Ron Paul

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Ron Paul Grills Bernanke On The Massive Expansion To The IMF's New Arrangement To Borrow





As we reported a few days ago, the IMF massively expanded its last resort bailout facility (NAB) by half a trillion dollars, in which the US was given the lead role in bailing out every country that has recourse to IMF funding. Yesterday, Ron Paul grilled Bernanke precisely on the nature of the expansion of the US role to the NAB: "The IMF has announced that they are going to open up the NAB which coincides with the crisis in Greece and Europe and how they are going to bailed out. The irony of this promise is that in the new arrangement Greece is going to put in $2.5 billion in. I think only a fiat monetary system worldwide can come up and have Greece help bail out Greece and be prepared to bail out even other countries. But we are going from $10 to $105 billion... We are committing $105 billion to bailing out the various countries of the world, this does two thing I want to get your comments on one why does it coincide with Greece, what are they anticipating, why do they need $560 billion, do we have a lot more trouble, and when it comes to that time when we have to make this commitment, who pays for this, where does it come from? Will this all come out of the printing press once again, as we are expected to bail out the world? Are you in favor of this increase in the IMF funding and our additional commitment to $105 billion?" Bernanke, of course, washes his hands of any imminent dollar devaluation - it is all someone else's responsibility to bail out life, the universe and everything else. Bernanke pushes on "I think in general having the IMF available to try to avoid crises is a good idea." Yet Paul pushes on "Where will this money come from? We are bankrupt too." Indeed we are, but nobody cares - that is simply some other poor shumck's problem.

 
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Ron Paul: "What The Federal Reserve Still Fails To Realize Is That Intervention In The Economy Is Always Harmful"





As part of yesterday's hearing with Ben Bernanke before the House Financial Services Committee, Ron Paul provided the following statement in which he blasts the Fed's ever-increasing cluelessness over monetary policy and its disastrous Catch 22 implications: "the Fed only sees what is seen, the superficial results of its policies, and not what is unseen, the effects of its monetary intervention throughout the economy. Monetary inflation leads to malinvestment and causes the boom phase of the business cycle. Once the malinvestment is realized the bust phase occurs, and these malinvested resources need to be liquidated in order for the economy to recover. But the Fed actively works to prevent this liquidation and does everything in its power to continue inflating in order to prolong the boom. The first act of intervention begets the second and subsequent interventions, each bigger than the first, as each economic bust gets larger and more severe." As the only thing that currently matters for the economy, for LBO rumors, and for stock picking in general is the overabundance of liquidity, one wonders to what rabbit holes the Fed's push for central planning of the US economy will eventually lead us: "The Soviet Union's economy failed because of its central planning, and the United States economy will suffer the same fate if we continue down the path toward more centralized control."

 
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Barney Frank Demands Bernanke Probe Fed Involvement In Watergate Scandal And Iraq Arms Sales Following Ron Paul Questioning





A week ago Ron Paul asked Ben Bernanke a series of questions, which the Chairman and pundits immediately dismissed as "bizarre" and an indication that the potential presidential candidate has finally lost it (among these was a very nuanced question whether or not the Fed is buying sovereign debt, something which Bernanke disclosed in 2002 is a distinct possibility and an action the Fed is permitted to do). Chief among these were queries arising from the work of U of T professor Robert Auerbach, and specifically his book "Deception and Abuse at the
Fed
", which seek information on whether the Fed was involved in the Watergate scandal and, subsequently, in Iraqi weapons purchases. Well, Paul may not be as kooky as people are trying to make him out to be. None other than "consumer protection advocate" Barney Frank has demanded that Bernanke do a full probe based on these allegations.

