Ron Paul to Geithner – Do NOT Give the Federal Reserve Bank More Power
Posted on | November 17, 2009 | 5 Comments
Treasury Secretary Timothy Geithner has publicly stated that he wants to give the Federal Reserve Bank more power. Dr. Ron Paul of Texas totally disagrees as he wants to reduce the Fed’s power and actually audit the Fed. Paul’s book “End the Fed” remains extremely popular as many Americans are tired of seeing Wall Street bailed out with money that is printed out of thin air by the Federal Reserve Bank.
In a national poll almost 75% of Americans voted that the Federal Reserve Bank needs to be audited. Currently over two thirds of Congress supports Ron Paul’s bill to audit the Fed. There are 309 co-sponsors of the bill with 130 of those being Democrats so it is a very bi-partisan bill. Dr. Paul feels that the Fed has avoided the tough questions and no one really knows where all of this printed money is going.
If taxpayers continue to foot the bill for bailouts then they should know where the money is going. Unfortunately there has never been a system to audit the Fed. Another issue that Dr. Paul has with the Fed is that the paper currency they are printing is not backed by any type of physical commodity. There is nothing in law that states that one dollar is actually worth one dollar. There is actually no definitely of a dollar as it is just a piece of paper currency with ink on it. With no backing by physical commodities Paul feels that the dollar is worthless. If the Fed gets more power they will continue to print paper currency and the value of the dollar will continue to decline.
Make sure to return to Subprime Blogger to get your Ron Paul news. We also write columns on Jim Rogers, Peter Schiff and Gerald Celente as these men have done a great job of pointing out some of the problems America faces. Each of these men correctly predicted the decline of the dollar and the subsequent commodity bull market. We will continue to keep you updated on the commodity bull market as well as commentary from these individuals. The columns are located in the Current News section with a link located below.
Author: Jesse Wojdylo
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5 Responses to “Ron Paul to Geithner – Do NOT Give the Federal Reserve Bank More Power”
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November 19th, 2009 @ 2:48 am
Great article and site. There is a definite increase in public knowledge about the Fed. As people are informed about the secrecy of the Fed, the more the outcry will come to Audit the Fed. There will be much resistance, however, because war costs lots of money, and creating money out of thin air is congress’s way of paying for it. If we have to go back to a sound money, with a definite money supply and budget for congress, they will have to ask the American people to be directly taxed to pay for 10.9 billion dollars a month to keep the Iraq and Afghanistan conflicts in motion. There would not be these long drawn-out wars if it were not for fiat money.Inflation is just a hidden tax on the American people due to the expansion of the money system in the form of printing more money into the market. We will soon have to pay the piper for this wrecklessness.
November 19th, 2009 @ 7:41 am
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November 19th, 2009 @ 9:58 am
Remarks by Governor Ben S. Bernanke
At the Conference to Honor Milton Friedman, University of Chicago, Chicago, Illinois
November 8, 2002
On Milton Friedman’s Ninetieth Birthday –Bernanke admits the Fed engineered the great depression of 1929-1933
“Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression. You’re right, we did it. We’re very sorry. But thanks to you, we won’t do it again.”
November 19th, 2009 @ 10:02 am
Describing the Fed as “One of the most corrupt institutions the world has ever known”
The following statement was made by Louis T. McFadden, Chairman of the House Banking Committee-Congressional Record, House pages 1295 and 1296 on June 10, 1932
Mr. Chairman, we have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal reserve banks. The Federal Reserve Board, a Government Board, has cheated the Government of the United States and the people of the United States out of enough money to pay the national debt. The depredations and the iniquities of the Federal Reserve Board and the Federal reserve banks acting together have cost this country enough money to pay the national debt several times over. This evil institution has impoverished and ruined the people of the United States; has bankrupted itself, and has practically bankrupted our Government. It has done this through the maladministration of that law by which the Federal Reserve Board, and through the corrupt practices of the moneyed vultures who control it.
November 19th, 2009 @ 10:11 pm
“Give me control of a nation’s money supply, and I care not who makes its laws.”
Buy silver, protect yourself from the hyperinflation.