Date: 01/24/2011
Transcript
Ron Paul: Thank you, Mr. Speaker. Mr. Speaker, in the last several weeks, there have been several articles published by officials from the Federal Reserve System. This is a little bit unusual because they’re critical of anybody who criticizes them and critical of me, in particular. They want to accomplish, in these articles, they are trying to discredit anybody who disagrees with their policies and they’re very defensive of this. They have argued the case that they should have total secrecy and in this total secrecy, I claim, they have tremendous power to do the things that they want to do.
It’s only been recent that the American people and this Congress have awakened to this. Although we did not get a full audit of the Fed last year, we did get a partial audit of the emergency funding. But still, their argument is—the Fed’s argument is—they have to have total independency while the American people believe there should be transparency. The Fed’s argument is, that they literally are the saviors of the economy—that they came in as an emergency when the markets were crashing and they were able to rescue the entire world economy by their injection of hundreds of billions, if not trillions, of dollars. The fallacy of all this is that they may have rescued some banks and they may have rescued some big businesses, but they did not rescue the American people.
The consequences of all this has been high unemployment, the people losing their houses and can’t pay their mortgages. So, their claim that they prevented deep depression—they’re claiming that they’ve prevented the depression for some very wealthy, well-connected people on Wall Street, who were making a lot of money, anyway, in the bubble period of time. And now, the people who are suffering the most are the average people who have had to suffer the consequence of the Federal Reserve policies.
This is a policy that punishes the innocent people and actually rewards the guilty people and the people who were the beneficiaries. The very people that are claiming that they have solved all our problems are the very ones who created the problems and they never once predicted the trouble that was coming. And there were numerous economists around the country, especially the Free Market Austrian economists, predicted and explained the housing bubble and it was coming and it would be a collapse. But the people at the Federal Reserve, who now are claiming that they solved all our problems, never once said that we could be in trouble. When asked they said, “No, there’s no housing bubble. Where do you get all this?”. So now, we’re supposed to believe everything they tell us. They created it. They didn’t tell us there was trouble coming and now, they’ve solved all our problems and we’re not supposed to question this and if we do, then we’re going to be on the receiving end of severe criticisms.
The conclusion of many of these articles has been that they want to deflect the concentration on the Federal Reserve. They will say, “Yes, they’re still our problems but it’s all on the Congress.”—it has nothing to do with them. They saved us from ourselves and they take care of us. They create good times and take care of us when we are in bad times. But the whole thing is, they claim that our deficits are a problem, and I agree with them on that. Deficits are a problem! But, if you think about it, why do the deficits get run up? We, as members of Congress—this whole Congress—for decades on decades run up deficits to pay for welfare programs and warfare. Endless spending! We tax the people and we can’t tax anymore. We borrow—there’s a limit in borrowing—or interest rates will go up. But guess who monetizes the debt and enables the Congress to continue the spending, it’s the Federal Reserve. So, they are the ones who literally facilitate the deficit financing. For them to turn around and say “It’s all the blame of the Congress”, they’re absolutely being disingenuous. It is the Federal Reserve and the monetary system that encourages runaway deficits, runaway spending, runaway militarism and runaway welfare-ism.
The Fed over the years has had two mandates. One is to have price stability, and full employment. Think about price stability. Did they have price stability with the NASDAQ stocks back in the year 2000 that collapsed when that bubble developed. Have they had steady prices—price stability—with medical care costs or housing costs or education costs? No, absolutely none! Today, bond prices are sky-high. We have a bond bubble going on right now and it’s the result of Federal Reserve policy but they don’t want you to think and talk about that.
And the full employment mandate, I mean, just think of it, the government—our government—labor statistics admit there’s 9.5% unemployment and then they say “Well, if you count more people who are partially unemployed, it’s 17%.” But, if you have a free market approach and count everybody who is unemployed, our unemployment rate is 23%. That’s why the American people are feeling lousy about what’s going on even though Wall Street, once again, is making money, the banks are making money. [...] But it’s all because of a collision between the Federal Reserve and the banks and the large corporations while the people are still unemployed.
The Congress has a proper responsibility and it is oversight. It isn’t and was never meant for the Federal Reserve to have free reign and not have any oversight whatsoever. We have to realize this whole issue of Central Banking is not a new issue. It was here from the very beginning. Hamilton and Jefferson argued about it. Jefferson and Jackson and many others were absolutely opposed to Central Banking. So, it’s not a new issue but there is no authority in the Constitution that grants this right to have a Central Bank and to create money out of thin air just to accommodate the politicians.
