"We Have A Subprime Economy"
Ron Paul Blasts Ben Bernanke

Posted by , Nov 20, 2007 12:37PM

He IS amused, and for good reason. Ron Paul is a kook.

Posted by AnonyMOUSE, Nov 20, 2007 12:38PM

Ron Paul for President

Posted by , Nov 20, 2007 12:39PM

Isn't this from the last Fed hearing? This is months old.

Posted by , Nov 20, 2007 12:39PM

@ 12:37. You have drank way too much kool-aid if you think Ron Paul is a kook.

All the debt (public/private) is going to come back to bite us in the ass one of these days, and I think that day is fast approaching as other sovereign nations begin to lose confidence in the USD. They don't call him "Helicopter Ben" for nothing.

Posted by , Nov 20, 2007 12:43PM

12:39, Ron Paul wants us to use gold and silver coins. I'm surprised he didn't accuse Bernanke of secretly ruling the world on behalf of the Rothschilds and other shape-shifting lizard overlords.

Posted by , Nov 20, 2007 12:49PM

No moron he doesn't want us to use "gold and silver coins", he wants to legalize competing currencies. He's never going to get rid of your Federal Reserve, but if you want your dollar to be a reliable store of value, it damn well better be backed by something beyond the "Full Faith and Credit of the U.S. Government".

Posted by ANONY_MOUSE, Nov 20, 2007 12:52PM

Zounds! They're everywhere.

Posted by 12:43 PM, Nov 20, 2007 1:07PM

12:49, the Gold standard is a ridiculous idea that we've already gotten over. You are showing up nearly 40 years late for that debate.

As for a competing currency ... what is that supposed to mean? You are free to use whatever currency you want! You could use pork bellies as currency. Immediately convert all cash you receive into pork bellies, and convert back to cash when you need to make payments. You could even open a store where all the prices are denominated in terms of pounds of pork bellies - you would just need to let your customers know what the currency pork belly / USD exchange rate is. How is that for store of value for you? You could even appoint "Pig Farmer Bob" as Chairman of the Federal Pork Reserve.

Posted by , Nov 20, 2007 1:11PM

@ 12:43 -- Have you ever tried to pay for a 6 pack of Stroh's at 7-11 with 1.5 bushels of corn?

Lo siento no puedo, senor.

Posted by Pig Farmer Bob, Nov 20, 2007 1:12PM

Please leave me out of these non-sensical discussions.

Posted by Fake Hu Jintao, Nov 20, 2007 1:23PM

It's okay America, we'll keep lending you the money...for now.

Posted by Anon Y Mouse, Nov 20, 2007 1:37PM

Is this video real?

Posted by dwin, Nov 20, 2007 2:11PM

I get the feeling that Ron is on adderall all the time

Posted by dwin, Nov 20, 2007 2:11PM

I get the feeling that Ron is on adderall all the time

Posted by Noonan, Nov 20, 2007 2:14PM

Ron Paul....first choice of Neo-Nazis, White Supremacists, Holocaust Deniers, 9/11 "Truthers" and other paranoid and discredited conspiracists.

http://www.americanthinker.com/2007/11/the_ron_paul_campaign_and_its.html

Posted by , Nov 20, 2007 2:18PM

Noonan, don't forget Islamofacists: http://mariahussain.wordpress.com/2007/11/18/muslims-discover-ron-paul/

Posted by Anonymous Patriot, Nov 20, 2007 2:34PM

I love to hear supporters of Hitlary and Benito Giuliani attacking the only candidate who wants to uphold the Constitution and who understands what America is about. The Ron Paul Revolution is only a few years away whether you like it or not. The Republican base never elected an abortionist for the primaries and never will, and Clinton stands no chance in the general election.

Posted by Ronald Reagan, Nov 20, 2007 2:38PM

I'm having a hard time seeing the difference between Ron Paul's electorate and the overall Republican Party...by the way, shouldn't we just get it over with and change from The Republican Party to The Reagan Party?

Posted by Matt, Nov 20, 2007 2:40PM

"Have you ever tried to pay for a 6 pack of Stroh's at 7-11 with 1.5 bushels of corn?"

I personally once paid for a 6 pack of Lucky Lager with a well-tanned Mexican boy, though.

Ahora verás huarache, ya apareció tu correa.

Posted by , Nov 20, 2007 2:40PM

2:34, in that case no one is going to win the election. Bush will just have to stick around another term.

