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Posted on 12/07/2009 8:06:58 PM PST by rabscuttle385
Rep. Ron Paul's attempt to rein in central bank is finally close to passing -- just don't expect him to vote for it.
Ron Paul is used to going it alone. During 20 years in Washington, the libertarian Republican congressman from Texas has proposed doing away with personal income taxes, federal antitrust laws and the minimum wage. He's advocated pulling the United States out of the United Nations, NATO and the International Monetary Fund.
Those efforts have mostly been legislative non-starters. Many of his bills fail to attract a single co-sponsor.
But one of his perennial causes is headed to the House floor Wednesday with widespread support: to audit the Federal Reserve. That measure, which he first introduced in 1983, has the backing of more than 300 legislators and last month won bipartisan approval in the House Financial Services Committee.
The proposal would subject the Fed to unprecedented scrutiny by allowing the Government Accountability Office to audit all central bank operations, including its decisions on interest rates, lending to individual banks and transactions with foreign central banks. Fed officials and many private economists have argued strenuously against the measure, saying it would threaten economic stability by undermining the central bank's independence from political pressure.
"I'd like to know who they bail out and why," said Paul, who brought together a small cult following across the political spectrum in the last presidential election. "I'd like to know how much they pay for securities that they buy. Did they overpay? Why did Goldman Sachs come out well and Lehman Brothers go bankrupt?"
(Excerpt) Read more at washingtonpost.com ...
http://www.youtube.com/watch?v=SxCX_D5xVLM
Part 1
http://www.youtube.com/watch?v=8Xs_jSuDRsM&feature=related
Part 2
http://www.youtube.com/watch?v=MNBZDg2vwUo&feature=related
Part 3
http://www.youtube.com/watch?v=1h5vV62B8WE&feature=related
Part 4
http://www.youtube.com/watch?v=1n4E_mJ-eJY&feature=related
Part 5
Five-part video interview with G. Edward Griffin, author of one of the great histories of the Federal Reserve, “The Creature From Jekyll Island.”
The book and the above video clips are highly recommended to all on FR.
Ping
I attended a lecture by G Edward Griffin last month, it was excellent.
A fellow at the gym mentioned this book. I went onto Amazon to check out some reviews. I gather this guy is a member of th John Birch Society and a leader in that organization. A bit of a conspiracy buff.
Is the Bill they’re voting on the original or the watered-down version?
Don’t have to be a conspiracy buff to be interested in “The Creature from Jekyll Island”, it was required reading for macroeconomics undergrad courses in the late 1990’s after it was released.
they attached the original non-watered bill that passed the committee to a very bad bill
http://www.youtube.com/watch?v=AVwr-Nf0slQ
You’ll hear an oblique reference to the book by its title at the end of Senator Bunning’s grilling of Ben Bernanke.
Conspiracy buff or no conspiracy buff, the Federal Reserve was, in fact, created in secrecy as a private banking cartel that then invited the U.S. government in as a “partner.” (That the Federal Reserve in essence cartelizes the banking industry is nothing new; many free-market economists, especially of the Austrian School, have been saying that for decades.) Cartels like having a government on their side because without government coercion acting on the members of the cartel, there are many incentives for the individual members to betray the cartel for the sake of private profit and go their separate way. Government ensures that this doesn’t happen and that the cartel stays together. For its part, of course, the government likes the Federal Reserve because it inflates the monetary base and allows it to spend without necessarily having to tax. Commercial banks like the Federal Reserve because they are usually the first ones to receive the new fiat money, on top of which they can practice their usual fractional reserve banking and lend out many times the amount they have on account (thus inflating the monetary base even more)
I don’t see that membership in the John Birch Society has anything to do with the above facts, which are true and verifiable. At any rate, I suggest you watch the YouTube clip of Senator Bunning and Ben Bernanke, as well as the 5-part interview with G. E. Griffin.
In the Clip below Senator Jim Bunning lets Bernanke Panky have it tells him his Fed is like The Creature from Jekyll Island. The subject of the book was the creation of the Federal Reserve.
http://www.youtube.com/watch?v=AVwr-Nf0slQ
History matters this is an interesting speech from 1896
Bryan’s “Cross of Gold” Speech: Mesmerizing the Masses
http://historymatters.gmu.edu/d/5354/
You will note how Democrats opposed the Gold Standard even way back then. Especially in light of recent developments Democrats want to bring back Glass-Steagall.
http://market-ticker.org/archives/1710-Now-Were-Talking!-Glass-Steagall.html
But obama is against it
http://www.zerohedge.com/article/democrats-push-reinstatement-glass-steagal#comment-156199
It is amusing that the public perception is that it was a Republican failure when in fact
A Frontline report on the repeal of Glass-Steagall shows how those with money end up with pens from the President of the United States on their walls. This is written by a liberal but it is very good and has lots of information relevant to todays financial crisis.
The reality is in the end if we don’t the the Fed it will end us.
bump
That's the standard term of derision for anyone who the establishment media doesn't approve of. It would include, also, those who the establishment media has never heard of (or reported on), hence their followers must be some kind of cult.
Examples abound in pop culture. It's kind of a stretch to apply the same criteria to well-known political figures, though.
But then this is the Washington [Com]Post.
....”Many of his bills fail to attract a single co-sponsor.”....
Umm, perhaps that is because he is insane?
Or maybe because the majority that refuses to listen to his ideas consists of mindless sheep and political lemmings.
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