Thursday, September 25, 2008

Ron Paul gives, another lesson to Bernanke

Congressional Joint Economic Hearing from yesterday morning

Check out the various statements to congress by Ron Paul on the issue on Google. Ron Paul discusses solutions taken "I don't know where you get the authority to create credit from thin air" - Bernanke blames Congress for delegating unconstitutional authority via the 1913 Federal Reserve Act. Way to go Ron! He also makes the elephant in the room statement, that Inflation cannot be solved with more inflation.

Posted by planning4acrash @ 01:34 PM (1069 views)
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18 thoughts on “Ron Paul gives, another lesson to Bernanke

  • planning4acrash says:

    Also, check out his Statement Before the Financial Services Committee, “The Future of Financial Services: Exploring Solutions for the Market Crisis,” September 24, 2008. This is also on His own website, but Lew Rockwell carries Dr Paul’s fabulous books.

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  • planning4acrash says:

    e-mail just in from Ron Paul:

    Wednesday, September 24, 2008

    Dear Friends,

    Whenever a Great Bipartisan Consensus is announced, and a compliant media assures everyone that the wondrous actions of our wise leaders are being taken for our own good, you can know with absolute certainty that disaster is about to strike.

    The events of the past week are no exception.

    The bailout package that is about to be rammed down Congress’ throat is not just economically foolish. It is downright sinister. It makes a mockery of our Constitution, which our leaders should never again bother pretending is still in effect. It promises the American people a never-ending nightmare of ever-greater debt liabilities they will have to shoulder. Two weeks ago, financial analyst Jim Rogers said the bailout of Fannie Mae and Freddie Mac made America more communist than China! “This is welfare for the rich,” he said. “This is socialism for the rich. It’s bailing out the financiers, the banks, the Wall Streeters.”

    That describes the current bailout package to a T. And we’re being told it’s unavoidable.

    The claim that the market caused all this is so staggeringly foolish that only politicians and the media could pretend to believe it. But that has become the conventional wisdom, with the desired result that those responsible for the credit bubble and its predictable consequences – predictable, that is, to those who understand sound, Austrian economics – are being let off the hook. The Federal Reserve System is actually positioning itself as the savior, rather than the culprit, in this mess!

    • The Treasury Secretary is authorized to purchase up to $700 billion in mortgage-related assets at any one time. That means $700 billion is only the very beginning of what will hit us.

    • Financial institutions are “designated as financial agents of the Government.” This is the New Deal to end all New Deals.

    • Then there’s this: “Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.” Translation: the Secretary can buy up whatever junk debt he wants to, burden the American people with it, and be subject to no one in the process.

    There goes your country.

    Even some so-called free-market economists are calling all this “sadly necessary.” Sad, yes. Necessary? Don’t make me laugh.

    Our one-party system is complicit in yet another crime against the American people. The two major party candidates for president themselves initially indicated their strong support for bailouts of this kind – another example of the big choice we’re supposedly presented with this November: yes or yes. Now, with a backlash brewing, they’re not quite sure what their views are. A sad display, really.

    Although the present bailout package is almost certainly not the end of the political atrocities we’ll witness in connection with the crisis, time is short. Congress may vote as soon as tomorrow. With a Rasmussen poll finding support for the bailout at an anemic seven percent, some members of Congress are afraid to vote for it. Call them! Let them hear from you! Tell them you will never vote for anyone who supports this atrocity.

    The issue boils down to this: do we care about freedom? Do we care about responsibility and accountability? Do we care that our government and media have been bought and paid for? Do we care that average Americans are about to be looted in order to subsidize the fattest of cats on Wall Street and in government? Do we care?

    When the chips are down, will we stand up and fight, even if it means standing up against every stripe of fashionable opinion in politics and the media?

    Times like these have a way of telling us what kind of a people we are, and what kind of country we shall be.

    In liberty,

    Ron Paul

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  • I suppose he is aware of the power relationships involved but he makes some of these shady moves sound like errors of judgement. On the Great Depression he makes it sound as if government got it wrong. In fact the government meddling that caused the depression to last for so long (when previous recessions had generally been short and sharp) was the result of the influence of corporatism on government. Political intervention was the result of the influence of trade associations and business leaders who wanted to limit or eliminate any competition which threatened market positions and price structures. See e.g. http://mises.org/books/restraint.pdf

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  • I think Ron knows all that – he doesn;t want to sound like a conspiraloon to the american public though is my guess. I often think he sounds like a decent schoolteacher – trying to explain the things to people as he describes them – to make sure they get what he is on about. If he launched into invective (like we do) he’d discredit himself and the press would be able to sideline him (even more than they already do – the gits).