 
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Ron Paul Discusses The Fed's Bizarre Spending Habits





I asked Chairman Bernanke about Federal Reserve agreements with foreign central banks and if he had had any conversations about bailing out Greece, which he flatly denied. However, he recently announced that the Federal Reserve will be looking into Goldman Sachs’ derivative agreements with Greece. Goldman Sachs, as we know, has “too big to fail” status with the Fed, so it is conceivable that any Greece-related catastrophic losses at Goldman Sachs will once again be passed on to taxpayers. - Ron Paul

 
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Economist With Financial Services Committee For Eleven Years, Assisting With Oversight Of The Fed, Supports Ron Paul's Questions





Ron Paul's questions today sounded nutty ... but seem to be backed by an economist with the U.S. House of Representatives Financial Services Committee for eleven years, assisting with oversight of the Federal Reserve, and subsequently Professor of Public Affairs at the Lyndon B. Johnson School of Public Affairs at the University of Texas at Austin

 
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Ron Paul On Bringing Transparency To The Federal Reserve





In this oldie but a goodie, Ron Paul hammers home the point of why the Federal Reserve needs to finally be accountable and transparent, despite the desires of Barney Frank, Wall Street, Ben Bernanke and all the current failed system's apparatchicks who will stop at nothing to perpetuate the broken status quo. For regular readers none of this should be news. For everyone else, this 1 hour program is a must watch. Clip courtesy of Fora TV and the Cato Institute.

 
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Ron Paul On The Difference Between Fed Secrecy And Transparency





With the media finally waking up to the risk of recurring "systemic threats", aka Goldman not paying $20 billion in bonuses, courtesy of finding out just how much shit is really held by the Fed's discount window, everyone is suddenly interested in hearing it direct from the man at Ground Zero - Ron Paul... Even Steve Liesman, who no matter how hard he tries to spin "Audit the Fed" into "Control the Fed" will fail miserably every time he is not stuck in a patented blathering, factless monologue mode.

 
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Ron Paul: "The Fed Is Part Of The Plunge Protection Team"





"We should look into the matter of whether we should have fractional reserve banking. Yes you have the Fed creating money out of thin air, but then this is magnified by fractional reserve banking which is really fraudulent, all it does is build financial bubbles guaranteeing the business cycle and the collapses and as long as you patch it together, the biggest the bubble." - Ron Paul

 
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Ron Paul Discusses The Gutting Of The "Audit The Fed" Bill, Provides Observations On Collateral And Systemic Dangers





"The system depends on the control of money. This is not new-this is historic. The kings in the old days always had control of the money. They did it in different ways: they clipped coins, diluted the metal, printed money. Now it is more sophisticated"[but not much] - Ron Paul

 
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Alan Grayson And Ron Paul Ask Whether Bernanke Is "Fit To Serve"





Dear Chairman Dodd and members of the Banking Committee,

We are writing to ask you to postpone the confirmation of Ben Bernanke until the Federal Reserve releases documentation that will allow the public and the Senate to have a full understanding of the commitments that the Federal Reserve has made on our behalf. Without such an understanding, it is impossible to know whether Chairman Bernanke is fit to serve another term and fulfill the Federal Reserve’s dual mandate to ensure price stability and full employment. A list of said documentation is enumerated below.

- Alan Grayson and Ron Paul

 
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Ron Paul: "Goldman Sachs Has A Lot Of Influence In Our Treasury And A Lot Of Influence In Our Federal Reserve"





"[The Fed] is bigger than the Congress, [it] has more power than the Congress. The Fed Chairman probably is more powerful than our president, and yet we refuse to look at it. The time has come for us to look at the Fed" - Ron Paul

 
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Ron Paul Before The Cato Institute On Bringing Transparency To The Federal Reserve





A one hour program in which Ron Paul provides the basics of the Federal Reserve and why it is high time transparency was introduced to this most critical of institutions. Must watch.

 
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Dylan Ratigan With Ron Paul "The Banking Infrastructure Is Trying To Protect The Secrecy Of The Federal Reserve"





Tommy Mottola must be considering signing a record deal with the lately omnipresent Ron Paul.

Incidentally, from Ben Bernanke's ongoing presentation to the House committee, when asked "How does providing factual info on Fed discussions compromise the Fed", Bernanke had this highly illogical reponse:

1. It would inhibit discussion.

2. It would inhibit the provision of information.

3. It would implicity provide the sense that Congress was second-guessing or trying to overrule the FOMC's decisions.

Did Wall Street chip in for the prompter on this response? The absurdity of Bernanke's answer would likely provide Lewis Black with hours of stand up entertainment fodder.

 
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Ron Paul's 3 Minute Summary Of The Causes And Effects Of The Crash





Must Watch

 
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