Ron Paul: The Big Guns Have Lined Up Against H.R. 1207 (House Floor 7/30/09)
Posted on October 25th, 2009 by admin
http://www.house.gov/paul
http://CampaignForLiberty.com
Mr. Speaker, the big guns have lined up against H.R. 1207, the bill to audit the Federal Reserve. What is it that they are so concerned about? What information are they hiding from the American people? The screed is: “Transparency is okay–except for those things they don’t want to be transparent.”
Federal Reserve Chairman Ben Bernanke argues that H.R. 1207, the legislation to audit the Federal Reserve, would politicize monetary policy. He claims that monetary policy must remain “independent,” that is, secret. He ignores history, because chairmen of the Federal Reserve in the past, especially when up for reappointment, do their best to accommodate the President with politically driven low interest rates and a bubble economy.
Former Federal Reserve Board Chairman Arthur Burns, when asked about all the inflation he brought about in 1971, before Nixon’s re-election, said that the Fed has to do what the President wants it to do, or it would “lose its independence.” That about tells you everything. Not by accident, Chairman Burns strongly supported Nixon’s program of wage and price controls, the same year; but I guess that’s not political. Is not making secret deals with the likes of Goldman Sachs, international financial institutions, foreign governments and foreign central banks, politicizing monetary policy? Bernanke argues that the knowledge that their discussions and decisions will one day be scrutinized will compromise the freedom of the Open Market Committee to pursue sound policy. If it is sound and honest, and serves no special interest, what’s the problem?
He claims that H.R. 1207 would give power to Congress to affect monetary policy. He dreamt this up to instill fear, an old statist trick to justify government power. H.R. 1207 does nothing of the sort. He suggested that the day after an FOMC meeting, Congress could send in the GAO to demand an audit of everything said and done. This is hardly the case. The FOMC function, under 1207, would not change. The detailed transcripts of the FOMC meetings are released every 5 years, so why would this be so different, and what is it that they don’t want the American people to know? Is there something about the transcripts that need to be kept secret, or are the transcripts actually not verbatim?
Fed sychophants argue that an audit would destroy the financial market’s faith in the Fed. They say this in the midst of the greatest financial crisis in history, brought on by none other than the Federal Reserve. In fact, Chairman Bernanke stated on November 14, 2007, that “a considerable amount of evidence indicates that central bank transparency increases the effectiveness of monetary policy and enhances economic and financial performance.”
They also argue that an audit would hurt the value of the U.S. dollar. In fact, the Fed, in less than 100 years of its existence, has reduced the value of the 1914 dollar by 96 percent. They claim H.R. 1207 would raise interest rates. How could it? The Fed sets interest rates and the bill doesn’t interfere with monetary policy. Congress would have no say in the matter; and besides, Congress likes low interest rates. It is argued that the Fed wouldn’t be free to raise interest rates if they thought it necessary. But Bernanke has already assured the Congress that rates are going to stay low for the foreseeable future, and, again, this bill does nothing to allow Congress to interfere with interest rate setting.
Fed supporters claim that they want to protect the public’s interest with their secrecy. But the banks and Wall Street are the opponents of 1207, and the people are for it. Just who best represents the “public’s” interest? The real question is, why are Wall Street and the Feds so hysterically opposed to 1207? Just what information are they so anxious to keep secret? Only an audit of the Federal Reserve will answer these questions.
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October 25th, 2009 at 12:22 pm
go Ron!
go Ron!
October 25th, 2009 at 12:22 pm
Woodrow Wilson, …
Woodrow Wilson, what have you done to us
October 25th, 2009 at 12:22 pm
Agree with …
Agree with evrything you said. Ron Paul has to be clever. He knows “Whats up” Obama must not be re-elected!! Stop the Globalist Agenda! This man is talking about real American Values. Keep American soveriegnty!!!
October 25th, 2009 at 12:22 pm
Fantastic Rin well …
Fantastic Rin well said. Addressed all the Fed propaganda and fearmongering. There is not one valid reason to NOT audit the fed. This is the most important bill to hit the house floor in nearly 100 years. It effects all of us no matter which end of the political spectrum you are on. Also if America does not vote Ron Paul in as President in 2012 then you all deserve what you will get, which is no great nation left for any of you to be proud of.