Posted by , Nov 20, 2007 2:41PM

@ Noonan --- Because there is nothing else to attack him about, people write hateful articles about him due to some unsavory characters supporting his campaign. Paul is anti-federal reserve because he thinks the printing of money dilutes the value of our currency and our savings. Those fringe-whackos are anti-federal reserve because they think it's some jew cabal. No other candidates are anti-Fed, so guess who the whackos support?

Things are never as black and white as you think. If you spent any time understanding Ron Paul, you'd find he's a man of unimpeachable integrity and honesty. His message is about freedom, PEACE and prosperity.

Are you going to tell me that no other campaigns have whacko individuals supporting them? Fortunately for reporters, they don't have to dig too far on anyone else to produce an attack story---for Ron Paul they have to fish around at the bottom of the barrel.

Posted by , Nov 20, 2007 2:44PM

Here, do yourself a favor and read campaigns rebuttal against one of these ridiculous personal attacks.

http://article.nationalreview.com/?q=ZTJmOWM2ZGQzNzAzOTQwYWJlMDg4YjJiMjE4MWRlZTY=

Posted by Anon, Nov 20, 2007 2:53PM

I think that Ron Paul is the smartest of all presidential candidates (with the possible exception of Romney, who is smart in a different way) and the only one who never feeds us with bullshit. I am sympathetic to his views, but I couldn't support him because he goes too far. Milton Friedman economics is fine, but do we really need to get to the point that we abolish the Fed, FBI and CIA? I just wish we had a Republican candidate who falls in between Paul and all the other big government conservatives.

Posted by , Nov 20, 2007 3:05PM

He's not going to abolish the CIA and FBI, or for that matter the Fed. That's just more over-hyped B.S. the media spreads to keep people from taking him seriously. They honestly believe the guy would run for President and then just abolish all our intelligence gather capabilities. Can these people be a little more disingenuous?

Posted by We the Sheeple, Nov 20, 2007 4:10PM

Wow...a candidate who wants to use the ...gulp...Constitution to define the role of government? Where did they dig up this lunatic? He must be insane! Everyone knows the constitution is just a showpiece in a museum! Letting morons make up laws, run up huge deficits and tax the hell out of everyone while lining the pockets of their friends is a much better idea!

Posted by , Nov 20, 2007 5:14PM

ron has got some balls.

Posted by sleuth, Nov 20, 2007 9:47PM

this clip can't be that old ... one of the items at the bottom was about the BHP / Rio Tinto merger.

details ... details

Posted by , Nov 20, 2007 11:29PM

this just shows how little ron paul know about economics and finance. stick with your pussy department, ron. nothing to see here...

Posted by , Nov 21, 2007 12:44PM

"this just shows how little ron paul know about economics and finance'

Interesting tactic: say the exact opposite of the truth and hope it sticks. Either that or speak of with vigor what you know nothing about.

Posted by , Nov 21, 2007 12:49PM

12:44, where did Ron Paul learn economics and finance from?

Posted by Keith Taylor, Nov 21, 2007 1:01PM

It is refreshing to hear someone that is actually intelligent and develops thoughts utilizing logic. I agree with Ron Paul's statements.

Posted by , Nov 21, 2007 1:09PM

Am I the only one here who thinks that Ron Paul is a moon bat when it comes to monetary economic theory?

Posted by james, Nov 21, 2007 1:51PM

Ron Paul is the ranking member of the House Financial Services Committee. He has also been studying Austrian Economics for decades.

Not to mention the several books that he has written on the subject.

Clearly he knows more about the subject then most.

Posted by Mark, Nov 21, 2007 2:05PM

If Ron Paul is a kook, then Ludwig von Mises is a kook. Any lunatic who doesn't appreciate what this guy is saying is either a Keynesian in denial or has no understanding of fractional reserve banking.

Posted by Billy Ray Human, Nov 21, 2007 2:15PM

I think we should go to sea shell-backed currency. Just sayin'

Posted by David, Nov 21, 2007 3:58PM

Ron Paul is a student of the Australian school of economics. Ron Paul understand the shell game the FED is playing and the lies they tell. Bernanke is not telling the truth to congress and he walks away without being held accountable. Inflation is stealing everyones money Dr. Paul understands this. Ben Bernanke works for a group of gangster bankers and they are out to bankrupt our country. Get a clue and vote for Dr. Paul. Every system the FED puts in place makes things worse.

