Ron Paul Chairs Congressional Hearing On Federal Reserve Lending During The Financial Crisis pt.2

June 01, 2011 C-SPAN http://MOXNews.com
Witnesses testified on Federal Reserve lending during the 2008 financial crisis. Witnesses Scott G. Alvarez, general counsel, Board of Governors of the Federal Reserve System Thomas C. Baxter, general counsel, Federal Reserve Bank of New York

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News & Politics

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• Ron
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• Chairs
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• Hearing
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• Federal
• Reserve
• Lending
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• The
• Financial
• Crisis

[iTellYouNoLie]

Ron Paul  2012 #FTW

[drieey]

END THE FED!!! THEY ARE THE ROOT OF ALL EVIL!!!

[polygamous1]

the criminal FED was voted in by 2 bribed C/men 23rd Dec 1913 when all C/men went home for Xmas ue gov put up $20M to start the bank Fractinal banking means all banks can Loan 10X their assets them Criminals loaned themselfs $200M n Bought 90% in the fed with FA us Gov with $200 M 10% H Wilson Relised his Big Mistake n said this is tha start of the greatest deception in huiman History commited against my country my ppl the Reason us is "broke"

THE MONEY MASTERS a crime ganst america against all

[frankiegmh]

@YourBrainOnReligion Once again I don't need to watch the video, I have heard of these resource based economy where there is no money and it is crazy. Most people who advocate for them want some type of socialism and I just can get behind something like that. Does it talk about the Venus Project? I was just looking to have an intelligent conversation I am not interested in the video.

[YourBrainOnReligion]

@frankiegmh No, that's not what I'm saying at all. I'm saying that there are more alternatives than just gold-based currency and fiat currency - hence my mentioning of resource-based currency. Frankie, this whole convo could have been avoided if you would have -- as I said in my original comment you replied to -- just watched the documentary I originally was imploring others to watch. :)

Just go check it out -- if you have Q's after that, I'm all ears.

[frankiegmh]

@YourBrainOnReligion Are you calling our economy a resource-based economy and if so how do you come to that conclusion? The fed note is fiat it is not backed by anything. The fed is able to increase their blance sheet with a few key strokes. How do you come up with resource-based? Please explain.

[YourBrainOnReligion]

@frankiegmh You're confusing a fiat currency with a resource-based economy. They are entirely different concepts. Our economy here wasn't so great - and that's why everyone honored our dollars - we had more dollars than any other country in addition to our crazy levels of consumption. The result is US dollars all over the world. Those who do business with the US (most of the world) _has_ to have faith in that currency because it is [was due to Euro?] the only one so widely accepted.

[frankiegmh]

@YourBrainOnReligion Ask the people in Zimbawe and Germany what they think of fiat. It ruined an entire countries economy and now think about the fed, they print the reserve currency of the world. Our econmoy here was so great that the other countries around the world inported our dollars. Now our economy doesn't look the way it once did nor do we know if it will ever return to that and if we do get higher inflation or hyperinflation it will not be just one country it will be the world economy

[frankiegmh]

@YourBrainOnReligion I completely understand the draw back of commodity money but your being short sighted it does not have to be gold. The otherside of the argument is you are adovcating for the ability to create money out of nothing, this is very dangerous because that is how you get inflation and worse hyperinflation. Now alot of Economist will say some inflation is good because it will grow the economy the way you can not do with gold but it is hard to control and when ot goes bad, forget it

[YourBrainOnReligion]

@frankiegmh An economy based on gold will not work, especially today. There isn't enough new gold discovered which leaves the economy tied down to a limited money supply which would create the same type of problems we have to day, only for different reasons. The first known currency in European history are called "tally sticks", and as the name suggests, they were nothing more than sticks of wood.

[frankiegmh]

Well a good way to start moving in that direction would be a return to the Gold standard or linking our money to some type of commodity and allowing people to use real money for exchange. Unfortunately I don't think you could competely eraticate it unless you could bring about the complete hate against it and thing that it is evil like there once was.

[YourBrainOnReligion]

@frankiegmh That's cool, I understand.

Yes I do feel that removing interest will cure many of our woes. However, it will be a painful transition because we're so deeply entrenched in our current system. I have long plagued my mind with that same question about 'how, *exactly*, would we even do such a thing?' That answer has not surfaced yet, I'm sad to report :( lol

Yeah that's a good point that it's so bad even religion agreed it was.... yet christians support republicans.. go figure!