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Ron Paul Discusses H.R.1207

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(Aaron Task): It's obvious that Washington D.C. is more important than ever to Wall Street, and it's obvious to us at Tech Ticker than Ron Paul is very important to you, our viewer, so Tech Ticker has come to Washington and we spent some time today with the Texas Congressman to talk about many things, including his efforts to audit the Fed. (TASK): Thank you for being with us. (PAUL) It's nice to be with you. (TASK) So you've been working very hard on a bill to audit the Federal Reserve, So can I ask you, what is it you're afraid the Fed is hiding, or may hide from the American people? (PAUL) Just about everything! Everything they do. (Task laughs) (PAUL) I'd like to know everything they're doing. I think we have a right to know what they're doing. They're very, very powerful. They can literally create trillions of dollars of credits and guarantees, and not report them to us. Every nickel and dime that's spent in this country is supposed to be appropriated money and it's supposed to be with the approval of Congress. In this case, the Federal Reserve in these recent months of crisis, they have been more involved in the financial markets than the Congress itself. TARP funds are small compared to what they do. And we deserve to know. It's the value of our currency we should know about, it's the agreements they make, the guaranteed loans, what they do with the IMF, every bit of that information should be known to the public. (TASK) There are some people who say that Ben Bernanke has taken heroic actions to save the financial system and save the economy...Do you have concerns with how he's conducted himself personally? Do you think he should be re-nominated when his current term is due? (PAUL) I think it's irrelevant because he's trying to manage a system that I think is unmanageable. A fiat dollar system - it's not possible to be maintained. It eventually collapses, and that's what we have been saying for years, that the financial system would collapse, (TASK) Which it did. (PAUL) The bubble was too big and it collapsed. Now we're working on destroying the dollar. We can't rebuild the financial system, so they keep printing the money, thinking that if they just spend and print, No matter what expenditure comes before the Congress, nobody hesitates. Whether it's for a new medical care program, or expanding the war overseas, trillions and trillions of dollars are being promised and its all dependent on the Federal Reserve monetizing that debt. Nobody can manage that well. So I don't think changing the manager of the Federal Reserve would make any difference. (TASK) So if the goal is to abolish the Fed, what's the purpose of auditing them to begin with? Well, one thing is that it builds a strong coalition. Barney Frank and I agree on the issue of the Fed needs more exposure. He's coming from the left and I come from a libertarian viewpoint. But we don't agree on monetary policy. As a matter of fact he's very cautious about even what I'm saying about this monetary policy. But I'm not dealing with monetary policy. I'm not telling the Fed what to do. I don't want to preempt them, so this brings everybody together who's sympathetic to transparency. Now, why is the Congress so sympathetic to transparency right now? It's because the American people are demanding it! It's because of the TARP funds and all. The members of Congress now are responding to the American people who've awoken and said, "Look. we want to know what's going on. What's happening to our money, and why are you bailing out the rich guys while the poor people are getting poorer?" (TASK)Well, that's interesting because today 175 prominent economists, including several Nobel prize winners, petitioned the White House and Congress. They're concerned about the independence of the Fed being threatened by some of the actions, including this proposal to audit them, and you're laughing, so I assume you don't believe that's a real threat. (PAUL) Oh I do! I think they're just coming alive! They've hired a lobbyist. That's their power structure coming together and saying "We're not going to be annoyed by these people who want to know what we're doing! This is going to be secret stuff!" Can you imagine what would happen if we had all the records to show every communication between the Treasury, the Federal Reserve, and Goldman Sachs? (TASK) That would be something, yes. (PAUL) That would be really something. This would be unbelievable. That's why they're ganging up. And believe me, they're a lot more powerful than I am. I'm just one member. I'm not a chairman. I have no clout what so ever, and yet they're getting annoyed because the American people are waking up. (TASK) So you have got a lot of bipartisan support for H.R. 1207 in the House. It was blocked in the Senate in a procedural... (PAUL) Right. (TASK) So where do things stand with that? Do you see it moving forward? Do you think it�s going to become law some day? (PAUL) It's going to have a lot of resistance. But it makes my point. Whether we get the bill passed and whether we get the audit is secondary to the importance of it. If they block it, they prove my point. Why would they block it? What are they so afraid of? If they block us it will be an even bigger incentive to the people now in this country who are rallying behind this issue. Quite frankly, I wouldn't predict that we're going to win, that we'll get this audit. We will win in the end, because they're going to destroy the dollar. It's sort of like on foreign policy. I object to our foreign policy, but I'm never going to convince people that we ought to bring all our troops home. But we'll bring our troops home when we run out of money. It's the same way with this. This monetary system is going to fail, and they will have a new system develop. (TASK) Are you surprised at the amount of support you have gotten for the bill? (PAUL) A little bit! But I'm very, very pleased because I've been doing it for 25 years. I guess in the early '80's I'd get like about 18 people as co-sponsors. But the timing is right, the conditions are right, the issue is right, and the people are alert. It took a crisis to wake up a lot of people. When you think about it, they should be. I am disappointed that they didn't do this before the crisis came, because I was talking about this, trying to prevent this bubble from being formed, but it was formed anyway. Now it's collapsed. We cannot understand the bubble formation if we do not understand the intricacies of the Federal Reserve system.

Video Details

Duration: 5 minutes and 50 seconds
Country: United States
Language: English
Genre: None
Views: 107
Posted by: angelatc on Jul 18, 2009

July 2009. Congressman Ron Paul (R-TX) discusses the reasoning, the history, and the probability of success of his H.R. 1207 bill, which would allow Congressional auditors to review the spending of the Federal Reserve.

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