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Randian Paul making a ridiculous fool of himself by wanting to go back to the gold standard
Today marks the final time ever in the history of civilization that Dr. Ron Paul will question the Fed Bernanke in the House of Financial Services Committee.
After Dr. Paul is done, the Fed will be free to finish off the US economy and thus the American Civilization once and for all
http://www.thenewamerican.com/usnews...n-ben-bernanke
some interesting questions that Dr. Paul should ask, but is too much of a classy gentleman to do it
Mr. Chairman, one of the roles of the Fed is to maintain a stable dollar. Would you explain, once again, for the benefit of myself and for the committee, how the Fed has managed to meet that role in light of the fact that, according to a popular web-based inflation calculator, it would take $2,317 in today’s money to buy what just $100 would have bought a hundred years ago? Just how do you explain that, please?"
“Mr. Chairman, what is your understanding of the difference between real money backed by gold and silver versus the paper money that has no backing today? Specifically, what actually backs up the paper money in our system today?"
“Mr. Chairman, can you explain for us the morality involved when the Fed creates new money, which it then lends out to its member banks on which those banks charge interest? In other words, what is the morality of charging interest on money created out of thin air?”
“Mr. Chairman, a year or so ago Huffington Post did an extensive analysis of the Fed’s role in quashing dissension by buying up most of the economics profession through contracts, grants, or other financial incentives. For instance, over a three-year period ending in October 1994 the Fed awarded $3 million in contracts to some 200 professors, while in 2008 the Fed spent $389 million for those same services, a number that, according to HuffPost, jumped to $433 million in 2009.
“In light of our current economic weakness — as you carefully noted yesterday in your testimony in the Senate — and your promise made back in 2002 when you said:
Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna [Friedman]: regarding the Great Depression. You’re right, we did it. We’re very sorry. But thanks to you, we won’t do it again.
Randian Paul making a ridiculous fool of himself by wanting to go back to the gold standard
Because fiat money has worked so well for us lately....
The Federal Reserve System will be 100 years old next December. The US reached its greatest heights under that system during the 1950s and 60s. To blame it for our problems is to ignore the facts. I'm not saying the Fed is perfect, because it is not, but the Fed is also not wholly responsible for the mess we are in. Our current problems have more to do with government policies that have made things easier on those at the top of the economic spectrum at the expense of the rest of the country, ie free trade, lax regulations, slashed marginal tax rates, etc.
Son, it's a known fact that while fiat currencies can work in the short term, they always eventually fail.... look up the Roman denarius, the Chinese fiat, all THREE of France's failed experiments with fiat money, etc.
Rome failed due to a greedy plutocracy and an over-extended, too-expensive military empire.
There's Nothing New Under The Sun.
other ppl might say the mighty American Empire could have lasted HUNDREDS of YEARS on a continiuous DOMINATION. But thanks to the FED that lifespan was cut exponentially.
Remember Icarus, his beautiful wings were burned due to him being so close to the Sun. Printing money out of thin air is similar practice
what are our current dollars backed by?
Rome also lasted 677 years
We done ed this one up in about one third of the time
except that it's a proven fact that the FED's involvement has caused the Recessions, caused dollar value to dilute, caused the wealth gap, caused the financial/internet/real estate bubbles
every single financial transaction since the FED's establishment has been orchestrated by the FED itself.
The FED is the debt machine of which you speak of. Who do you think facilitates the US with the billions and billions for military, social safety nets and tax cuts?
but oh no, the FED has NOTHING to do with America's Financial Downfall
Educate me then. How did the Federal Reserve cause the previous recession?
che is a RP supporter, so you know he's got his facts wrong and fails most reality testing.
Last edited by boutons_deux; 07-18-2012 at 02:12 PM.
which one? housing?
wonder who was in charge of the interest rates? wonder who missed the entire bubble bursting? mmmm
By doing what they always do... juicing interest rates for short-term political expediency, leading people and businesses into malinvestments (housing and autos in the last recession) and creating an unstable boom-and-bust economy...
What annual rate of inflation do you feel would cons ute a stable dollar?
Last edited by scott; 07-19-2012 at 09:31 AM.
Interest rates were not the cause of the housing bubble, nor its bursting. The housing bubble was created when banks lowered their lending standards to create lucrative mortgage backed securities. These securities made the big banks a TON of money, so they needed as many homeowners and mortgages as possible to feed the machine. They wrote loans that were doomed to fail, and when they did the economy went with it.
Lowered standards led to many new homeowners joining the market, creating high demand for homes. That is why home values sky rocketed during the past decade. This led to home equity credit fueling the economy for much of the last decade as well. When the market collapsed, and home values plummeted, consumers were left with no where to run. Jobs were shipped overseas, their credit cards were tapped out, and now even their home equity was gone. Millions have underwater mortgages.
That is the real reason behind the housing crisis and the recent recession in a nuts . Not interest rates. Not the fed. Not Bernanke.
instead of looking for a golden number you should ask yourself, why is it that median income families are so much poorer everytime the Fed devalues the dollar. And why is it that millionaires and corporations that buy protection don't even flinch and actually make more millions when dollar devalues??
why does this organization called the Fed work outside of the boundaries of Congress? not even the CIA or Navy Seals have as much power and freedom to operate
the Fed's operations and playing with the interest rates are for the benefit of the Fed's members and runners. The big banks, wall street, biliionaires, etc, etc
the Fed does not operate for THE PEOPLE. it does not give a that the masses are poorer. it does not give 2 s about you or your family and their economic well being.
the fed's playing with short term and long term interest rates caused the rates of ARMs to be record low and encouragedd ppl to take these risky loans in order to obtain property. That combined with the tax and other policies brought in ppl that normally would not be able to buy houses. Then in 2005-2007 as the Fed increased the rates, ppl started defaulting and thus the bubble burst.
good refute to my claims
Your claims have nothing to do with the question I posed, why would I bother refuting them?
http://www.bostonherald.com/business...ed-audit_bill/
Ben Bernanke voices opposition to Ron Paul’s Fed-audit bill
Federal Reserve Chairman Ben Bernanke, completing his second day of testimony on Capitol Hill, voiced his opposition Wednesday to a Republican-backed bill that would subject the Fed to outside auditors - and, he said, unhealthy political pressure.
"To eliminate the exemption on monetary policy deliberations would effectively - at least to some extent - create a political influence, or a political dampening effect, on the Federal Reserve’s policy decisions," Bernanke said in testimony to the House Financial Services Committee.
Bernanke said he agrees with Paul that the Fed needs to be transparent and accountable. He said it has been doing so with statements, testimony, quarterly projections and news conferences.
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