Posted on 11/06/2010 6:17:06 PM PDT by Bokababe
"I think they're way too independent. They just shouldn't have this power," Paul, a longtime Fed critic, said in an interview with Reuters. "Up until recently it has been modest but now it's totally out of control."
(Excerpt) Read more at reuters.com ...
They have one, it’s called the Taylor rule.
Paul is up for chair of the House Subcommittee for Domestic Monetary Policy and Technology, a subdivision of the House Financial Services Committee.
Outlaw the fed and get those books.That will find them some jail time.
“Just watch the powers that be try to block Ron Paul from the Chair of the Committee.”
He should hire some bodyguards, like yesterday.
Congress is granted the power to "Coin Money," but that's not at all the same as the power to make anything legal tender. And printing Federal Reserve notes (instruments of credit, by definition of the term "note") is not at all the same thing as "coining money" (money, by 18th century definition, is totally and absolutely distinct from debt or any debt instrument.)
Federal Reserve Notes have no Constitutional authorization to be used as legal tender. They are not "coined money," and are not gold or silver. And that ends the argument—as will become the accepted understanding as events proceed as they inevitably will.
This should be proposed and debated just for the attention it will gain..
The power structure of both partys will do anything to quash it..
Paul is right on.The Fed has stepped into the political arena and ought to be held accountable.
True enough...but how many tanks can they field?
they wont die easy. They intend to fight for their right to steal and destroy.
But it IS borrowing money on the credit of the United States, is it not? That IS an enumerated power of Congress, is it not?
Since Federal Reserve Notes are not Constitutionally “money,” and since Congress coins no money now, and hasn’t since 1913, and since no State has made any gold or silver coins legal tender, no Constitutionally-valid money exists to be borrowed on the credit of the United States.
The introduction of Central Banks and fiat currency has allowed for the monetization of non-material capital and fueled the economic growth that the world has seen in the last 100 years. To go back to “Wealth of Nations”, the very wealth which Smith was speaking of was the untapped human capital nations already possessed, not gold or some other arbitrary metal.
Ron Paul is an advocate of a system which is unproven and theoretical (sound familiar?) It's a system which allows for no mitigation of risk and limits credit, credit which spurs innovation.
Freepers who support Paul would do well to research Murray Rothbard and the Austrian School.
>The entity known as the UNITED STATES cannot ‘audit’ the Federal Reserve.
>The Federal Reserve is a privately owned consortium of bankers, who are not even US citizens.
>The Federal Reserve holds bankruptcy receivership of the United States.
>THEY OWN US, not the other way around.
There once was a King who colonies did own,
responsibility and care to them were not shown.
The people people to Tyranny were quite subjected,
and to injustice heap’d upon injustice they objected.
When one day, they the King’s men tried to disarm;
they fought back and raised an Alarm against that harm!
Because the Freemen would not their Rights surrender
they appealed to the God of Heaven: Establisher and King-Ender.
When all was finally done, `twas their Freedom which was won.
“They have one, it’s called the Taylor rule.”
I’m talking about a legislated policy rule. If there was one, this QE2 would be illegal.
The Austrian school categorically rejects any empirical attempt to confirm or deny its conclusions. I don’t understand how any conservative could be in favor of such an approach.
“He needs to stay with Economics and leave foreign policy alone. “
He needs to stay with ob/gyn and shrimp farmers and leave both monetary and foreign policy alone.
So this RINO thinks the FED should not be independent of political pressure? That would a great thing when a Dim is president, IF YOU WANT MONETARY POLICY LIKE SAY BRAZIL? BTW, who is president now?
Auditing the FED which to some extent was passed as part of the Dodd-Frank Act is quite different than independence.
Yet another anti-Ron Paul rant.
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