Entries from August 2009 ↓

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In his latest column Ron Paul predicts that one way or another, the days of Fed autonomy are coming to an end, as they should. The Federal Reserve has demonstrated over and over again that it is a highly antiquated, unabashedly monopolistic and openly politicized creature. Its chairman, Ben Bernanke, is the politician’s best friend as he continues to enable government spending to soar to ridiculous levels that will further endanger the value of the dollar. — tmartin

Download the column as an MP3 file here (3:55 minutes).

The Fed’s Interesting Week

by Ron Paul

It has been an interesting week indeed for the Federal Reserve. Early this week, it was announced that President Obama intends to reappoint Fed Chairman Ben Bernanke to a second term in January, signaling a vote of confidence in him. Bernanke seems to be popular with the administration and with Wall Street, and with good reason. His lending policies have left big banks flush with newly created cash that covers up old mistakes and allows for new ones. By buying up mountains of Treasury debt he has also enabled spending to soar to ridiculous levels that should startle any responsible economist, and scare any American concerned about the value of the dollar.

However, these highly sensitive decisions about our money are not made by economists, they are made by politicians. Bernanke, like most of his predecessors, is the politician’s best friend. However, there is no reason to believe any other central planner would behave any differently, considering the immense political pressure on the Fed.

Fed policies have been as bad for the economy as they are good for politicians and bankers, as the recently released numbers on the debt and deficit demonstrate. For the first time since World War II the annual budget deficit is projected to be over 11 percent of the nation’s gross domestic product. It is also projected that by 2019 the national debt will be 68% of GDP. Our path, if unchanged, is completely untenable.

The administration claims that it inherited a dire situation from the last administration, which is absolutely true. However, that hasn’t stopped them from accepting all the policies and premises that got us here, and accelerating those policies to rapidly make a bad situation much worse. The bailouts started with the last administration. They have gotten bigger with this one. The last administration gave us expanded government involvement in healthcare with a new prescription drug benefit. This administration gave us a renewal and expansion of SCHIP, and now the current healthcare takeover attempts. In reality, we can afford none of this, but shady monetary policy allows Washington to continue along its merry way, aggravating all our economic problems.

Not everyone in government finds it acceptable that the Fed wields so much power and privilege in secrecy. Last week, a federal judge ruled against Fed secrecy, compelling them to release under the Freedom of Information Act information regarding which banks received emergency loans, and under what terms. The Fed will, of course do everything in its power to fight this ruling and it is certainly not the last word on the issue. Still, it is encouraging to see that the interests of the taxpayers were defended victoriously in court, while the Fed only sees the plight of its big banker friends.

Meanwhile HR 1207 and S604, legislation to open up the Fed’s books to a complete audit, continue to gain momentum in Congress as the people continue to insist on real transparency of the Federal Reserve. One way or another, the days of Fed autonomy are coming to an end, as well they should. No one should have the power to debauch the currency and gut the economy as they do. It is time they answered for their actions, so the people can understand that we truly are better off with freedom instead of Fed tyranny.

Related posts:

1. Ben Bernanke: Federal Reserve audit would constitute “takeover” by Congress, threaten the “financial system, dollar and economy” When asked by Rep. John Duncan on Thursday about the...
2. Ron Paul’s Opening Statement: The Federal Reserve Created the Crisis Event: House Financial Services Committee Hearing Date: July 21,...
3. The Case Against An Unaccountable Federal Reserve For almost a century, the secretive and unaccountable Federal Reserve...

Order Ron Paul’s Latest Book, End The Fed, Now!

In the post-meltdown world, it is irresponsible, ineffective, and ultimately useless to have a serious economic debate without considering and challenging the role of the Federal Reserve.

Most people think of the Fed as an indispensable institution without which the country’s economy could not properly function. But in END THE FED, Ron Paul draws on American history, economics, and fascinating stories from his own long political life to argue that the Fed is both corrupt and unconstitutional. It is inflating currency today at nearly a Weimar or Zimbabwe level, a practice that threatens to put us into an inflationary depression where $100 bills are worthless.

