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Ron Paul: The Fed “Has More Power Than Congress. The Fed Chairman Probably is More Powerful Than Our President”

Posted By admin On September 16, 2009 @ 3:49 am In Commentary | Comments Disabled

Washington’s Blog [1]
Wednesday, Sept 16th, 2009

Whatever you think of Ron Paul, you have to admire his great quotes.

As he writes [2] in his new book “End the Fed”:

The entire federal government is one giant toxic asset at the moment.

Sound like hyperbole?

Well, the Fed has certainly taken a lot of toxic assets [3] onto its balance sheet.

And even the Bank for International Settlements pointed out [4] in December that the bank rescue packages have transferred significant risks onto government balance sheets.

And one of the world’s leading economic historians – Harvard professor Niall Ferguson – warns [5] of huge government debts threatening the solvency of entire nations:

“The idea that countries don’t go bust is a joke… The debt trap may be about to spring … for countries that have created large stimulus packages in order to stimulate their economies.”

Yesterday, Paul also told CNN:

[The Fed] is bigger than the Congress, [it] has more power than the Congress. The Fed Chairman probably is more powerful than our president, and yet we refuse to look at it. The time has come for us to look at the Fed.

Ron Paul: The Fed Has More Power Than Congress. The Fed Chairman Probably is More Powerful Than Our President  290509banner [6]

Is he right?

I’m not sure. But the Fed has violated the Federal Reserve Act and other laws in a number of ways, and refuses to disclose [7] to Congress (or anyone else) where the trillions of dollars it has handed out in bailouts, guarantees and swaps have gone.

The Fed is also refusing to disclose the details of the toxic assets it has taken from the banks and put on its own books.

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URL to article: http://www.prisonplanet.com/ron-paul-the-fed-has-more-power-than-congress-the-fed-chairman-probably-is-more-powerful-than-our-president.html

URLs in this post:

[1] Washington’s Blog: http://www.washingtonsblog.com/2009/09/ron-paul-fed-has-more-power-than.html

[2] writes: http://www.thenewamerican.com/index.php/reviews/books/1860-a-review-of-end-the-fed-by-ron-paul

[3] a lot of toxic assets: http://www.clevelandfed.org/research/data/credit_easing/index.cfm

[4] pointed out: http://www.prisonplanet.comtshttp://www.washingtonsblog.com/2008/12/central-banks-central-bank-says.html

[5] warns: http://www.independent.co.uk/news/world/europe/ireland-set-to-go-bust-claims-economic-historian-1692673.html

[6] Image: http://www.efoodsdirect.com/ammo-food.html?aid=14&adid=5

[7] refuses to disclose: http://www.examiner.com/x-8198-Economic-Policy-Examiner~y2009m5d22-Is-the-Federal-Reserve-really-a-federal-agency

[8] More Powerful Fed? Many In Congress Don’t Seem to Like It: http://www.prisonplanet.com/more-powerful-fed-many-in-congress-dont-seem-to-like-it.html

[9] A Government Shut-down Imperils the Power of Congress: http://www.prisonplanet.com/a-government-shut-down-imperils-the-power-of-congress.html

[10] Goldman Sachs misled Congress after duping clients, Senate panel chairman says: http://www.prisonplanet.com/goldman-sachs-misled-congress-after-duping-clients-senate-panel-chairman-says.html

[11] Syrian president says army ‘has balance of power’: http://www.prisonplanet.com/syrian-president-says-army-has-balance-of-power.html

[12] Ron Paul’s Fed-Bashing Wins Over Lawmakers Wary of Bank’s Power: http://www.prisonplanet.com/ron-paul%e2%80%99s-fed-bashing-wins-over-lawmakers-wary-of-bank%e2%80%99s-power.html

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