Posted on 03/04/2011 6:59:10 AM PST by SeekAndFind
It’s a sign of the times that the chairman of the Federal Reserve Board, Ben Bernanke, testified before the House Financial Services Committee yesterday and the part of the hearing that everyone wanted to know about is what was said by Congressman Ron Paul. He is the chairman of the monetary policy subcommittee that directly oversees the Fed, and he is the one, who, in a poll some months back, was ranked as being neck and neck with President Obama. The reason people are more interested in what he has to say is that it is Dr. Paul who has the deeper understanding of our national predicament.
This was illuminated in in an exchange yesterday in which Dr. Paul asked the chairman of the Fed, which issues the currency notes Americans are required to accept in payment of debts, what was his definition of a dollar. Forgive us, but we’ve been waiting for years to hear that question asked of a Fed chairman the way Dr. Paul put it. And Mr. Bernanke walked right into it. “My definition of the dollar is what it can buy. Consumers don't want to buy gold. They want to buy food and gasoline and clothes and all the other things that are in the consumer basket.”
If the Founders of America had been on the Committee, why, they might well have had the chairman brought up for contempt. They were fairly obsessed with the dangers of paper money, and they had a clear idea of the meaning of money. When, in the Constitution, they delegated to the Congress the power to coin money, they did so in the same sentence in which they also delegated to Congress the power to fix the standard of weights and measures.
(Excerpt) Read more at nysun.com ...
Ron Paul might be an anti-semitic muzzie-loving SOB, but he’s good on this issue.
Good article, well worth reading.
I would be fun if the next GOP president appointed Paul to be the next head of the Fed. Just to watch him take it apart from the inside out.
That would be great. But I doubt it would ever happen.
Take the inflation created since the fed reserve act into account and you can see what our actual debt would be if we were under the gold and silver standard.
People have a hard time accepting that Ron Paul is closer to our founder’s than anyone else elected at this time.
Although I don’t agree with everything that Ron Paul says he is an inspiration to what our country was intended to be.
They want to see what Ron Paul said for the same reason they want to know what’s going on with Charlie Sheen. Everyone loves a train wreck.
The dollar has been more stable under the FED than it ever was under the gold standard. Under the gold standard we had wild swings of inflation and deflation on a year to year basis. Only if you intend to hoard dollars in your mattress for 80 years instead of invest them is the gold standard better than paper money.
Independent audits are on the web for everyone to see.
2009 Combined Federal Reserve banks - Independent Auditor Report on Page 3
2009 Federal Reserve Board financial statements - Independent Auditor Statement Page 2
Financial Statements of the Federal Reserve Banks (Combined and Individual banks)
Annual Report - Federal Reserve Board 2010 Budget Review.
There is one component of the board that is not subject to congressional audit. And it was congress who made it that way. That’s the policy decisions. Of course interest rate policy is announced as soon as the Board of Governors meet. Which pretty much just leaves the Open Market Committee meetings.
They’re the ones that stabilize exchange rates, and shore up the system when a part becomes shaky. You don’t want those decisions public while the FED is actually trying to implement the plan, because people like Soros will work against them. But the money is all accounted for.
Sorry Danny...you are drinking the kool-aid. You have bought the whole Fed story hook line and sinker.
All you have to do is understand who was behind the Fed, why they wanted it created and what happened with those people after the Fed was created.
The Fed has done far more damage to the long-term viability of our free country than it has ever helped. If we ever learn the truth about the Fed it will be plain for all to see just how criminal and corrupt the organization. Why else would you run an organization with absolutely no accountability or audit? Just a semi-legitmized version of organized crime.
Take a look at how the FED is organized, which directors are elected which are appointed. And the rules on that. How many votes a big bank gets vs a small bank. Who really owns the banks. It's all public information. Go to Finance.yahoo.com, and you can see the major shareholders of any publicly traded company.
When you understand that, you'll understand it's not the monster conspiracy nuts have made it out to be.
"Why else would you run an organization with absolutely no accountability or audit?"
Links to the audits were in the post you replied to. The FED absolutely has accountability and audits. And history shows they've done a good job.
It's in our enemies interest to destroy the Federal Reserve, not ours.
Let me fix it....
"... in a poll heavily compromized by the Paulhroids, "one Paulhroid = 10,000 votes" campaign some months back, was ranked as being neck and neck with President Obama. "
The facts do not align with your statements.
You are spewing misleading propoganda.
I bet you are making that statment and you can't even tell me how the Board of Governors of the Federal Reserve are appointed or elected without looking it up.
And I bet you can't tell me about the 3 classes of directors of each Federal Reserve Bank and what the difference between the 3 are without looking it up either.
And nobody cares. Gold is highly manipulative because it's scarce. Why would we want to link our currency to something like that?
China is one of the largest gold producers today. Do you want China to have more say over our currency growth than we do? Then by all means go for the gold standard.
Bernanke did answer it. It’s the “consumer basket”. It’s not defined in statute, nor does it need to be.
But Bernanke is right. I don’t want to buy gold. And I certainly don’t want gold speculators determining the cost of my food.
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