Skip to comments.Fireworks? Ron Paul Gets Gavel for Fed Panel
Posted on 12/09/2010 10:57:02 AM PST by speciallybland
Rep. Ron Paul, the Texas Republican who has passionately called for dismantling the Federal Reserve, will be running the panel that oversees the central bank when Republicans take the House majority next year.
Mr. Paul has introduced legislation to abolish the Fed, wrote the book, End the Fed, and rallied support for eliminating it.
Rep. Spencer Bachus (R., Ala.), who will take over the House Financial Services Committee from Rep. Barney Frank (D., Mass.), announced today that Mr. Paul, a libertarian who won a fervent following when he ran for president in 2008, will head the Domestic Monetary Policy Subcommittee. The 11-term lawmaker was in line for the post, but there had been some talk that GOP leadership might pick someone else.
(Excerpt) Read more at blogs.wsj.com ...
This could get interesting
He gets his chance. Lets see what he does with it.
I’m not a fan of his, but I’m rooting for him on this one.
Good thing I haven’t yet taken the Ron Paul bumper sticker off my car!
And it’ll be on C-span...
Great, so instead of being able to make a convincing case for ending the dual mandate of the Fed, we’ll have a krazy kook in charge.
I like this simply because Bernanke doesn’t. If Paul can get a full audit, perhaps we can finally make the banksters flush that bad debt out and enter receivership so we can finally grow this economy.
This could get good...
People like Ron Paul is why Congress made the policy decisions of the FED unauditable in the first place.
You must have an old car!................
You mean like Bawney Frank and Chris Dodd?...............
Good. Audit the Fed.
Clamp an ankle bracelet on the Bernank now.
Actually it was made unauditable in the first place to keep us in the dark about the screwing they are putting to us and has nothing to do with flakes. If we don’t know what they are doing we can’t get upset and stop it. We got screwed in 1933 when they took us off the gold standard and the bankers have been gambling with the US credit ever since. Check out a new book called “The Only Answer to Tyranny” by Dr. Coldwell and Dr. Kennedy. Filled with a lot of information most of us are unaware of. We need to get informed and pull our collective US heads out of the sand in order to restore this great economy. Check it out.
Point taken. No matter how horrendous a choice Ron Paul is, we've probably had worse.
Audit his meds and then audit the Feds.
I don’t like RuPaul.
On the other hand, I absolutely detest “The Bernank”. I hope that come January, Bernanke enters an extended period of sleeping very poorly.
We don’t need to abolish the FED but we do need some institution, a reorganized Fed or some other institution, whose SOLE goal is to maintain a constant currency. Shouldn’t worry about deficits, unemployment, anything except their one goal, constant currency value. If we have a stable currency everything else will take care of itself.
And there should be rewards if they succeed over (say) a 10 year period, and severe penalties if they fail.
And what ever tools we give them should be completely transparent.
for one thing, I am going to start praying for his physical safety...
I think he’ll do fine.
Unless he was lying about everything in all his speechifying.
We’ll soon see.............................................
You may be right.
He may be crazy.
Oh, but he just might be the looonatic we’re lookin’ for!
Prior to the FED, American had deflationary depressions every 20 years. Since the Fed you’ve had two in 80 years.
Our economy has done well since the FED was established, so I don’t see evidence of this “screwing” you are alleging.
Regardless of what people think of Ron Paul, I am 100% behind him on this one.
1. End the Fed.
2. Amend the Constitution to repeal the 16th Amendment.
3. Enact the FairTax (http://www.fairtax.org/site/PageServer?pagename=about_faq)
4. Repeal collective bargaining rights for federal workers.
5. Massively prosecute Wall St. accomplices in the collapse of the economy and the NGOs such as Fannie Mae, Freddie Mac, etc.
I AM a fan and believe he is one of the most principled men up there.
I’m also rooting for him to blow the Fed wide open and expose the theft they and their pals have committed on the American people since its creation.
Memo to Ron: Redouble your security. These boys play rough!!!
Tee Fed has been evolving in a very negative way for 40 years.
The worst thing was Humphrey Hawkins giving them a contradictory mandate to maintain constant currency AND full employment.
Now they want to turn it into a super regulatory agency.
There are problems at the Fed and that shouldn’t be ignored.
I don’t agree with Paul on everything...but honestly the kooks are the Bush-Rove-Fleischer-McCain-Lugar’s of the party. The establishment are the kooks.They simply do not believe in the American Revolution and man inalienable rights.
This isn’t going to help our cause in any way. It will just be ammunition for the MSM and the RATS “ _________________________________________________________
The MSM has no ammunition. They lost it all in the November 2 election and their party, for which they are the mouthpiece, is imploding as we speak. It is time for the grown up fiscally conservative who are serious to lead. Paul can educate the country on GDP, consumerism and the dead end we have hit going 100 miles an hour. This will be good for the country, whose poor education in public schools is now down around their ankles with their bottoms showing.
Very few people on this board actually want small government and low taxes.
Overstated a bit?
Kooky yes, krazy not clinically.
Just put the person who was complaining in charge of the 'project' or 'department'. In almost every case, about 95% of the time, that person did make the assignment even better than it was before. In the other 5% there was very little change done and the person shut up.
So I applaud this move by Baucus.
Statistically speaking those pre-1913 deflationary cycles were not significant. The Great Depression and the Great Recession are statistically significant as well as numerous recessions in between.
Economic cycles are a force and fact of nature. The effect of the Fed has been to exacerbate the natural cycles and render them more volatile.
