Ron Paul On Ending The Fed: The Power Of Ideas Will Prevail

[Lumi]

Ron Paul On Ending The Fed: The Power Of Ideas Will Prevail

Congressman: ?we should think about changing the Fed and getting rid of the Fed?

Steve Watson
Infowars.com
Friday, Dec 10th, 2010
Texas Congressman Ron Paul, who will take control of the House subcommittee that oversees the Federal Reserve in the new year, has re-emphasized his belief that the Federal Reserve should be abolished, but warned that turning ideas into reality takes time and effort.

Paul, author of the book ?End the Fed,? told Bloomberg News today that his first action in the job will be to ?think things through and not over-do things too soon.?

When asked if he intends to end the Fed, the Congressman replied ?not right up front, but obviously that is the implication.?

?Even in my book about ending the Fed, I talk about not turning the keys and locking the doors, I talk about a transition.? Paul added.
The Congressman spoke about how he would go about reining in the Federal Reserve and the reasons he believes it is vital to do so.

?I?ll have plans for hearings to find out how much information we can get. Obviously it is very popular with the American people to audit the Fed, to know what they are doing.? Paul said.

?They can spend trillions of dollars and we don?t know where it goes. They have a bigger budget, they spend more money than the Congress does, and yet we have no oversight. It was never intended that a secret body like this could create money out of thin air and spend it, take care of some banks and big business and foreign banks while the American people struggle.? the Congressman added.

In response to comments from Barney Frank, the outgoing chairman of the House Financial Services Committee, that many establishment Republicans do not share Paul?s views on the Fed, the Congressman stated ?I think that?s good advice.?

?If next week I issue a subpoena for such and such, I don?t think that would be met with a good acceptance,? Paul said. ?And it?s not like I am a powerful person. My ideas are powerful but there is a committee chairman and a speaker of the House. I?m realistic and I know what that means. But I also know the strength of ideas and the power of ideas, and that?s what will prevail.? the Congressman urged.

Paul was selected to head up the domestic monetary policy subcommittee earlier this week by incoming House Financial Services chairman Spencer Bachus.

?This is the leadership team that crafted the first comprehensive financial reform bill to put an end to the bailouts, wind down the taxpayer funding of Fannie Mae and Freddie Mac, and enforce a strong audit of the Federal Reserve,? the Alabama Republican said in a statement, referring to legislation to audit the fed that Ron Paul introduced earlier in the year.

The bill eventually gained the support of 320 members of the House and staved off several attempts to derail it before a portion of the measure ended up in the Dodd-Frank financial regulatory overhaul.

?What I want to do is emphasize the oversight of the Federal Reserve, pursue this idea of auditing the Fed.? Paul said today. ?We have a right to know, Congress has an obligation to know, the people want to know and Congress is behind us to do that right now.?

?We have to look into it and we have to start to consider reforms.? the Congressman said.

?I think it?s also very important for us to understand why monetary policy is so dangerous and why we should think about changing the Fed and getting rid of the Fed, and that is their contribution to unemployment, their contribution to the business cycle.? Paul added.
?They are the instigators of inflation. So for many many years, until at least three years ago, they were always given the credit for boom times and it was always thought that they could get us out of the bad times, but that no longer plays out because it isn?t true.?

?They give us the inflation but then they also give us bubbles that eventually always burst. But we are now in a serious problem with the financial markets and the monetary markets, and already many people around the world are talking about monetary reform, the dollar will not last as a reserve standard.? the Congressman warned.


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Cue Duff, "Sniffle, Sniffle, Ron Paul still votes 90% of the tim with the Republicans ! Sniffle, Sniffle, whah, whah, whah ! Who in the fuck do you expect him to vote with? What is Nazi Pelosi's voting record? Barry Soetoro's ? Not Present? :shrug:

 

[Lumi]

Ron Paul: Federal Reserve Printing Money Out of Thin Air = Legalized Fraud, Part 1/4

Ron Paul: Federal Reserve Printing Money Out of Thin Air = Legalized Fraud, Part 1/4

Paul Says Federal Reserve Policy `Out of Control'



