Ron Paul: End The Fed

Forbes
Sunday, January 10th, 2010

Texas Congressman Dr. Ron Paul wants to see if the valuations of the Federal Reserve’s transactions were fair.

Steve Forbes: What precisely will your bill on auditing the Fed do and not do? Let’s just clear that up.

Paul: As a matter of fact, it’s a pretty weak bill when you think about it.

Forbes: It seems pretty mild.

Paul: But from their viewpoint it is horrendous because we know what they’ve been doing. You know? And they don’t want us to know what they’ve been doing. The big argument has always been they don’t want transparency because they’ll lose their independence. And independence means secrecy. If they lose their secrecy then the people and the Congress won’t know what they’ve been doing. Who gets bailed out at what price? … I put an explicit statement in there that we have no intention of monitoring monetary policy even though I have different views. But, you know, when you think of it, Bernie Sanders was a cosponsor in the Senate. He and I don’t see eye to eye on the market. But we see eye to eye on transparency. So we wouldn’t agree on monetary policy, but we agreed on this bill. But in order to clarify that Bernanke would say, “Well what we don’t need is Congress coming in the day after we have a FOMC meeting and finding out who said what and why because everybody would be hesitant.” And one of the arguments is, “If Congress had anything to do with this, they’d keep interest rates too low too long.”

Full article and video here

“When the people find they can vote themselves money, that will herald the end of the republic.” – Fall Of The Republic – Buy the DVD here

 

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