1
Smokey1's picture

Ron Paul sucks.

Tue, 05/08/2012 - 11:56 | 2406871 NotApplicable
NotApplicable's picture

That's some serious trollin' there, buddy.

Been at this long?

Tue, 05/08/2012 - 11:56 | 2406872 Widowmaker
Widowmaker's picture

As Paul speaks the Fraud-Fed is buying equities with your tax dollars!

FUCKING INSANITY!

Tue, 05/08/2012 - 11:58 | 2406880 UTICA CLUB XX PURE
UTICA CLUB XX PURE's picture

Can't hear it...

Tue, 05/08/2012 - 12:04 | 2406898 Dr. Engali
Dr. Engali's picture

Who are these fools? How can she expect the fed to reduce it's balance sheet quickly without crushing the market? What a retard. Of course she is pointing to Europe to distract from our issues.

Tue, 05/08/2012 - 18:55 | 2408464 Papasmurf
Papasmurf's picture

There is no balance sheet. 

Tue, 05/08/2012 - 12:20 | 2406975 Negro Primero
Negro Primero's picture

Dr. Herbener: + 100

Dr. Klein: +100

Brutus (Bluto) & Friends: - 999

Tue, 05/08/2012 - 14:28 | 2407540 NotApplicable
NotApplicable's picture

I gotta give a shoutout to Prof Klein and getting "who would control the Angry Birds supply?" into the Congressional Record.

Tue, 05/08/2012 - 13:44 | 2407344 rrrr
rrrr's picture

If the FED is destroying our nation's economy deliberately, we should see one of the following two responses to Ron Paul's action to elimlinate the FED: 1) a complete, all out, rejection by the FED, similar to extracting a parasite from an open wound, a fight to the death, or, the one I think is more likely, 2) a recognition by the owners of the FED that response # 1 would not be successful or is not desirable, for a number of reasons, followed by a retreat on the part of the FED, acceptance of the decision to eliminate it (perhaps after a mild fight), with the intention of resuming the idea of a central bank at a later time, when opposition has calmed down. If the FED is not destroying our nation deliberately, then oppopsing arguments are likely to be brought forward in a civilized manner and the decision to eliminate it is likely to be respected. This possibility is not inconsistent with the possibility # 2, above. The only way to be sure there is not a plan to establish a central bank in the future is to live long enough to see whether there is. This is beyond anyone's realistic goals. However, by teaching our children and one another about the dangers of a central bank, we may be surer that such plans, when they become overt, can be crushed.

Tue, 05/08/2012 - 14:56 | 2407666 Kilgore Trout
Kilgore Trout's picture

Went out today and marked a ballot for Dr. Paul.

Tue, 05/08/2012 - 18:27 | 2408412 Lumberjack
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