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  • japanese uncle says:

    I should like to repost the following:
    ——————————————————

    I have little doubt that the true reason why Barnanke specialized in Great Depression, was not that he was seeking the way to mitigate it in the event of its repetition, but that his mission was originally to recreate the carnage even in the greater magnitude and that in a defensible way by the excuse of ‘incompetence’, saying “we really did our best, but happened to be not good enough. Sorry mate, but no hard feeling” Running bubble economies and wars are the two greatest and the most lucrative sources of profits for the biggest financiers (not including the peers like Bear Sterns and other less powerful institutions that are about to go under for the next decade to come) throughout the modern history.

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  • @4 2.10pm. “I think Ron knows all that”. I’m sure he does. The first link posted by p4ac @1 ‘Ron Paul against the Bailout’ was RP measuring his words for a particular audience and I’m sure he had other things in mind when he wrote in the 2nd para that the government in dealing with the Depression ‘got causation backwards’.

    There may be people in this audience who read those words literally and I simply wanted the view I posted @3 to go on record.

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  • At this very moment our PM is in the US negotiating about how he can implement this here

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  • planning4acrash says:

    “Support for the bailout at an anemic seven percent”, well, Congress has a 9% approval rating last check. Presumably that 7% poll represents a 23% fall in approval!! This is great, because Congress is Democrat. The two party dictatorship is crashing, in the eyes of the public.

    Icarus, Ron Paul is candid about the power relationships because he rises above them. He doesn’t get into the dialectic. He doesn’t aim to crush the power elite by abusing them, he breaks free from the talking points to educate politicians and the general public about the real issues. The real issue is, that we have an uneducated general public that doesn’t understand the issues and can’t think for themselves. We are in the majority. If we know the solutions and have courage to pursue them, we win.

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  • planning4acrash says:

    Matt, they already planned it here years ago. This is an orchestrated boom and crash. Brown is there to whip up support for the proposals. The Bank of England most probably already perceives that it has many of these powers. They are not restrained by an enlightened Constitution.

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  • Ho hum.Ron Paul pressed all the Libertarian buttons “creating credit out of thin air” “Austrian School” ‘Mises” but missed the once-in-lifetime opportunity to call for a return to the Gold Standard.Why was that do you think? Bernanke would burst out laughing? Most of RP’s argument was about price-fixing ( of toxic loan values) which Bernanke dealt with easily because Bernanke ( as anybody would with any sense) agreed that the loans’ value should be determined by the market..

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  • Yeah Matt, don’t you know the whole thing was planned by the Knights Templar, who are actually giant Space Lizards.

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  • japanese uncle …@ 02:19PM

    spot on ju – you’re well out of the box

    hope we can help a few others out in the midst of all this mayhem!

    or is it mist? as in smoke and mirrors or fog or smog.

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  • planning4acrash says:

    Drewster, pull the other one. The Lizard thing is a scam. The elite are cold blooded, and try to keep people operating in the Medula Oblongata, aka Lizard Brain only, but the Knights Templar are real and the Illuminati are real. Heavy stuff.

    Brotherhood of Darkness by Dr Stanley Monteith – Secret societies, how they have directed the course of civilization, and how they influence your life today.

    Illuminazi 9-11 By Anthony J. Hilder

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  • planning4acrash says:

    “>The Capitalist Conspiracy: An Inside View of International Banking by G. Edward Griffin – A video adaption of a documentary filmstrip tracing the history of a small group of people who control the money systems of the world. It shows how this monopoly is protected by governments and how the group’s vast wealth is derived from creating money out of nothing. We see how this group wields power through government, foundations, education, and the mass media. 48-minute video. A classic that gains grace with age.

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  • planning4acrash says:

    oops, this should be the Capitalist Conspiracy.

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  • Great Post P4AC.. (as usual) Q. Can the Queen intervene?

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  • JU @5 – ‘Running bubble economies and wars are the two greatest and the most lucrative sources of profits’…..but they are not the only ones, nor are they the most shocking. For anybody who wants an eye-opener of the extent to which these monsters are prepared to go look at Monsanto, especially http://www.thenhf.com/articles/articles_772/articles_772.htm

    And if there’s anyone who doesn’t think the UK government isn’t as corrupt as the American one look about two-thirds down the piece under the heading ‘Suppressing evidence of harm…’

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  • oops, double negative, make that ‘if there’s anyone who thinks…..’

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