Posted by tmcitizen64, Nov 21, 2007 4:37PM

Yes Anonymous you are the only one that thinks Ron Paul doesn't understand monetary policy. Even, Alan Greenspan, whom Dr. Paul routinely butted heads with when he was giving his congressional updates appreciated Dr. Paul's understanding and positions on monetary policy. It seems to me that at this point in time it might be nice to have a President that understands the financial crisis we are facing and has the economic chops to be able to lead us to take corrective action as a nation.

So, yes, you stand alone.

Posted by Bob A, Nov 21, 2007 4:58PM

How can people think RP is a flake for wanting to get rid of the Fed?? Wake up!! The Federal Reserve is NOT a Govt. agency..they are about as Federal as Federal Express. If you think the Fed is a good idea, you are completely CLUELESS of who they are, what they are, what they do and what they can do. They are BANKERS who have been holding us hostage since the Federal Reserve Act was authorized by Wilson. It was a shady deal lobbied by Bankers with lots of money to broker our currency.. so the US could "borrow" money it needed at interest..this caused the Fed Income tax.. By borrowing money at interest to the US, the Fed needs to keep printing money just so we can borrow that to pay the interest. Its a perpetual thievery!! And it DOESN'T have to be legal. They FEDS have created every bubble and every collapse since it began. The Fed created the Depression..and could have done something about it if they wanted to..instead they reduced the amount of money in circulation to HURT US, gobble up all the banks that they destroyed the economy, then they secured all the gold (it was illegal to OWN GOLD bullion..You were forced to turn it over to the FED.. Gold was the only thing with REAL VALUE) You can only support the Fed for 3 reasons.. 1) You're a banker, or have more money than you can spend 2) You really don't know what the Fed is, but think RP is a Kook 3) You really hate anyone tampering with anything Federal in the title. Please, before you jump to conclusions on the Federal Reserve, and the Federal Income Tax.. do some research. Do some research on JP Morgan, the Rockefellers while you're at it. Fact is, the Fed is no friend to America or any other country. They are boarded by foreign councils..they're very content funding both sides of every war since its creation (and made Trillions in the process).. If you really knew what they did.. you would be mad as hell to.

Posted by , Nov 21, 2007 5:27PM

Bob A, I've already heard this kinds of arguments many, many times (usually from conspiracy theorists). I'll just say two things to you.

First, in any fractional reserve banking system (Fed or no Fed), system-wide total debt always exceeds system-wide total cash so that it is physically impossible to pay off all debts at once. So this is not a valid argument against fiat currency or central banks. Now if you want to directly argue against fractional reserve banking then that's somethign else. Of course if we did not have fractional reserve banking then the banking system would be unable to create new money, and we would be in a zero-sum game where every dollar earned is a dollar lost somewhere else (unless the state creates money out of thin are and spends it). I don't think even Ron Paul opposes fractional reserve banking.

Secondly, for all your conspiracy theories about the Fed being owned by bankers are using the Federal Reserve to increase their own wealth ... that is a patently false statement. Any net income that the Federal Reserve earns through its activities is turned over to the Treasury Department to be included in the Federal Budget as "Miscellaneous Revenue." So the Fed is not a for-profit corporation. The real purpose of the Fed is to maintain the stability of the banking system by preventing any government from recklessly printing money out of thing air for its own budget (instead the government must meet its expenses by either earning money or borrowing money and paying back the principal plus interest, just like the rest of us). So this is not a conspiracy of shape-shifting lizard bankers who siphon Fed Reserve profits into their own coffers. If you want to argue against this system then you should do it on the basis of economic theory and not ill-informed and unsupported theorizing about conspiracies and thievery.

Posted by Conspiracy theorist, Nov 21, 2007 6:19PM

"Any net income that the Federal Reserve earns through its activities is turned over to the Treasury Department to be included in the Federal Budget as "Miscellaneous Revenue." So the Fed is not a for-profit corporation"

You have got to be kidding. The Fed has never been audited since it's creation. Yeah..the fucking Church is Non Profit too..but somehow Televangelists fly around in private jumbo jets and own palaces. While they're at it..they try and shape this country with their pagan beliefs that Jesus was born to a Virgin on Dec. 25th. Get real and wake up. By the way..there is no santa.. not a conspiracy theory.

