Rep. Ron Paul Says He Won’t Push for End to Fed ‘Up Front’

Discussion in 'Wall St. News' started by ASusilovic, Dec 10, 2010.

  1. Dec. 10 (Bloomberg) -- Representative Ron Paul, a Texas Republican who next month will take control of the House subcommittee that oversees the Federal Reserve, said today that he will “not really, not right up front” push for an end to the U.S. central bank.

    “But obviously that’s the implication,” Paul said in a Bloomberg Television interview on “In the Loop” with Betty Liu. Paul said he was talking about a “transition.”

    Paul, author of the book “End the Fed,” said he will emphasize “oversight” of the central bank.
  2. It's all part of the act. "End the Fed" hype and nothing yet again from this charlatan.

    Meet the Press’ transcript for Dec. 23, 2007

    MR. RUSSERT: When I looked at your record, you talked about big government and how opposed you are to it, but you seem to have a different attitude about your own congressional district. For example, "Congress decided to send billions of dollars to victims of Hurricane Katrina. Guess how Ron Paul voted. `Is bailing out people" that choose--"that chose to live on the coastline a proper function of the federal government?' he asks." And you said no. And yet, this: "Paul's current district, which includes Galveston and reaches into" the "Brazoria County, draws a substantial amount of federal flood insurance payments." For your own congressional district. This is the Houston Chronicle: "Representative Ron Paul has long crusaded against a big central government. But he also" "represented a congressional district that's consistently among the top in Texas in its reliance on dollars from Washington. In the first nine months of the federal government's" fiscal "2006 fiscal year," "it received more than $4 billion." And they report, The Wall Street Journal, 65 earmark-targeted projects, $400 million that you have put into congressional bills for your district, which leads us to the Congressional Quarterly. "The Earmark Dossier of `Dr. No.' There isn't much that" Ron--Dr. "Ron Paul thinks the federal government should do. Apparently, though, earmarks" for his district "are OK. Paul is the sponsor of no fewer than 10 earmarks in the water resources bill," all benefiting his district. The Gulf Intercoastal Waterway: $32 million. The sunken ship you want to be moved from Freeport Harbor. The Bayou Navigation Channel. They talk about $8 million for shrimp fishermen.
  3. S2007S


    And I thought he really meant what he was said.
  4. so according to u guys his district should be the only one in america that pays federal taxes and gets nothing back? He does mean what he says, LOOK AT HIS VOTING RECORD. That does not mean he is going to play Martyr and allow his constituents to be robbed with not a dime back in return.
  5. the1


    In my humble opinion the US needs a central bank. They play an important role in the function of the economy but unfortunately, they have the power to do whatever they want. There is no checks and balances like there is in the US Government. The Fed has far too much power and they use that power to make their member banks filthy rich. The secrecy the Fed operates under needs to be unveiled.

    I am very surprised there hasn't been some sort of outlash against the US Government and/or the Fed or banking system. France announces they want to raise the retirement age from 60 to 62 and the country starts on fire, the trains shut down, garbage men walked off the job, and their citizens were on the verge of a revolt. In the US the retirement age will be going up to 69, the Fed is handing out trillions of dollars, Obama is taxing us left and right and the reaction from the American public? Well...nothing.

    Government is going to get bigger and bigger and bigger and the US citizens are going to sit by and let it happen without so much as a whimper.
  6. olias


    I agree with this for the most part
  7. Any central bank would be prone and destined for corruption. Period. And besides the point.

    Key problem with a central bank is the bailout for the other banks to lean on. Which creates money speculation and dumb risk taking in the whole monetary system. Aside from that, the central bank has the power to create money from nothing. That is a problem of its own.

    There is absolutely no need for a central bank for any country that is running on capitalist concepts. Money is meant to be owned & controlled by the people & commerce. Not an institution, private or government, with insane powers.
  8. jprad


    No country, much less the U.S. has ever had an open and transparent, ie. "honest" central bank.

    So, how on earth can you say it's vital to the economy?
  9. sides. their game is over they will have no where to hide
  10. jprad


    Completely agree.

    BTW, so did the founding fathers:

    "No State shall ... coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts"

    US Constitution, Article 1, Section 10 - Powers prohibited of States
    #10     Dec 10, 2010