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Paul Blasts Bernanke: “Federal Reserve Delivered This Crisis To Us”
Fed chairman attempts to redefine inflation, suggests after the fact audit would hinder daily monetary decisions
Related: Bernanke: “I Don’t Know” Which Foreign Banks Were Given Half a Trillion Texas Congressman Ron Paul yesterday slammed Ben Bernanke, the chairman of the Federal Reserve, directly blaming the Fed for creating the financial crisis and systematically compounding the problems with its ongoing policies. Paul’s opening statement to Bernanke at the House Financial Services Committee hearing contained a fierce flurry of facts, figures and statements that hit the Fed head with a ferocity of boxing champion’s knock out blow. The Congressman did not mince his words, opening with the following immutable statement: “The Federal Reserve in collaboration with the giant banks has created the greatest financial crisis the world has ever seen.” Paul then delivered a two and a half minute barrage of truth, succinctly encapsulating the Fed’s complicity in the financial collapse of America. “The foolish notion that unlimited amounts of money and credit created out of thin air can provide sustainable economic growth has delivered this crisis to us.” The Congressman blasted. “Instead of economic growth and stable prices, (The Fed) has given us a system of government and finance that now threatens the world financial and political institutions.” “Pursuing the same policy of excessive spending, debt expansion and monetary inflation can only compound the problems that prevent the required corrections.” Paul continued “Doubling the money supply didn’t work, quadrupling it won’t work either.” he said bluntly, glaring at Bernanke and shaking his head. The Congressman implored that the only way out of a debt crisis is to pay off or liquidate the debt, “we are doing neither” he concluded. “Buying up the bad debt of privileged institutions and dumping worthless assets on the American people is morally wrong and economically futile.” Paul counseled. Watch the Congressman’s opening statement in full here:www.youtube.com/watch
During his five minute questioning window, Paul challenged Bernanke on quotes attributed to him that suggested The Fed chairman had said that HR1207, Ron Paul’s bill to audit the Federal Reserve, would interfere with the Fed’s interest rates decisions. The Congressman maintained it would do nothing of the sort, while Bernanke attempted to suggest that giving the Government Accountability Office the power of audit over the Fed would inhibit and restrict the Fed’s ability to make decisions on monetary policy by politicizing it. Paul fired back stating that it is preposterous to suggest that the Fed isn’t already overtly politicized: “Just the fact that they can issue a lot of loans and special privileges to banks and corporations, that’s political. This idea that it would be political because we know what happened afterwards just doesn’t seem to add up.” Paul beseeched. Paul then challenged Bernanke on the definition of inflation after he implied that buying debt and printing more money was not inflationary. Watch the Congressman questioning Bernanke here:www.youtube.com/watch After Congressman Paul’s time was up, Rep Bill Posey (Florida) continued the line of questioning on inflation stating “purely printing new money doesn’t cause inflation, that’s really news to me!” Posey also questioned Bernanke on the effort to audit the Fed, stating that in his opinion an after the fact audit in no way interferes with the everyday decision making of the Fed. “I just don’t see why there shouldn’t be one hundred percent crystal clear transparency of every single function of the Fed after the fact.” Posey implored. “Because we have to be extraordinarily careful that the markets and the public don’t think that Congress is trying to influence monetary policy decisions.” Bernanke responded. Yes, God forbid that elected officials should have any say in how the country is financially run. God forbid that Congress should be allowed to enforce any kind of accountability upon a privately owned bank that has seized control of the US monetary system and driven the world toward the brink of ruin! And God forbid that the US taxpayer should know anything about the decisions made on it’s behalf by a private corporate entity. Watch the exchange in full here:www.youtube.com/watch Ron Paul’s audit the Fed Bill, HR 1207, now has 275 co-sponsors in the House and it’s companion Bill S 604 now has 17 supporters in the Senate. The Congressman has also made several TV appearances in the last 24 hours to publicise the effort to audit the Fed, a selection appears below. Ron Paul on MSNBC: www.youtube.com/watch Ron Paul on CNBC: www.youtube.com/watch Ron Paul on Neal Cavuto, Fox Business: www.youtube.com/watch Ron Paul on Bloomberg News: www.youtube.com/watch
Steve Watson 7 comments from 6 users
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posted by
catpaw
on Jul 22, 2009 at 08:10 PM
Without apology my conviction remains the same: Ron Paul belongs in a booby hatch. Maybe congress is the best place for him. posted by
Infowar
on Jul 22, 2009 at 08:49 PM
Yeah catpaw spewing nonsense once again. Thanks for your input.
posted by
superface13
on Jul 23, 2009 at 08:37 AM
Ya that's right....Ron Paul is crazy for wanting us to find out how bad we're being screwed by the Fed. He's crazy for wanting us to abide by the Constitution. Baaaa Baaaa Austrian economics is wrong. Baaaa Baaaaa. It has to be wrong....it predicted the mess we're in, but hey....it's always good to kill the messanger right?? Baaaaaaa posted by
southwestblogger
on Jul 25, 2009 at 03:55 PM
nuff said posted by
Neverleft
on Jul 25, 2009 at 04:05 PM
Excellent message. The Progressives don't want to hear it but it's the truth. Generally I seldom agree with Ron Paul. He is a little far right even for me but this time he hit a home run. posted by
randomfactor
on Jul 25, 2009 at 04:33 PM
Neverleft, you may not believe this but I agree--the Fed has gone deeply downhill since Volcker left. Why, they've been siding with the banks and investment companies over the interests of the people, and misjudging the damage they were doing to the economy. Bernanke is not the cause; Greenspan was. Bernanke is just failing to change course (although Obama appears to be trying to bring some balance to the force, as it were.) Volcker, of course, was appointed by a visionary and exceptionally intelligent President to the post. His successor, not so much. Now Ron Paul is a nutcase, but his blind squirrel does find him every once in a while. posted by
Infowar
on Jul 25, 2009 at 10:46 PM
Explain in detail why you think Ron Paul is a nutcase.
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