THE FRAUDULENT RESERVE: Ron Paul Says Fed Policy 'Is Out of Control' - Bloomberg Interview (Dec. 1)
Video - Ron Paul discusses the Bernanke bailout disclosures - Dec. 1, 2010
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This is absolute nonsense. Does Lacker think we're not paying attention. The Fed has fought transparency in the courts and in Congress every step of the way, as detailed below.
Fed’s Lacker Says Data Release Is ‘Good Step’ to Transparency
Dec. 1 (Bloomberg) -- Federal Reserve Bank of Richmond President Jeffrey Lacker said the central bank’s release of documents today is a “good step” for transparency and shows how policy makers are accountable to U.S. taxpayers.
http://www.businessweek.com/news/2010-12-01/fed-s-lacker-says-data-release-is-good-step-to-transparency.html
Jeffrey doesn't mention that the Fed had to be sued into submission.
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Bloomberg Sues Fed to Force Disclosure of Collateral
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aKr.oY2YKc2g
Background on lawsuit that forced the disclosure...
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Back during the crisis, Paul screamed 'No Bailout'...
Video - Paul takes his case against Paulson and Ben Ber-Nank to the House floor
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Reader Comments (6)
http://spectator.org/archives/2010/11/30/tea-timing-republicans
Investment bankers replaced the reserve system, creating as much money and credit as they wanted to. They further compounded that problem by creating the structure for spreading risk. This is an inherently flawed idea and anti-capitalist. Risk must be attached to investment as it is the regulating mechanism. When bankers no longer had to take risk, i.e. be responsible for their investments, all hell broke lose. Through it all their alter ego, the Fed, did nothing to stop the creation of enormous wealth at the top of the food chain, which would have eventually trickled down on the working class as inflation without global outsourcing. As it was, the decrease of our nation's wealth-creating ability for all was masked by extending unwarranted, allegedly risk free credit, and by congress turning housing into an ATM machine for speculation - again disguising real economic weakness.
I am all ears to hear how Paul would restore free market capitalism. It would take a complete collapse of finance, as near as I can tell, and I don't see the Republicans rushing to overthrow the financial ruling class. If we are to have capitalism, let us have it for everyone, and let us not ignore the historical evidence that the only good capitalism is a regulated one. And if everyone is to play on the same field, then Money's grip on legislation must be removed, as Congress has been a partner in the corruption of the economy as much as the Fed. Both institutions need to be - figuratively speaking of course - burned to the ground. The Fed by getting rid of it as a private function, and Congress by making it live up to its Constitutional responsibility and acknowledge that compiling legislation for special monied interest is not the same as legislating in the common interest. Until they fix themselves, I don't think they can fix anything else: just look at healthcare.
Thanks for a chance to have a say.
Well DB, RP did bring up the Fort Knox question, so that's one for him. I want to see follow-through now.
@mark...i missed your comment until now as i responded on another thread telling you to watch this clip...glad you saw it...