What most people don’t realize is that the Fed — created by the Morgans and Rockefellers at a private club off the coast of Georgia — is actually working against their own personal interests. Congressman Paul’s urgent appeal to all citizens and officials tells us where we went wrong and what we need to do fix America’s economic policy for future generations.

Order End The Fed Now!

“Rarely has a single book not only challenged, but decisively changed my mind.” — Arlo Guthrie

“Everyone must read this book — Congressmen and college students, Democrats and Republicans — all Americans. The Federal Reserve, which serves private banks, has compromised our economy and is undermining our freedom. It can and must be stopped now. Ron Paul shows us how and why we must end the Fed. Read this book!” — Vince Vaughn

Related posts:

1. Ron Paul on the Future of the Federal Reserve Matthew Bandyk of the U.S. News & World Report interviews...
2. Ron Paul: Real Change or Big Government CNN.com published Ron Paul’s latest article, “GOP should ask why...
3. Ron Paul’s Joint Economic Committee Statement “Mr. Chairman, I believe that our economy faces a bleak...

WSJ: What Fed-Audit Legislation Would Mean

Overturning current limits on government audits of the Federal Reserve has become a key goal of the central bank's critics inside and outside Congress.

House lawmakers are expected to seek a comprehensive audit of the Federal Reserve system by the Government Accountability Office, the investigative arm of Congress, as part of a broader overhaul of financial regulation this fall. But the precise scope of such an audit remains undetermined.

The move follows a proposal by Rep. Ron Paul (R., Texas), endorsed by two-thirds of the House, that would require the GAO to conduct an audit by the end of 2010. It would override—for at least that period—a law that shields the Fed's monetary-policy decisions from GAO inquiries.

Rep. Barney Frank, chairman of the House Financial Services Committee, is in talks with Mr. Paul on the details of the bill, and has said he expects some version to pass the House this fall. But Mr. Frank said he would ensure the Fed's independence in setting interest rates and other aspects of monetary policy.

More at: http://online.wsj.com/art...

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From RandPaul2010.com, by David Adams:

U.S. Senate candidate Rand Paul on Monday pledged not to accept campaign contributions from any U.S. Senator who voted for the bank bailout and challenged his opponents to follow suit.

Dr. Paul issued this challenge after learning that Trey Grayson has scheduled a Washington D.C. fundraiser co-sponsored by several U.S. Senators, seventeen of whom voted for the so-called TARP bailout in 2008, which was then used to fund an auto industry bailout Congress rejected.

“This isn’t about holding politicians to an impossibly high standard of agreeing with everything one’s supporters say or do,” Paul said. “But a primary focus of my campaign is that we need Republicans in office who will have the courage to say no to federal bailouts of big business.”

“There is nothing in the Constitution that allows the government to pick winners and losers in the private sector and the Republican party platform specifically condemns bailouts,” Paul said. “I’m running for the U.S. Senate to stand up for true Republican principles and the Republicans I’ve talked to agree that is what we need.”

Pledge your support for Rand on September 23

On September 23rd, twenty three Republican US Senators are holding a $500 per plate fundraiser in Washington DC for Trey Grayson - Rand Paul's opponent. This deck stacking favoritism in a highly contested GOP primary is unacceptable!

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!! Digg It !!

Josh over at Ron Paul Forums, just finished up this website to promote a September 23rd money bomb for Rand Paul: KentuckyFight.com

On September 23rd, 23 US Senators are holding a $500 per plate fundraiser in Washington DC for Trey Grayson. This deck stacking favoritism in a hotly contested GOP primary is unacceptable!

Join in the fight and help Rand Paul deliver a knock out punch to establishment republican candidate Trey Grayson on the same date!

The majority of these Senators holding the fundraiser are also Republicans who supported the bailout.

So please, pledge if you can and help us promote--we're trying to knock these beltway politicians out with a grassroots effort that they think they can easily ignore and beat down when it is in their interest.

Thanks much for anything you can do to help promote.

Sincerely,

Amy (amy31416 on RPF)

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