"Most Americans have no real understanding of the operation of the international money lenders. The accounts of the Federal Reserve System have never been audited. It operates outside the control of Congress and manipulates the credit of the United States" -- Sen. Barry Goldwater (Rep. AR)

"This [Federal Reserve Act] establishes the most gigantic trust on earth. When the President
[Wilson} signs this bill, the invisible government of the monetary power will be legalized....the worst
legislative crime of the ages is perpetrated by this banking and currency bill." --
Charles A. Lindbergh, Sr. , 1913

"From now on, depressions will be scientifically created." -- Congressman Charles A.
Lindbergh Sr. , 1913

"The financial system has been turned over to the Federal Reserve Board. That Board asministers the finance system by authority of a purely profiteering group. The system is Private, conducted for the sole purpose of obtaining the greatest possible profits from the use of other people's money" -- Charles A. Lindbergh Sr., 1923

"The Federal Reserve bank buys government bonds without one penny..." -- Congressman
Wright Patman, Congressional Record, Sept 30, 1941

"We have, in this country, one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board. This evil institution has impoverished the people of the United States and has practically bankrupted our government. It has done this through the corrupt practices of the moneyed vultures who control it". -- Congressman Louis T. McFadden in 1932 (Rep. Pa)

"The Federal Reserve banks are one of the most corrupt institutions the world has ever seen.
There is not a man within the sound of my voice who does not know that this nation is run by the
International bankers -- Congressman Louis T. McFadden (Rep. Pa)

"Some people think the Federal Reserve Banks are the United States government's institutions.
They are not government institutions. They are private credit monopolies which prey upon the people
of the United States for the benefit of themselves and their foreign swindlers" -- Congressional
Record 12595-12603 -- Louis T. McFadden, Chairman of the Committee on Banking and
Currency (12 years) June 10, 1932

"I have never seen more Senators express discontent with their jobs....I think the major cause is
that, deep down in our hearts, we have been accomplices in doing something terrible and
unforgiveable to our wonderful country. Deep down in our heart, we know that we have given our
children a legacy of bankruptcy. We have defrauded our country to get ourselves elected." -- John
Danforth (R-Mo)

"These 12 corporations together cover the whole country and monopolize and use for private
gain every dollar of the public currency..." -- Mr. Crozier of Cincinnati, before Senate Banking and
Currency Committee - 1913

"The [Federal Reserve Act] as it stands seems to me to open the way to a vast inflation of the
currency... I do not like to think that any law can be passed that will make it possible to submerge
the gold standard in a flood of irredeemable paper currency." -- Henry Cabot Lodge Sr., 1913

Posted by Statius, Nov 22, 2007 11:16AM

Eliminate the capital gains tax on Gold and eliminate restrictions on issuiance of private gold coins. Instant competing currency. Instant measure of market based inflation expectations. Easy to do. Not kooky.

Posted by , Nov 22, 2007 11:28AM

Statius, why should gold be capital gains tax exempt when every other kind of captial gain (foreign exchange) is taxed?

Posted by , Nov 22, 2007 11:46AM

"The Fed has never been audited since it's creation."

Conspiracy theorist (6:19 PM), the Fed's annual financial statements are audited every year by independent outside auditors. For example, the 2003 Federal Reserve Annual Report was audited by KPMG. You've probably never read an annual report in life (why are you even reading a Wall Street blog?), but you can find the auditor's report at the back of the Fed Annual Report.

The Board of Governors, the Federal Reserve Banks, and the Federal Reserve
System as a whole are all subject to several levels of audit and review. The
Board’s financial statements, and its
compliance with laws and regulations
affecting those statements, are audited
annually by an outside auditor retained
by the Board’s Office of Inspector General. The Office of Inspector General
also audits and investigates the Board’s
programs and operations, as well as
those Board functions delegated to the
Reserve Banks. The financial statements of the Reserve Banks are also audited annually by an independent outside auditor. In addition, the Reserve Banks are subject to annual examination by the Board. As discussed in the chapter ‘‘Federal Reserve Banks,’’ the Board examination includes a wide range of ongoing oversight activities conducted on and off site by staff of the Board’s Division of Reserve Bank Operations and Payment Systems. Federal Reserve operations are also subject to review by the General Accounting Office.

And NO I am not kidding you, the Fed's net income IS turned over to the United States Treasury Department to be included in the Federal Budget under "Miscellaneous Revenue."

Posted by , Nov 22, 2007 11:51AM

Conspiracy theorist, here I'll save you the trouble: http://www.federalreserve.gov/boarddocs/rptcongress/annual06/pdf/ar06.pdf

See page 303 for KPMG's 2006 audit report.

I suppose you're going to tell us that KPMG is also part of the conpsiracy, so the audit doesn't count?

Posted by , Nov 22, 2007 11:57AM

Read this, moonbats:

http://www.geocities.com/CapitolHill/Senate/3616/FedReserveFacts.html