Ron Paul: Federal Reserve Printing Money Out of Thin Air = Legalized Fraud, Part 1/4




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[Lumi]

Ron Paul vs. Alexander Hamilton

Ron Paul vs. Alexander Hamilton

Ron Paul vs. Alexander Hamilton

In January 1811, The First Bank of the United States (BUS) was brought down. Two hundred years later, The Federal Reserve Bank has gradually become the central point of most political discussion in America. For added fuel to the debate, Congressman Ron Paul has just been appointed Chairman of the Domestic Monetary Policy Subcommittee of the House of Representatives, effective January 2011. In many ways, Ron Paul represents the tradition of Thomas Jefferson who was the most outspoken opponent of the BUS, while our current Treasury Secretary could be compared to Alexander Hamilton who was the most outspoken advocate of a central bank.

As in modern times, it was not only a monetary debate but an ideological conflict that consisted of two camps -- Jefferson supporters and Hamilton supporters. Those who followed Hamilton had a tendency to side with greater authority for the central government, while those who sided with Jefferson supported a view that revolved around the notion of protecting the liberty of citizens. As part of this ideological debate, Hamilton advocated a need for the central government to control the monetary system; while Jefferson propounded that government control of money is anathema to a free society. The purviews of these two ideological goliaths were crystallized around the debate over the bank -- the nucleus of their debates indeed. President Washington often had to mediate over this issue.

Jefferson's assumptions rested on his empirical understanding of the way in which the British Empire had become corrupted by financiers closely tied to the central bank. Other parts of Europe had identical experiences. Jefferson devoted extensive time to studying the collapse of past empires such as the Romans who saw the government's gradual debasement of their currency over centuries.

Hamilton's worldview was diametrically opposed to Jefferson's as he was largely influenced by Hobbes, who emphasized a need for a strong central government in his famous book Leviathan. Hence, control over money should also rest in the hands of the central government. As a child in the Caribbean, Alexander Hamilton led a life of hardship where one tragedy followed the next. He saw many of the evil things that man is capable of. He carried a negative view with him to New York where he then experienced many years of war reaffirming his cynical view of human behaviour. Perhaps it was a lifetime exposed to man's crueller elements which led him to the view that men must be controlled -- to prevent all of the evils of society from occurring.

Thomas Jefferson was raised in much different circumstances. Jefferson was part of the most affluent echelon of society. He was provided with the best education available. He had servants and people in his life whom he could trust and count on. Jefferson was largely influenced by John Locke who was viscerally opposed to all forms of central government. Locke loathed all forms of coercion and held that the primary function of government is to protect property. Perhaps Jefferson's life of fortune had a major influence in forming his view that man is capable of benevolence and altruism when left free from government coercion.

Regardless of the root of their opposing views, Jefferson and Hamilton debated vehemently. In 1791 Hamilton won the debate by successfully establishing The First Bank of The United States. Jefferson later conceded that this was the most tragic defeat of his entire life. Even though Jefferson lost this battle to Hamilton, as President he later went on to push for its abolishment. In 1811, after he had left office, Jefferson openheartedly witnessed the Bank's charter removed -- victory at last.

As the story goes, monetary policy remained at the forefront of all political debate throughout the next century, until a Federal Reserve Bank was established in 1913. Since that time, monetary policy has been pushed to the side in mainstream political discussion. Although many perceive the bank as a branch of the Federal government this body has been able to operate free from any oversight by the American people, in a very secretive manner. In stealth, the Federal Reserve has averted all of the necessary criticisms it has deserved over the decades, as the principal culprit in creating the business cycle. Having evaded public scrutiny for way too many years, the Fed is now the focus of the public's eye, in light of the recent economic catastrophe it created.

As the one man in DC that has spoken out against the Fed for decades, Ron Paul has just been nominated as The Chairman of the Domestic Monetary Policy Subcommittee in the 112th Congress. Congressman Paul will certainly keep this debate at the forefront of public debate as it was in the early years of America. Despite his growing support, Ron Paul cannot abolish The Federal Reserve in one swift swoop as was done in 1811 or 1836; however the debate will certainly move back to its original position -- at the center of public debate. Let's get started.