http://www.house.gov/paul
http://CampaignForLiberty.com
Mr. Speaker, the big guns have lined up against H.R. 1207, the bill to audit the Federal Reserve. What is it that they are so concerned about? What information are they hiding from the American people? The screed is: “Transparency is okay–except for those things they don’t want to be transparent.”
Federal Reserve Chairman Ben Bernanke argues that H.R. 1207, the legislation to audit the Federal Reserve, would politicize monetary policy. He claims that monetary policy must remain “independent,” that is, secret. He ignores history, because chairmen of the Federal Reserve in the past, especially when up for reappointment, do their best to accommodate the President with politically driven low interest rates and a bubble economy.
Former Federal Reserve Board Chairman Arthur Burns, when asked about all the inflation he brought about in 1971, before Nixon’s re-election, said that the Fed has to do what the President wants it to do, or it would “lose its independence.” That about tells you everything. Not by accident, Chairman Burns strongly supported Nixon’s program of wage and price controls, the same year; but I guess that’s not political. Is not making secret deals with the likes of Goldman Sachs, international financial institutions, foreign governments and foreign central banks, politicizing monetary policy? Bernanke argues that the knowledge that their discussions and decisions will one day be scrutinized will compromise the freedom of the Open Market Committee to pursue sound policy. If it is sound and honest, and serves no special interest, what’s the problem?
He claims that H.R. 1207 would give power to Congress to affect monetary policy. He dreamt this up to instill fear, an old statist trick to justify government power. H.R. 1207 does nothing of the sort. He suggested that the day after an FOMC meeting, Congress could send in the GAO to demand an audit of everything said and done. This is hardly the case. The FOMC function, under 1207, would not change. The detailed transcripts of the FOMC meetings are released every 5 years, so why would this be so different, and what is it that they don’t want the American people to know? Is there something about the transcripts that need to be kept secret, or are the transcripts actually not verbatim?
Fed sychophants argue that an audit would destroy the financial market’s faith in the Fed. They say this in the midst of the greatest financial crisis in history, brought on by none other than the Federal Reserve. In fact, Chairman Bernanke stated on November 14, 2007, that “a considerable amount of evidence indicates that central bank transparency increases the effectiveness of monetary policy and enhances economic and financial performance.”
They also argue that an audit would hurt the value of the U.S. dollar. In fact, the Fed, in less than 100 years of its existence, has reduced the value of the 1914 dollar by 96 percent. They claim H.R. 1207 would raise interest rates. How could it? The Fed sets interest rates and the bill doesn’t interfere with monetary policy. Congress would have no say in the matter; and besides, Congress likes low interest rates. It is argued that the Fed wouldn’t be free to raise interest rates if they thought it necessary. But Bernanke has already assured the Congress that rates are going to stay low for the foreseeable future, and, again, this bill does nothing to allow Congress to interfere with interest rate setting.
Fed supporters claim that they want to protect the public’s interest with their secrecy. But the banks and Wall Street are the opponents of 1207, and the people are for it. Just who best represents the “public’s” interest? The real question is, why are Wall Street and the Feds so hysterically opposed to 1207? Just what information are they so anxious to keep secret? Only an audit of the Federal Reserve will answer these questions.
Duration : 0:4:38
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June 16th, 2010 at 8:41 pm
Messmarizing !! …
Messmarizing !! Out of this world Composition… Found the entire album for free at DownloadMusic.iV (replace V by m)
June 16th, 2010 at 8:41 pm
@Pokedude11111 IM …
@Pokedude11111 IM WIT YOU POKE, LETS TAKE THIS FIGHT RIGHT UP TO THE FEDERAL RESERVE!!! WE ARE TIRED OF PAYING MONEY, WE ARE TIRED OF BEING TAXED, WE ARE TIRED OF IT ALL, THIS HAS BEEN GOING ON SINCE 1913!!! WHEN WILL IT END GET THE FED OUT OF HERE!!