We have a right and an obligation—responsibility—for oversight of the Federal Reserve. Our responsibility is to look at bad policy. The Federal Reserve is responsible for the inflation, the business cycle, the unemployment. It is up to us to do something about it and look into it. At first, to look into it and understand it because then it will be realized that we need to have more oversight. Right now there’s tremendous support. In the last Congress, we had 320 members of this House who supported an audit of the Fed so, we’re making progress here.
It annoys the Federal Reserve. There’s going to continue to be their PR campaign. It’s the first time in their history that they’ve hired a PR Agency and lobbyist to lobby for their position. So they know they are under the gun as far as people waking up and realizing that the Federal Reserve is responsible for so much havoc that we’re having in this country. And I think it’s our responsibility to continue to look at the Fed and find out how they have caused so much trouble. I yield back to balance my time.
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Without upsetting the day to day function of the bureaus that now exist in mind-numbing profusion, until they can be considered individually, this can be done with one vote on one bill.
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”Without bloody revolution there is only one way to restore your constitutional Government. CONGRESS–NO ONE ELSE CAN DO IT–MUST PASS A BILL SEPARATING THE MOUNTAIN OF UNCONSTITUTIONAL “LAWS”, THAT ARE TOO NUMEROUS TO BE TESTED IN BOGGED …DOWN COURTS, FROM THE REAL LAWS THE [THAT] CONGRESS HAD THE CONSTITUTIONAL AUTHORITY TO ENACT.
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Doesn’t look like very many people are there. I get the feeling they think they’ve already won…. we should act now and not wait for a vote. Work with the Congress we’ve got (We’ve got Ron Paul in there already!)
We can establish as a people a mandate…. we are millions and Congress is 535 people. We can have a general strike and as a people do what is happening in Madison in Washington…
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Amen, thank God for the Internet
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Amen, thank God for the Internet
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7 dislikes are, John McCain, Paul Bernake, Barrak Obama, Hilary Clinton, and 3 AIG Executives.
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this is the gold truth i wish i could go into the minds of all the fucks sitting in the room listening to ron. i wanna know their true thoughts while they sit and listen to the TRUTH
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- Used in Congress when there was a time limit of some sort established. If a Representative, for example, has his say and says it within the time limit, then there are minutes remaining which can sometimes be used by others. In such a case, the Representative could give them back–”yield” them.
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- Used Congress when there was a time limit of some sort. If a Representative, for example, has his say and says it within the time limit, then there are minutes remaining which can sometimes be used by others. In such a case, the Representative could give them back–”yield” them. It may be that a limit has been put on total debate on the matter in question, so that when the Representative says “I yield the balance of my time” it would allow members to speak on the matter
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According to Neil Cavuto Fed employees who ”service” politicians such as drycleaners and cooks …make much more than average citizen in the same field. However, fed employees who ”service” the public such as nursing aids…make less. So to correct the situation gov’t is going to fire employees who ”service” the public. Their overpaid personal groomers however….have job security.
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If Paul doesn’t run I’m writing him in, if he runs but doesn’t get the nomination, I’m writing him in, if he runs for senate, I’m writing him in for president.
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The speakers face says it all.
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The Rothschilds have been in enslaving the People of the US via the fraudulent criminal conspiracy known as the illegal, unConstitutional Federal Reserve.
All I want to hear are three magic three letter words,
“End the Fed”
Every political candidate must be evaluated based upon this single all telling crucial issue. You are either with the People or you are with the Rothschilds and their agents, the international bankers.
This is the new American litmus test.
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The Rothschilds have been in enslaving the People of the US via the fraudulent criminal conspiracy known as the illegal, unConstitutional Federal Reserve.
All I want to hear are three magic three letter words,
“End the Fed”
Every political candidate must be evaluated based upon this single all telling crucial issue. You are either with the People or you are with the Rothschilds and their agents, the international bankers.
This is the new American litmus test.
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Thats Dr. Paul to you Mr. Speaker.
RON PAUL 2012
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Dr. Paul = the only Republican I could ever vote for….
