Big Government and the Fed: A Sinister Alliance




More Power for the Fed

by Ron Paul

Last week I was pleased to see my Republican colleagues take up the cause to fully and completely audit the Federal Reserve by including my language from the Federal Reserve Transparency Act in a Motion to Recommit the financial regulation reform bill. Although this effort was defeated by the Democrat majority, there were many good reasons to support it.

The Federal Reserve Transparency Act would eliminate restrictions on GAO audits of the Federal Reserve and open Fed operations to Congressional oversight. Additionally, audits could include discount window operations, open market operations, and agreements with foreign central banks, such as the ongoing dollar swap operations with European central banks.

Since its inception, the Federal Reserve has always operated in the shadows, without sufficient scrutiny or oversight, while Congress has kept its hands off and its eyes closed. The Federal Reserve has presided over the near-complete destruction of the United States dollar. Since 1913 the dollar has lost over 95% its purchasing power, aided and abetted by the Federal Reserve’s loose monetary policy. The Federal Reserve Transparency Act would achieve much-needed transparency of the Federal Reserve System.

However, House and Senate negotiators failed to include the full language of my legislation in the conference report for the financial reform bill, and the full Congress missed yet another opportunity to demand accountability from the Federal Reserve by defeating the Republicans’ motion to recommit. Over 320 members of Congress from both parties cosponsored my original bill, which was incorporated into that motion to recommit. Almost 200 members of Congress who care about Federal Reserve transparency voted for this motion to recommit. Unfortunately, they found themselves in the minority.

Any legitimate objections to the audit proposal were addressed in the language of the motion to recommit. Thus, it is clear that the real reasons for opposing it are unstated and indefensible. The real reasons are that politicians like to spend money far exceeding income and it is convenient to have an enabler of this in the Federal Reserve. The easier it is for the Fed to create money, hidden from public view and accountability, the easier it is for politicians to spend that money and make sure their friends and interests are taken care of through shady political processes.

The broader reasons for supporting this entire financial regulatory reform bill are just as sinister. This is not about cracking down on big banks as some claim. Rather, this is about not wasting a crisis. This is about using a traumatic event to increase government power and control over the economy. If it was really about addressing the causes of this recession, Fannie Mae and Freddie Mac would have been dealt with, or abolished. Failed companies would just fail, rather than being bailed out. Instead, a permanent bailout mechanism is being established. The Fed, and its ability to control interest rates and create cheap money, would be reformed or better yet, abolished. But instead its power is being increased and this Congress refuses to even fully audit it!

So yet again in the midst of a crisis, government insists on acting, and in ways far outside the scope of the Constitution, hoping that the crisis gives them cover. The truth is that in crises is when we need Constitutional limitations the most.

»crosslinked«

Likes(0)Dislikes(0)

63 Comments:

  1. Take everything he says and does with a pinch of salt.

    I would love to believe that there is a good guy that we can vote for but it's all a giant scam.

    Also, you don't get to such positions without doing SOMETHING evil.

    Likes(0)Dislikes(0)

    Like or Dislike: Thumb up 0 Thumb down 0

  2. Where's your proof?

    Likes(0)Dislikes(0)

    Like or Dislike: Thumb up 0 Thumb down 0

  3. Where's your proof?

    Likes(0)Dislikes(0)

    Like or Dislike: Thumb up 0 Thumb down 0

  4. That's funny because this is what he said" "Madame Speaker, I regret that I was unavoidably out of town on October 23, 2007, when a vote was taken on HR 1955, the Violent Radicalization & Homegrown Terrorism Prevention Act. Had I been able to vote, I would have voted against this misguided and dangerous piece of legislation. This legislation focuses the weight of the US government inward toward its own citizens under the guise of protecting us against "violent radicalization."

    Likes(0)Dislikes(0)

    Like or Dislike: Thumb up 0 Thumb down 0

  5. That's funny because this is what he said" "Madame Speaker, I regret that I was unavoidably out of town on October 23, 2007, when a vote was taken on HR 1955, the Violent Radicalization & Homegrown Terrorism Prevention Act. Had I been able to vote, I would have voted against this misguided and dangerous piece of legislation. This legislation focuses the weight of the US government inward toward its own citizens under the guise of protecting us against "violent radicalization."

    Likes(0)Dislikes(0)

    Like or Dislike: Thumb up 0 Thumb down 0

  6. That's funny because this is what he said" "Madame Speaker, I regret that I was unavoidably out of town on October 23, 2007, when a vote was taken on HR 1955, the Violent Radicalization & Homegrown Terrorism Prevention Act. Had I been able to vote, I would have voted against this misguided and dangerous piece of legislation. This legislation focuses the weight of the US government inward toward its own citizens under the guise of protecting us against "violent radicalization."

