Stuart Varney: Right now, all right, next year, Congressman Ron Paul will chair one of the committees that oversees the Federal Reserve and Fed chair Ben Bernanke should be worried. Representative Paul joins the company on the phone right now. All right Congressman, you’re going to be chairing the committee that oversees the Fed. Are you going to subpoena Ben Bernanke and drag him into court?
Ron Paul: Well that’s not high on the agenda — I mean — that is one option that is available and you can do that, but I don’t think that should be my first step. I think we should make a reasonable request to see if the Federal Reserve will come and testify and answer questions, then if they will not give us the information that we believe we deserve, then I think we should consider that.
Stuart Varney: You want to know — you want an audit of the Federal Reserve cause you want to know where we put our money via the Federal Reserve — into which banks, that’s what you want to know.
Ron Paul: Yeah, and also what they do secretly with other Central Banks and other governments because they can make agreements and with international financial institutions. So if they give loans or even guarantee, those are very significant, so you don’t have, at least we don’t have a good understanding of what kind of agreements might be used internationally to prop up certain currencies cause they can do a lot of mischief. I mean it’s pretty amazing to me that so many foreigners are willing to buy our debt and I just wonder whether we don’t have some Quid pro quo agreements with our Federal Reserve.
Stuart Varney: Congressman, they’re going to refuse to provide the information that you’re asking for. Are you setting up a confrontation here in which you do actually go out there and subpoena these records, that will be a confrontation between you and Ben Bernanke, between Congress and the Federal Reserve? It looks to me from listening to what you’re saying, sir — it’s coming.
Ron Paul: Well, it certainly could, but that’s hardly the way to start off — but I mean that is a prerogative that we have, but we also know what they’ll do, exactly what they did when the Freedom of Information Act was used to get information from the Fed. They will fight it, they’ll take it to the courts and generally speaking the courts aren’t always friends to the people versus the Central Bank.
Stuart Varney: Real fast, Congressman … we just reported that the Irish government is in talks with the European Union to receive an emergency bailout sum of money, I would expect that the Federal Reserve may well be involved in that, do you approve?
Ron Paul: Absolutely not — and we should know about it, I suspect that that’s what happened when they were bailing out Greece. There’s all kinds of agreements and even though the dollar doesn’t deserve it, it’s still a currency that’s being used as a reserve currency, so they have to be involved. We should know about it and the American people suffer because they’re going to end up with the inflation which is on its way, so this is criminal for them to do this and literally undermine the wealth of this country and doing it secretly to bail out their friends.
Stuart Varney: Congressman Ron Paul, Republican Texas scourge of the Fed, thanks for joining us sir, it is a…
Thanks to Kathleen Keane for proofreading this transcript!