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  • winsabokk winsabokk Jan 3, 2011 4:11 PM Flag

    Ron Paul: The Fed Spends “More Money Than Congress Does"

    12/10/10 Baltimore, Maryland – This morning, Dr. Ron Paul (R-TX) held his first interview since being appointed chair of the House Monetary Policy Subcommittee. From what he says in the video below, he’s going “to think things through and not overdo things too soon,” but ultimately plans to stick to his guns, and “emphasize the oversight of the Federal Reserve.”

    He also points out why he views his new role as important in these times…

    “Obviously, it is very popular with the American people to audit the Fed and know what they’re doing when 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. Yet, we have no oversight. It was never intended
    that a secret body like this could
    create money out of thin air spend to take care of some banks and big
    business and foreign banks and the
    American people struggle? We have to look into it and we have to start to consider reforms.”

    You can see and hear more details in the clip below, which came to our attention via Bloomberg Television in its recent exclusive interview with Ron Paul.

    see link for video

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    • hey wins, here are a few other links from Ron Paul. I was actually planing to post these here soon... so now is a good time.

      Ron Paul for PRESIDENT !!

    • Creating liquidity is not the same as spending. But one difference among many: Spent money is gone while liquidity created is liquidity that can be taken away.

      May I respectfully suggest that 1) you consider how much worse your life would be TODAY had the Fed done nothing, and 2) you invest in a text book about money and financial markets and pay special attention to the part about the role and operation of central banks... you might learn a thing or two that Ron Paul obviously does not know.

    • 1. I do not believe in rewarding bad behavior but I do believe in saving those who have suffered collateral damage as a result of the acts of others.

      2. As an institution, the Fed has become more transparent over the course of its existence and the current Fed is the the most transparent ever.

      3. My investment returns are a minor influence on my perception of things in the real world. Generally, I try to rely on data, the facts. Current economic policy has been effective at meeting its goals of underpinning the financial system and promoting economic activity. The facts support this conclusion. Its worth noting that my investment returns have depended on being mostly long, as opposed to short, and mostly US investments, as opposed to EMs.

      4. I do not believe in the long term nor in the existence of free markets.

      5. I believe the institutions of Wall Street needed to be saved, but that many more of the leaders of those institutions should have been punished.

      6. You suggest I am selfish, but I find reprehensible these ease with which you would put millions out of work and into an economic wasteland. You want to dish out pain, but you do not seem to care who suffers -- including yourself. This is similar to the psychological profile of suicide bombers.

      7. I think we can agree to disagree.

    • Nice try musk

      There all in bed together, to F us over. The Fed, the banks, Wall St. and the Congress.(save a few souls like RP.)

      My ideology went out the door of my mind about five years ago... I'm a slow learner.

    • You are ignorant; fool!

      I'll be laughing when they spill over from Juarez to chop you up. You don't know diddley squat.

    • Musk, obviously, lives in a fantasy land where as long as his portfolio rises the Fed. and US 1is right.

      Can't wait until he is retiring and has the financial rug pulled beneath him, inflation is rampant and he becomes the new greeter at Walmart and commiserates, with his fellow workers, about the days when his portfolio was huge. Right before the bubble crashed and his nest egg halved.

      It has happened many times in my lifetime to so many people I know. He is so smug in his faith in the NYFRB. He obviously does not own real estate and this is his first time having his portfolio ransacked for the sake of lavish WS bonuses.

      He will also learn the key phrase "will that be paper or plastic" The Fed will make our poverty a continuous cycle.

    • Dude, I know what they Fed does. They lend Federal Reserve Notes to the US Gov't for Interest. It is called Usury. I got that part. They credit, give Federal Reserve Notes to, the accounts of Banks, Foreign and Domestic, in exchange for Treasury notes and bonds due in less than 10 years.

      This enables the Banks, proprietary trading arms, to artificially prop up the stock market, artificially lower interest rates to create moral hazard to invest in risky assets.
      This enables the J*ws on Wall Street to Keep a portion of this money, as bonuses, to live extremely lavish lifestyles and pass this wealth to their future generations all the while avoiding any taxes whatsoever.

      Then they finance this by selling more debt for future, actual, taxpayers burden.

      I think I understand that part.

    • What do you call QE1 & QE2?

      You don't think printing money and buying treasuries from jp Morgan, Goldman-Sachs and foreign banks is "spending money"?

      I call it theft, felonious treason. The Fed has printed and spent 4.5 trillion dollars since they took out Lehman. Look it up: Maiden Lane I, Maiden Lane II, Maiden Lane III etc. It's all on their web site.

      You call that "managing monetary policy". I call it usurping Congressional authority. CNBC, Rupert, created a monster by saving a few of their buddies. They should have let them all fail. Bush and Hank Paulson gave us Socialism instead.

      Now the crisis will never end (look at Japan) and we will be in a perma-malaise instead of selling off the toxic assets to the lowest bidder. Their solution: Build more Malls and Housing instead.

      So much for retirement.

    • *... all in bed together, to F us over...^ !!!

      OMG... Are you aware how paranoid you sound? Maybe you should take up arms and share a bunker with, cdbuyer and his kissin cuzzin... I understand canned tuna is like wine, it gets better with age. LOL

    • <<< Creating liquidity is not the same as spending. >>>

      So musk, HOW DID the Fed create liquidity ?

      So by the same token, you must believe that borrowing money, or printing money to add to the federal deficit is not spending money either.... no ?

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