    Likes(0)Dislikes(0)

    Like or Dislike: Thumb up 0 Thumb down 0

  7. That's funny because this is what he said" "Madame Speaker, I regret that I was unavoidably out of town on October 23, 2007, when a vote was taken on HR 1955, the Violent Radicalization & Homegrown Terrorism Prevention Act. Had I been able to vote, I would have voted against this misguided and dangerous piece of legislation. This legislation focuses the weight of the US government inward toward its own citizens under the guise of protecting us against "violent radicalization."

    Likes(0)Dislikes(0)

    Like or Dislike: Thumb up 0 Thumb down 0

  8. Letters of Marque and Reprisal is the constitutional remedy when a precise declaration of war is impossible due to the vagueness of the enemy. It narrowly targets a "specific" enemy and his associates using non-government armed forces and it creates an incentive for people to capture and turn them over to the U.S... Study your constitution and history.

    What should concern you is that Obama believes he has the authority to assassinate Americans without due process.

    Likes(0)Dislikes(0)

    Like or Dislike: Thumb up 0 Thumb down 0

  9. Letters of Marque and Reprisal is the constitutional remedy when a precise declaration of war is impossible due to the vagueness of the enemy. It narrowly targets a "specific" enemy and his associates using non-government armed forces and it creates an incentive for people to capture and turn them over to the U.S... Study your constitution and history.

    What should concern you is that Obama believes he has the authority to assassinate Americans without due process.

    Likes(0)Dislikes(0)

    Like or Dislike: Thumb up 0 Thumb down 0

  10. Can you imagine how great this Nation would be if all of our Representatives were as honest and patriotic as Ron Paul? So sad for this Nation that our leaders have sold us out for their own purposes. Ron Paul can't do it alone people. We need to stand by him and make our voices heard.

    Likes(0)Dislikes(0)

    Like or Dislike: Thumb up 1 Thumb down 0

  11. DON'T TRUST RON PAUL.

    He came up with the "Marque and Reprisal Act 2001."

    Google it.

    It enabled the mercenaries like Blackwater and Xi.

    "...Private U.S. citizens would then be able to hunt down, attack and collect assets from terrorists who have or are planning to commit hostile acts against the U.S. and its citizens."

    Terrorist has NOT been defined. It can be anyone the government deems a threat.

    Likes(0)Dislikes(0)

    Like or Dislike: Thumb up 0 Thumb down 0

  12. i wholeheartedly agree with your quotes - they are great reminders of reality and that what we are living through today is not new (viper bankers) but i can't believe that you could resort to dissing Israel - evil individuals do control the money in the us of a, but it's too easy to whitewash a whole group. a cop - out really when you could try harder rather than simply demonising a whole group!

    Likes(0)Dislikes(0)

    Like or Dislike: Thumb up 0 Thumb down 0

  13. This is a real american, dont always agree but agree that he should be President. Now,how to get this man into office before our country tanks

    Likes(0)Dislikes(0)

    Like or Dislike: Thumb up 0 Thumb down 0

  14. This is a real american, dont always agree but agree that he should be President. Now,how to get this man into office before our country tanks

    Likes(0)Dislikes(0)

    Like or Dislike: Thumb up 0 Thumb down 0

  15. This is a real american, dont always agree but agree that he should be President. Now,how to get this man into office before our country tanks

    Likes(0)Dislikes(0)

    Like or Dislike: Thumb up 0 Thumb down 0

  16. This is a real american, dont always agree but agree that he should be President. Now,how to get this man into office before our country tanks

    Likes(0)Dislikes(0)

    Like or Dislike: Thumb up 0 Thumb down 0

  17. This is a real american, dont always agree but agree that he should be President. Now,how to get this man into office before our country tanks

    Likes(0)Dislikes(0)

    Like or Dislike: Thumb up 0 Thumb down 0

  18. This is a real american, dont always agree but agree that he should be President. Now,how to get this man into office before our country tanks

    Likes(0)Dislikes(0)

    Like or Dislike: Thumb up 0 Thumb down 0

  19. This is a real american, dont always agree but agree that he should be President. Now,how to get this man into office before our country tanks

    Likes(0)Dislikes(0)

    Like or Dislike: Thumb up 0 Thumb down 0

  20. This is a real american, dont always agree but agree that he should be President. Now,how to get this man into office before our country tanks

    Likes(0)Dislikes(0)

    Like or Dislike: Thumb up 0 Thumb down 0

Leave a Reply

Your email address will not be published. Required fields are marked *


six + = 15

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>