Ron Paul on the Federal Reserve -July 21-09

(July 21, 2009 C-SPAN )


Since its inception in 1913, the Federal Reserve has helped to devalue our dollar by 95%. During the recent economic crisis, it has poured trillions of dollars into the economy with no oversight, made secret agreements with foreign banks and governments, and has refused to tell Congress who is getting the money or to give it the details of what deals are being made.

HR 1207, Ron Paul's "Audit the Fed bill," and S 604, its Senate companion, will demand full transparency from the Federal Reserve for the first time in history by removing all restrictions from Government Accountability Office (GAO) audits of the Fed and mandating an audit by the end of 2010.

Help turn up the heat on Congress and convince them to pass Ron Paul's "Audit the Fed" bill. Your petitions, e-mails, letters and phone calls have already made a huge impact, but more of your help is needed right away. Please take a few moments to tell your Congressman to support HR 1207, and urge your Senators to cosponsor S 604. Our tools below make it quick and easy to make a difference today!

There are already 275 Cosponsors for HR 1207, and 17 cosponsors for S 604!

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Dennis Kucinich: Can You Tell Me How The Secretary Of Treasury Can Ignore Illegal Acts?
Re:Dennis Kucinich: Can You Tell Me How The Secretary Of Treasury Can Ignore Illegal Acts? Ron Paul: The Federal Reserve Delivered This Problem To Us
Re:Ron Paul: The Federal Reserve Delivered This Problem To Us

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[littlemisspissy]

America had its chance to elect a living Founding Father-class human being and screwed up. Americans deserve what they get... one thing is for sure...

Americans will get what they deserve.

[oscar3d]

Well said Ron!!!

You can see how the other politicians cover their ears.... this country is so fucked up!

[rotnflesh]

The irony that people see, looking back on these committee comments/Qs&As, is that the government as a body has absolutely no respect for the average American and (to our detriment) will continue to borrow and spend billions and trillions of dollars on STUPID, IDIOTIC, MORONIC and IMBECILIC CRAP!

We don't want war, we don't want bailouts, we don't want to aid dictators.

We want our fucking freedom back. Read the fucking Constitution you worthless sacks of dry flesh politicians.

[jsjs525]

if you're asking why he makes a statement instead of asking questions.... the only reason I can think of is that with 2 minutes left and the Fed answering questions, all you'll get is "uuuhhh" and "can you repeat the question" and such.... he can get a lot more said if he just answers for them by ending with a statement and answers that they themselves won't talk about. .... sad but true... I too would like to hear them answer the hard questions but they won't do it, especially not in 2 minutes.

[jsjs525]

anyone else hear "oh please" at the very beginning... I may be wrong but that didn't sound like Paul especially because his mouth was away from the microphone when it was said ..... anyone know who it was that said it....?

[pidner]

Good common sense reasoing,and the other politicians know whats going on,what they are allowing is criminal.

[zyrilo]

I dont speak english also spanish ,this is the only man with authentic respect of the social policy education economy etc...and very small for understannding the real problems or consequances of the latest events (20 years)

WAKE UP NOW U.S.A !!!!

[whoo689]

I think it's also important to note and interesting that Wesley Mitchell, an early 20th-Century economist and an employee at the Fed, actually wrote a book in 1913 or 1914 called Business Cycles. And the Fed drastically altered the business cycle with its open market operations and its silly rules! Coincidence? You decide. I think Mitchell was probably an economic prophet who knew that the Fed would create a new kind of business cycle and thus laid it out.

[whoo689]

We all know that the way the Fed creates more money is by buying securities from banks. This increased money thereby increases the amount they can lend out of thin air. A reserve ratio of 5 or 10% means a bank can create out of thin air 10-20 TIMES the actual amount of money they have. This no doubt distorts the market and causes the inflation, not "unexplainable market forces." That's bullshit. Inflation was much less existent, except in wartime, before the Fed came along.

[whoo689]

Central banks have limited their role in the economy compared to the 1800s, 1700s and 1600s in states like England, Scotland, Holland, you name it. There, they used deliberate currency expansion to fund massive war spending, which made everyone broke. And let's not forget hyperinflation under the Weimar Republic.

The Fed has never gotten on target to what the "true" money supply should be for good growth. Fractional-reserve banking is a disaster, too. The reserve ratio should be higher.