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REAL UNEMPLOYMENT IS 23% YOU WILL NEVER HEAR OBAMA SAY OR ADMIT THIS TRUTH! GEORGE BUSH WORST PRES. EVER , OBAMA COMES IN 2ND! HES DEAF,( HE DOESNT HEAR THE TEA PARTY PROTESTS) DUMB AND BLIND HE SEES NO EVIL( DOESNT SEE THE EVIL CORPORATIONS THAT TOOK OUR MONEY & DIDNT PAY US PROPERLY ,THAT HE SAVED AND GAVE MORE MONEY TO THEIR SALARIES WHILE THE BIG EXECS WERE CUTTING OUR JOBS!) ,HE HEARS NO EVIL AND HES TOO DUMB TO UNDERSTAND HIS DEMOCRATIC CRONIES THAT ADVISE HIM ARE EVIL SPENDERS!!!!!!!!
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REAL UNEMPLOYMENT IS 23% YOU WILL NEVER HEAR OBAMA SAY OR ADMIT THIS TRUTH! GEORGE BUSH WORST PRES. EVER , OBAMA COMES IN 2ND! HES DEAF,( HE DOESNT HEAR THE TEA PARTY PROTESTS) DUMB AND BLIND HE SEES NO EVIL( DOESNT SEE THE EVIL CORPORATIONS THAT TOOK OUR MONEY & DIDNT PAY US PROPERLY ,THAT HE SAVED AND GAVE MORE MONEY TO THEIR SALARIES WHILE THE BIG EXECS WERE CUTTING OUR JOBS!) ,HE HEARS NO EVIL AND HES TOO DUMB TO UNDERSTAND HIS DEMOCRATIC CRONIES THAT ADVISE HIM ARE EVIL SPENDERS!!!!!!!!
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I don’t really see the U.S. spending all that much on welfare, unless we’re talking about *corporate* welfare (i.e. subsidies). Aside from that, spot-on.
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Thank you for your service Sir!.
You’ve got my vote on 2012.
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Ron Paul is a penisfart
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End the Fed. Abolish the IRS and Income Tax. No NWO. No CFR. No IMF. No UN. Hang the traitors. All of ‘em. I say hang rather than shoot, because I don’t endorse violence. But I do endorse justice.
Viva RON PAUL!!!!
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What does he mean that he yields back?
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Ron Paul for president 2012
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Stop beating about the bush. Why all this secrecy on the US Federal Reserve?
The House of Rothschild controls your lives. The Federal Reserve Bank of New York is centrally controlled by Nathan M. Rothschild & Sons of London. How many Americans know of this FACT? So for whose interest is the Fed is taking care of? Is it for the American people or some Zionist-elite snakes. Check it out…!
So, if Ron Paul really have balls…, he must say this loud & clear. Stop beating about the bush…!
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Ya they redid the rules of calculating unemployment years ago if we went by they way we calculated it for years its would be way higher then what it is now.
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RON PAUL 2012! America if you do not get this right this time our country is over! Stop fighting your own ppl! They have you doing that by design! They start the evil shit & then when you cry to them the give you a solution “that solution is to TAKE AWAY YOUR GOD GIVEN RIGHTS”! STOP BEING COWARDS! That is also by design! They terrorize you or pay ppl to do that to you! THE ENEMY IS IN OUR BORDERS, & IN OUR GOVERNMENT!!!! WAKE UP BEFORE IT’S YOU THEY MAKE IRRELEVANT~ ~God Bless The USA~
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no, you owe him yours.
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The fed is a loan shark, founded by loan sharks. The people are getting chewed up spat out & shat on repeatedly by it. They are constantly dumping debt on the people who get nothing in return for it.
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NO teleprompter!
this is how you can tell who is telling the TRUTH
everyone needs to watch this
“CENTRAL BANKS ARE EARTH CANCER”
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what a pile of increadibly assinine blabber !!!
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Great speech Mr paul, well said. Until the American people wake up and realize that the zionist entity that controls the banks and media< America will continue to rot away.
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We have exterminated the property owners in Russia. We are going to do the same thing in Europe and America.
(The Jew, December 1925, Zinobit)
Please read this important book for free on internet.Jews will bring total destruction to America,they did the same in Germany,Russia.
Who Is Esau-Edom..Who Is Esau-Edom.
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He’s right. The super geniuses who control it all were on record, stating how there was not bubble, no coming crash, etc. Wrong EVERY time. Yet we’re supposed to believe they’re so smart that they can continue to run everything. They’ll run everything into the ground. Audit the Fed. A real audit will bring out the info that will wake up the manipulated people, who will finally call for the phasing out of this illegal mobster institution.
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the only antidote for obama is paul!
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