Will Now Ron Paul Step Up?
Retrieved by Pat Darnell
November 30, 2009 02:52 PM EST
[HERE]
-- and --
[Read Entire Article HERE]
great article
it clearly outlines the two pillars of Bernake's argument against Ron Paul's long term assault on the fed
a) banking independence.
- this is a red herring as the constitution placed fiscal control squarely in the hands of congress, and forbade them from giving any of their powers away. Also, our government is based on the idea that the only way to prevent corruption and tyranny is to have checks and balances.
b) public and market confidence in Fed control of the market.
- it is fed control of the market that caused this crash.
the sub prime loans were leveraged against the idea that the fed would act responsibly and raise interest rates at the first sign of the housing bubble slipping. this would give owners the opportunity to refinance for fixed rate mortgages. (yes it was stupid to bet on a future possibility) but instead the Fed lowered the rates further in an attempt to expand the bubble further. Thus defeating the fiscal plans of mortgage brokers and initiating the crisis. (then of course there were a host of other issues that compounded the problem)
... and then the fed takes the TARP money and refuses to acknowledge where it went.$ Note: When the interest rate of lender Bank is higher from previous dealings, than for dealings he is into now, he cannot get return on investment ... so the Fed messes around with interest rates, money supply quantity, and devaluation of the dollar.
... and then they, on their own, printed up an additional trillion dollars in between TARP and the Recovery Act, further devaluing the dollar.
... had they been required to submit to oversight.. how would this history have been written?
***
January 26, 2011 [SOURCE]The Federal Reserve is the chief culprit behind the economic crisis. Its unchecked power to create endless amounts of money out of thin air brought us the boom and bust cycle and causes one financial bubble after another. Since the Fed’s creation in 1913 the dollar has lost more than 96% of its value, and by recklessly inflating the money supply the Fed continues to distort interest rates and intentionally erodes the value of the dollar.
This year, Audit the Fed is back with a vengeance. Reintroduced on 01/26/2011 as HR 459, Ron Paul’s bill to audit the Federal Reserve now has 81 co-sponsors, and the numbers keep growing! HR 459′s companion bill in the Senate, S 202, has already attracted 2 co-sponsors.
***
2 comments:
"Ron Paul" in ancient Greek means "Grass Roots".
We at MooPig Editors' staff meetings say a little prayer for Ron Paul -- to give him strength, stamina, and power == to finally bring the bankers around to answer for their actions.
That is an interesting point about our hero's name, Anon. Do drop us more notes as you are inspired to do so.
Post a Comment