June 16th, 2010 at 8:41 pm
End the jew run …
End the jew run federal reserve. save our soveirgnty
June 16th, 2010 at 8:41 pm
RON PAUL FOR …
RON PAUL FOR PRESIDENT 2012, THE REVOLUTION HAS BEGUN! NO MORE FED! NO MORE IRS! WE MUST GO BACK TO THE GOLD STANDARD OR MAY GOD HAVE MERCY ON OUR SOULS. BTW. WE ARE THE ONES TO BLAME FOR BLINDLY ELECTING THESE PUPPETS! THE FEDERAL RESERVE ARE THE ONES IN CONTROL AND THEY DON’T GIVE A TIN ABOUT ANYONE BUT THERE LORD SATAN AND THE FAKE MONOPOLY MONEY THAT WE ARE SLAVES TO…..i WILL RAKE AN OATH RIGHT NOW TO CAMPAIGN FOR DR. PAUL AND JESSE VENTURA FROM HENCE FORTH UNTIL THE NEXT ELECTION!
June 16th, 2010 at 8:41 pm
that was gangster!
that was gangster!
June 16th, 2010 at 8:41 pm
The solutions to …
The solutions to our most pressing problems are in plain view. The suggested policies, by Ron Paul, are simple and straighforward.
We end the fed. The power of money returns to the people. A new, fair, monetary procedure is developed.
We bring the troops home, an economic bonanza, and the rest of the world breathes a sigh of relief.
We end the CIA in one bold stroke.
We end the IRS on the very same day – partying in the streets.
This was week one in the Paul Administration.
June 16th, 2010 at 8:41 pm
Awesome SITE if …
Awesome SITE if your on a quest for knowledge
FREEVIEWDOCUMENTARIES com
June 16th, 2010 at 8:41 pm
Search The …
Search The Rothschilds Exposed
or check out my channel!
June 16th, 2010 at 8:41 pm
Yah, that’s true, …
Yah, that’s true, but what about the children? Children are too fat, nowadays anyway. That’s why I disagree with you about cutting back on physical education programs.
June 16th, 2010 at 8:41 pm
so what do we do?
so what do we do?
June 16th, 2010 at 8:41 pm
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June 16th, 2010 at 8:41 pm
sorry replied to …
sorry replied to the spammer.
June 16th, 2010 at 8:41 pm
Thats tunnel …
Thats tunnel thought. Do you not use your brain.
June 16th, 2010 at 8:41 pm
Ron Paul is telling …
Ron Paul is telling the TRUTH, The time to get rid of the EVIL AND DISHONEST FED IS NOW! Read the superb book “End the Fed” or “The Creature from Jekyll Island.” Or see video – “New World Order is Here Now”
June 16th, 2010 at 8:41 pm
PS- Audit the FED! …
PS- Audit the FED! Better yet, End the FED! The whole rotten heart of the system lies with the Fractional Reserve Banking system.
June 16th, 2010 at 8:41 pm
Keep up the good …
Keep up the good work Ron Paul. I highly recommend Ron Paul’s “End the Fed”. I read it twice and bought two extra copies to give away. Go Ron Paul– we are depending on you!
June 16th, 2010 at 8:41 pm
mother said …
mother said so himself “I have ruined my country”
June 16th, 2010 at 8:41 pm
Ron Paul == Drugs
…
Ron Paul == Drugs
Ron Paul == Guns
Ron Paul == Crush National Defense
Ron Paul == Nuclear World
Ron Paul == Propaganda
RON PAUL ========= DARK AGES
June 16th, 2010 at 8:41 pm
To coin money, …
To coin money, regulate the value thereof, and of foreign coin, and fix the standards of weights and measures. These are the congresses duties not some independent corporations. How do we expect to ever have a government we can trust if they forfeit their duties to self serving corporations?
June 16th, 2010 at 8:41 pm
HOwdy
HOwdy
June 16th, 2010 at 8:41 pm
Hang in there, …
Hang in there, Brother Ron. You are one of the greatest Oath Keeper’s of which I am aware. Bravo!!!
June 16th, 2010 at 8:41 pm
Audit the Fed now
Audit the Fed now
June 16th, 2010 at 8:41 pm
Go gettem Ron
Go gettem Ron
June 16th, 2010 at 8:41 pm
go Ron!
go Ron!
June 16th, 2010 at 8:41 pm
Woodrow Wilson, …
Woodrow Wilson, what have you done to us