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« Saturday Live Blog: Video, Links, Photos | Main | Watch Bernanke Lie To Congress: Monetizing The Debt »

Ron Paul Asks Tim Geithner: 'Why Doesn't The Fed Eliminate The Middleman And Just Buy Debt Directly From The Treasury?"

Ron Paul v. Tim Geithner - House Testimony - July 25

Ron Paul's point is that the Fed has been and continues to monetize the national debt, despite Bernanke's ridiculous denial on 60 Minutes, and so why not drop pretense and have the Fed buy directly from the Treasury, eliminating profit for the broker dealers.

Geithner, the bank protector, does not like the idea.

Start watching at the 2:25 mark.  Runs about 3 minutes from there.


More from Geithner's testimony:



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Reader Comments (6)

Turbo Timmay does not answer the Q, of course...Fed independent, blah, blah, blah...Fed and Treasury relationship, blah, blah, blah...

Wouldn't it be nice to have Paul scream "Answer my question!" McEnroe style...and just 20 broker/dealers? Must be some huge ass commissions!!!!!!!
Jul 27, 2012 at 6:47 PM | Unregistered CommenterJosie
My heart is with Ron Paul Bless him for at least bringing these scams into the open and for trying to change things.

I hope people understand what monetizing the debt does to them! It's another form of THEFT it is Regressive and hurts the middle & lower economic classes and seniors the most. The Fed bought over 60% of our debt last year. This kind of sums it up.

"It should seem obvious to anyone with a pulse that reducing government debt via inflationary policies is nothing more than theft from current holders of the currency (savers) or past purchasers of said debt. Intentionally devaluing the currency to pay back creditors with significantly less valuable money is really just a stealth form of default, without all the fanfare. The only real difference with this approach is that just about everyone in society suffers, rather than solely those that made the bad lending decisions.

It is another no-lose situation for the banks which get to privatize gains and socialize losses. How would you like to walk up to a blackjack table in Vegas, betting $10,000 per hand, keeping the money when you win and spreading the losses to the rest of the casino whenever you bust? This is ‘moral hazard gone wild’ and only leads to bigger bets, bigger losses and a continued attempt to stick the rest of society with the bill."

Federal Reserve Debt Monetization Explained. -FutureMoneyTrends.com


WSJ: Fed Buying 61 Percent of US Debt

Jul 27, 2012 at 7:01 PM | Unregistered CommenterLiberatedCitizen
Just 20 broker/dealers? Must be some huge ass commissions!


I've seen the figures somewhere but can't find the article now. It's in the billions.
Jul 27, 2012 at 7:43 PM | Registered CommenterDailyBail

Those are great links. I added one to the story.
Jul 27, 2012 at 7:46 PM | Registered CommenterDailyBail
Some more related info.



I would like to see them do more then blast that rotten pig unless the blast was literally

DB here's a related story Barclay's admitted to the FED they were manipulating Libor and the FED did nothing!

On April 11, 2008, just before the Journal story ran, Barclays basically confessed, telling the Fed: “We know that we’re not posting, um, an honest rate.” That wasn’t in Geithner’s “aggressive” memo; Geithner said in congressional testimony that he wasn’t aware of that specific conversation.

in full


Tim Geithner Dealt With Libor Manipulation By Writing Strongly Worded Letters And Then Lending Billions Of Dollars At Libor-Based Rates


Saying Goodbye to Libor Won’t Be Easy, but It’s Necessary

Jul 28, 2012 at 4:18 PM | Unregistered CommenterLiberatedCitizen
The "just 20 broker/dealers?" are about 20% of the private shareholders (owners) of the Federal Reserve/ IRS Complex. They make a cut on everything that happens. i.e. They own the "independent", "non-profit" VISA & Master Card companies. It's a closed loop system that's designed to appear open and independent.
The FED/IRS Complex runs it all.
Sep 17, 2012 at 5:42 AM | Unregistered CommenterFormer Bankster

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