Yes they have staved off previous deflationary cycles but with the result of causing inflationary cycles, more emphatic booms and busts and a burden on taxpayers by buying Treasuries purchased from phantom dollars. Today they are doing the same, preventing a deflationary collapse at the expense of the existing and prolonged insolvency of federal and state governments, impossible to service sovereign debt and the consequence or resorting to hyper-inflation to extinguish the debt problem.
Bernanke himself said he doesn’t have a solution. They don’t know what they are doing but they certainly played a key role in bubbling certain targeted sectors of commerce and then pullingthe plug creating in effect profit opportunities for their crony investment bank members.
The Fed is the ringleader of the ultimate corruption, the ability to create money from thin air with no accountability save for window dressing hearings before Congress where no audits are compelled and no true oversight exists.
Just look at the recent disclosures of trillions to foreign governments and operatives by the Fed.
Each one of those dollars among the trillions competes with each of my dollars. If I want to buy copper on the world market, if I want to hire a ship captain to transport my products, if I want to purchase a business, then I have competitors who received free dollars from a concessionary that my government calls the Federal Reserve and which is not accountable.
No one can compete, no one can experience a truly fair market when there is an entity that can say “Presto!” and cause a billion dollars to appear from nowhere.
But the real damage done by the Federal Reserve is in the destruction of the value of the dollar. Today’s dollar is worth 2 cents of what a dollar was worth in 1913. That is all Fed driven and by their design.
Inflation is a tax and the Fed levies this tax.
The Fed deals today with a fiat currency. Every case example in history has shown that societies that depend on fiat currency collapse catastrophically.
The Fed was a creation from 1913, a year that also saw so many poor decisions such as making constitutional the income tax without apportionment.
There are solutions and designs of today that are of much better effect and efficiency than the poorly engineered tax and financing systems of 1913.
It’s time to End the Fed.
It’s time to amend the Constitution to repeal the 16th Amendment.
It’s time to enact the FairTax (http://www.fairtax.org/site/PageServer?pagename=about_faq).
I tend to view Ron Paul as a well-intentioned but ultimately crazy uncle — there’s something endearing about him and his views but at the end of the day he tends to be off his rocker.
With that said, I think this is the best place for him. Our banking system needs to be reined in and he is one of the few in Congress that I’d trust to do it.
Here’s hoping for the best.
I know! and I think they are kooks!
Absence of evidence is not evidence of absence. Read the book. We don’t have all the facts.
You beat me to it...
Congress has authorization to carry out a direct tax to be collected and delivered by each state per citizen/person. Problem is, that requires a vote and a bill by Congress each time - and of course that means justification and debate. How many Congresspersons have the balls to do exactly that? It entails actual hard and honest poltical work. Answer: NONE!
An ongoing year to year indirect tax in the form of an “income” tax is just so much easier. Hence why you never really see a move entered onto the floor to abolish the 16th Amendment much less the current schedules implemented by the IRS under regulation. And of course, the all avoid attempts to clarify what “income” means for taxation purposes.
They are not just cowards - they’re lazy.
The FairTax is an excise tax, an indirect tax on retail goods and services.
The Rebate is the same for every American and is not a tax.
The Rebate says in effect that Americans will pay no tax on goods and services that they deem essential for living and that is measured in dollars calculated by the DHHS line of poverty, a well-seasoned and means tested calculation.
To reemphasize the FairTax Rebate IS THE SAME FOR EVERY AMERICAN and hence no redistribution takes place among more than 99$% of the population. The only persons undeservedly benefitting from the Rebate are those who are bums, homeless and panhandlers and they constitute less than 1% of the population.
People on Social Security will receive a rebate equal to 23% of the poverty line or about $196 a month, But so will billionaires.
Every American individual will receive $196 a month to rebate them for the 23% National Retail Sale Tax they paid on $10,294 (the poverty level) of purchases over a year. That’s NOT REDISTRIBUTION. The money is not coming from wealthier earners. It is coming from each individual’s essential purchases and being given back to them so that in effect:
No One In America Pays Taxes Below the Poverty Level.
When you think about it a bit, only a crazy uncle would take on the Fed and their banks.
In this context you are absolutely right, Ron Paul is made for this job.
Call it another one of God’s interventions.
The dollar losing 94% of it’s value over the course of 80 years is not a problem. Most economists believe a small rate of inflation is helpful to the economy because it provides and incentive to people to invest instead of simply hoarding cash.
Over 80 years a small rate of inflation will add up. But the economy itself hasn’t been harmed. That small amount of inflation does not appear to have harmed our economy over the last 80 years.
If you hoarded cash 80 years ago, you have lost a lot of purchasing power. But if you invested in a diversified portfolio, you now have incredible purchasing power compared to 80 years ago.
The Ron Paul plan works only if you want to pursue the incredibly stupid economic goal of incenting people to hoard cash and not invest.
Another website has already broken down how the so called Fair Tax is also unconstitutional...If I remember correctly it falls apart uniformity-wise or would head that way when challenged in court.
Poverty level in CA is not the same as poverty level in MO. The rebate becomes an “unequal” application of the law. If you turn around and adjust accordingly - then uniformity falls apart.
Still want to sell the Fair-Tax? Well consider this: Trying to read and comprehend the Rebate thingy was like trying to read IRS published schedules, guides, deductions, credits, etc., all over again.
If it was simply about EVERYONE paying a fixed %-age for final retail sales point of goods (not services) and nothing more - no exceptions, no deductions, or threshold crap - I’d give it some serious thought.