Saturday
Sep152012
Ron Paul Gets Bernanke To Admit To Monetizing The Debt
Paul asks Bernanke about QE2, and monetizing the debt. Runs 20 seconds.
Bernanke nods in agreement.
"I want talk about monetizing the debt. You mentioned in your statement that you bought MBS and agency debt. And that's over $1.3 trillion. Well, where did you get the money? You created the money. So you did monetize the debt."
Hmm, yesterday we showed Bernanke testifying under oath that he was NOT monetizing.
Watch: Bernanke Lies To Congress On Monetizing The Debt
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The full exchange from 4-14-2010:
On debt monetization, the Greece bailout, and who's funding the IMF.
Reader Comments (5)
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“Short of getting rid of the Fed, which is not going to come and I wouldn’t do that overnight anyway, I would say that Congress has the authority to say, do not buy debt. Do not buy any debt. The Congress can yell and scream and pander to the people. They can say the deficits are terrible and terrible. But nobody wants to cut overseas spending or food stamps for the poor. They say, ‘we cannot do it without the Fed. The Fed has to buy this debt.’ That is a moral hazard for the politician,” Rep. Paul said.
“If the Fed couldn’t buy the debt, and interest rates would rise all of the sudden the burden would be on the Congress to get their house in order to restore confidence. Even that would panic a lot of people because live within your means? We do not like that. We like this idea that we can give people anything they want for free, so we can get reelected. Well, all of this is coming to an end.”
http://rt.com/usa/news/paul-country-fed-rep-166/
http://www.youtube.com/watch?v=m9ylfXmvE1E