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« Peter Orszag Gets Away With Economic Murder, Dow Posts WORST Week In 14 Months, Consumer Sentiment Falls To LOWEST Level Since March 2009, Treasuries Rally On Weak GDP, Great Recession Worse Than Thought (LINKS) | Main | Chinese Rating Agency Says U.S. As Creditworthy As COSTCO, Pegs U.S. GDP At $5 Trillion (NOT $14T), And Downgrades Bernanke »
Friday
Jul292011

Ron Paul: Spending Cuts Are Meaningless Without Transparency Into The Shadow U.S. Government Run By The Federal Reserve

Video - Texas Straight Talk

AUDIT THE FED - SIGN THE PETITION

--

By Dr. Ron Paul

Congress focused on issues surrounding government spending this week as talk of deficits, the national debt, and the debt limit saturated the airwaves.  This is a positive development.  In years past, there was very little concern over how much was spent here in Washington, how it was spent, or how much of our gross domestic product was being consumed by government.  That blissful ignorance naturally resulted in decades of government spending with impunity, bringing us to where we are today: trillions in debt with astronomical entitlement obligations that will be impossible to fulfill in the not too distant future.  So it is a good thing that there is so much political pressure now on our leaders to actually put the brakes on runaway spending.

However, even the most generous estimate of the spending cut passed this week – $38.5 billion – is a paltry 3.5% of the $1.05 trillion in spending through the next 5 months.  This hardly makes a dent in our government's mountain of debt.  Even worse than that, the non-partisan Congressional Budget Office (CBO) stripped away the accounting sleights of hand and scored it as only $352 million in cuts, which works out to less than half of one percent of spending.  Still, the tiniest cut is better than the massive increases we have become accustomed to in federal budgets.

Of course, our disastrous wars in Afghanistan and Iraq are not even included in this budget as they are considered emergency spending.  They constitute $3.3 billion in spending in the same period of time, so they more than cancel out any small cuts the warmongers may crow about.

I voted against the legislation funding government for the remainder of this year, as well as next year's budget because, as in years past, government spends far too much on unconstitutional programs.  In spite of any rhetoric about fiscal responsibility, a point three percent (0.3%) cut does not suddenly make the rest of the spending constitutional or responsible.  And, if the American people do not continue to hold the politicians' feet to the fire, you can be sure we will see massive spending increases again in the future.

In addition to Congress' spending, many Americans are finally paying attention to the spending done by unelected banking cronies at the Federal Reserve.  Recently the Fed was forced to reveal some details of loans given out during the financial crisis of 2008 and they are truly shocking.  Matt Taibbi points out in a recent Rolling Stone article that two very well-connected Wall Street wives got together and formed a real estate investment company that garnered $220 million in so-called "loans" (free money) from the Fed.  Compare this number to the $352 million in spending cuts the CBO says are in the current budget!  A few months later, one of the wives bought a $13.5 million personal residence with her husband, the CEO of Morgan Stanley. 

The unelected, unaccountable Fed hands out as much or more money this way as our federal government spends, and yet receives hardly any attention.  This is why I believe transparency of the Fed is a critical step to regaining control of our financial situation in this country.  We can never get meaningful reforms if all eyes are on the $352 million so-called cuts, and transactions like the $220 million given to Wall Street cronies are done in the shadows.  This is why I have reintroduced my Audit the Fed bill to this Congress.  HR 1207 is now HR 459 and is essential to true fiscal reform and responsibility.