October 25th, 2009 at 12:22 pm
Wow. Ron Paul just …
Wow. Ron Paul just owned Bernanke!
October 25th, 2009 at 12:22 pm
when is this gonna …
when is this gonna heppen mr. Paul?
October 25th, 2009 at 12:22 pm
End the criminal …
End the criminal robbing of the people
October 25th, 2009 at 12:22 pm
Ron Paul supports …
Ron Paul supports legalization and you should too!
Search Youtube for HOW WEED WON THE WEST
October 25th, 2009 at 12:22 pm
ditto
Federal …
ditto
Federal reserve is killing USA
October 25th, 2009 at 12:22 pm
END THE FED
END THE FED
October 25th, 2009 at 12:22 pm
End the Fed.
End the Fed.
October 25th, 2009 at 12:22 pm
The difference is …
The difference is true patriots support the constitution which is anti government. But most idiots don’t know that.
October 25th, 2009 at 12:22 pm
Thank you for your …
Thank you for your service. Good comment.
October 25th, 2009 at 12:22 pm
How much American …
How much American land and recorses have been exchanged for covering our tremendous debt? Do you think the Fed’s would ever tell “WE THE PEOPLE”? How about if they are exchanging our dollars for foreign currency’s? I think that because of brave men like RON PAUL people are starting to wake up and are asking difficult questions. RON PAUL FOR PRESIDENT!!!
October 25th, 2009 at 12:22 pm
Ron Paul has ” …
Ron Paul has “jewels” of steel!
October 25th, 2009 at 12:22 pm
end the fed!
end the fed!
October 25th, 2009 at 12:22 pm
Scholar J. Peter …
Scholar J. Peter Euben writes that for the Greek philosopher Socrates, “patriotism does not require one to agree with everything that his country does and would actually promote analytical questioning in a quest to make the country the best it possibly can be.” Ron makes some strong arguments for reforming our National monetary system. What that would be is the hard question.
October 25th, 2009 at 12:22 pm
pa⋅tri⋅ot⋅ism [ ...
pa⋅tri⋅ot⋅ism [pey-tree-uh-tiz-uhm or, especially Brit., pa-] Show IPA
noun devoted love, support, and defense of one’s country; national loyalty.
October 25th, 2009 at 12:22 pm
ron paul is the MAN
ron paul is the MAN
October 25th, 2009 at 12:22 pm
That was so good.
That was so good.
October 25th, 2009 at 12:22 pm
JONESLIUS – you …
JONESLIUS – you loose!!!
They all mocked us Libertarians they gave us all of the Reasons that THE FED would not and could not be audited…NOW WE ARE GRABBING BOTH DEMOCRATS AND REPUBLICANS on our side. WE get —RESULTS!!! The other party’s just CHASE THEIR TAILS LIKE DOGS, and then Roll over to get their belly rubbed By of the Federal Chairmen that owns them.
The difference between Libertarians, Republicans, and Democrats…
Is LIBERTARIANS have a SPINE.
Right and Left Boobs.
October 25th, 2009 at 12:22 pm
Patriotism is truly …
Patriotism is truly for idiots, I swear to God. Are we all idiots?
A patriot defined cares about ONE thing, the ENHANCEMENT for the power of the STATE, they will do anything for the STATE, to PRESERVE IT’S POWER. And if you’re pro-state, yyou HAVE to be anti-humanity. I swear to God (even though there isn’t one) this is the case.
Patriotism was brought to you by the same people who are now OWNING our asses. Please grow up people. Patriotism is statism.
October 25th, 2009 at 12:22 pm
That wont happen.
…
That wont happen.
Have you ever heard of the Diego Garcia incident? If not, look it up. THAT is what these people are capable of doing, ANY time they want, they DO NOT care about us, or anyone else. The state is a self preserving monster who HAS to be against human liberty in order to thrive. Nothing is going to change, unless WE, the people, do something.
October 25th, 2009 at 12:22 pm
audit the fed…
audit the fed…
October 25th, 2009 at 12:22 pm
pressure is prolly …
pressure is prolly illegal now ,…