Sayonara to a Federal Reserve truth teller...
From this morning's Bernanke testimony in the House.
“I have over the years obviously been critical about what goes on in monetary policy, but it hasn’t been so much the chairman of the Federal Reserve, whether it was Paul Volcker or Alan Greenspan or the current chairman, it’s always been the system,” Paul said. “I think they have a job that they can’t do because it’s an unmanageable job, it’s a fallacy, it’s a flawed system, and therefore we shouldn’t expect good results.
“Whose responsibility is it under the Constitution to manage monetary policy?” Paul asked.
“Congress has the authority and it’s delegated to the Federal Reserve. That’s a policy decision that you’ve made,” Bernanke replied.
“But Congress can’t transfer authority. You can’t amend the Constitution by just saying ‘We’re going to create some secret group of individuals and banks.’ That’s amending the Constitution. You can’t do that, and then all of a sudden allow this to exist in secrecy,” Paul riled.
Bernanke confuted saying Congress has given that authority and they could decide to take it away.
Paul’s response:
“Congress ought to get a backbone, we have a right to know, we have an obligation to defend our currency,” he said.
“We’re in perpetual doldrums and we never change policy. We never challenge anything. We just keep doing the same thing. Congress keeps spending the money, welfare expands exponentially, wars never end, and deficits don’t matter,” Paul said.
“So far my views have not prevailed,” Paul added, “but I have appreciated this opportunity to have served on the (financial services) committee.”
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Ron Paul: "It's the destruction of the currency that destroys the middle class!"
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