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« Ireland forced to take EU bailout - Warning - Video contains violence against Leprechauns | Main | 'Bernanke Was Liquefying The World' - Faber & Liesman »
Saturday
Dec042010

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)

American Spectator says the Ron Paul Movement "put the Internet to work for liberty."

http://spectator.org/archives/2010/11/30/tea-timing-republicans
Dec 2, 2010 at 6:56 AM | Registered CommenterDailyBail
I mostly agree with Paul, but we should be careful in identifying the problem before fixing it. The Fed is the problem as the Fed IS investment banking interest. But the traditional control of the Fed over money supply and credit went the way of the dodo bird during the 80s financial crisis. The solutions given then - in which the prescriptions of Republicans and the Free Market played a decisive role - were to open up global competition and let the American worker "compete". They wanted to do away with regulation, and they wanted to let money speak. That is their record from which we can discern a myth of capitalism that is different from capitalism as practiced. To be credible, defenders of capitalism need to acknowledge the discrepancies.

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.
Dec 2, 2010 at 1:03 PM | Unregistered CommenterG Street
Thanks for sharing, G. Good stuff. I love capitalism too, but as I think you allude to, that doesn't mean I want sneakers made by 10 year olds (here or elsewhere) working 15 hours a day.

Well DB, RP did bring up the Fort Knox question, so that's one for him. I want to see follow-through now.
Dec 2, 2010 at 3:43 PM | Unregistered Commentermark mchugh
@g street...enjoyed your comment...

@mark...i missed your comment until now as i responded on another thread telling you to watch this clip...glad you saw it...
Dec 2, 2010 at 7:58 PM | Registered CommenterDailyBail
RON PAUL DOESN"T WANT THE DOLLAR DEVALUED BECAUSE HE DOESN"T WANT RICH INVESTORS TO TAKE A HIT, OR FOR THE INDEBTED MASSES TO GET OUT FROM UNDER THEIR DEBTS. REPUBLICAN GOVERNMENT = OLIGARCHY, EVERY TIME.
Dec 3, 2010 at 9:55 AM | Unregistered CommenterBenjamin
@benjamin...your comment leaves out the fact that if the dollar is destroyed thru inflation, qe, debts, etc, then it will also eventually lose its status as the world's reserve currency..
Dec 3, 2010 at 1:35 PM | Registered CommenterDailyBail

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