##

 

Matt Taibbi's article discussed by Dr. Paul:

Matt Taibbi: The Real Housewives Of Wall Street: How Morgan Stanley Wives Christy Mack & Susan Karches Ripped Off Taxpayers In Geithner-Bernanke Bailout Scheme

 

 

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Reader Comments (12)

The United States Federal Government serves nothing more than an administrative function under the most senior private capital pools in the world. The Treasury reports to the IMF. The Federal Reserve reports to its 18 primary “systemic” dealers, who launder the capital that is extorted from working class wage earners, and the IRS is the collection arm of that administrative function. The systemic primary dealer banks, IMF, World Bank and U.N. have a dotted line relationship to the board of the BIS, which has a peer relationship to the senior capital wealth pools.

http://letthemfail.us/about-3
Apr 20, 2011 at 11:38 AM | Unregistered CommenterWil Martindale
Apr 20, 2011 at 1:16 PM | Registered CommenterDailyBail
http://preciousmetalsnews.blogspot.com/2011/04/university-of-texas-endowment-buys-1.html

UNIVERSITY OF TEXAS ENDOWMENT BUYS $1 BILLION IN GOLD 4-18-2011
Apr 20, 2011 at 1:17 PM | Registered CommenterDailyBail
Cop unloads 33 bullets in neighborhood full of women and children to kill dog, stray bullets hit home with family in it

http://www.informationliberation.com/?id=35000
Apr 20, 2011 at 1:19 PM | Registered CommenterDailyBail
Actually, Jamie Dimon Now Likes New Consumer Bureau

http://dealbook.nytimes.com/2011/04/18/actually-jamie-dimon-now-likes-new-consumer-bureau/

[snip]

Yes, this is the same Mr. Dimon who last month complained that various new rules facing Wall Street “would damage America.” And it is the same JPMorgan that (unsuccessfully) lobbied lawmakers to kill plans for an independent consumer financial agency.

Note: I believe that Sarah Raskin is about to get the job.

http://stopforeclosurefraud.com/2011/04/06/white-house-considers-sarah-raskin-jennifer-granholm-to-head-consumer-financial-protection-bureau/
Apr 20, 2011 at 3:07 PM | Unregistered Commenterjohn
Gov't records huge profit on gold

http://www.chinapost.com.tw/taiwan/national/national-news/2011/04/21/299486/Govt-records.htm

[snip]

Despite the multifold profit realized on record gold prices, the bank has no plans to cash in as the gold reserves are set up to back Taiwan's currency, Chou explained. The practice is common among many central banks around the world, he added.
Apr 20, 2011 at 6:39 PM | Unregistered Commenterjohn
great links...thanks john and lc....
Apr 21, 2011 at 9:22 AM | Registered CommenterDailyBail
Forget the transparency - get rid of the FED entirely.
Jul 29, 2011 at 6:28 PM | Unregistered CommenterBart
Dr Paul seems to be talking the talk that many people want to hear, but he's also a Texan, and we all know what Texas has brought forth, he's also a Repuglicon, even if he's a Libertarian as he says. He's also old, which doesn't bode well considering the stress & strain being P.O.T.U.S. brings to the table. Before I'm attached for that old comment, realize one thing, the mind is willing, but the rest of the body lags behind. It's one thing to have the ideas, quite another to carry them out. If anything, depending who the next P.O.T.U.S. is elected, then he could become a valuable adviser perhaps.

The problem with all the present political bents, are they old. If this country is to succeed into the future, the leaders have to come up with 21st century governance for the 21st century, not dragging along the old tired methods of the past. A total cleaning of the cesspool in Washington D.C. goes without saying, but it's going to take more than just a scattered effort of the different mindsets today. So far, there hasn't been one candidate that stands out. "O" sang to the choir, but but turned out to be a flim flam man/boy instead. Perhaps it will take what is call; "out of the ashes, the Phoenix will rise". More food for thought.
Jul 30, 2011 at 3:51 PM | Unregistered CommenterNorman
Forget the transparency - get rid of the FED entirely.

Just think what life was like before 1913................Before the "Shadow Goverment......................

Very Good Point Norman.........If I have a 2nd guy in mind, it would be Scott Walker...................? or Paul Reyon..........?
Jul 30, 2011 at 11:32 PM | Unregistered Commentertexasdar@netscape.com
But what would Texas Dar know...............I am from Texas, and many folk dont like that Crispi-Cream Guy......
Jul 30, 2011 at 11:34 PM | Unregistered Commenter"Texas Dar"

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