Community | December 16, 2009 | 31 comments

Ron Paul 12/16/09 “Bernanke More Powerful Than President/Austrian Economists Correct/Stop The Wars”

source: http://www.peacefreedomprosperity.com/?p=2989

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shanklinmike
12/16/2009 Ron Paul discusses how Ben Bernanke is more powerful than the President and why the Federal Reserve is at the root of our economy’s problems. Dr Paul also explains how America can no longer afford to police the world, especially through the military industrial complex.
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31 comments // Ron Paul 12/16/09 “Bernanke More Powerful Than President/Austrian Economists Correct/Stop The Wars”

  • maasanova
    • 0
      maasanova  
    • Image

    • And just for the record I thought I'd just I'd throw this out there about Ron Paul and his alleged racism:

      http://www.nolanchart.com/article1136.html

      Also, as far as I know, the only thing that that the Fed actually does is to determaine interests rates and print money. That doesn't seem to be very many instruments to really affect economy. It seems to be more of way to maintain the status quo, rather than to allow any kind of real monetary reform.

      Perhaps cztheday can enlighten us a bit more on how the Federal Reserve works.

    • 2 years ago
  • Dagum
    • 0
      Dagum  

    • Wow. cztheday, your vastly “superior knowledge” on economics boils down to a regurgitation of the left /right paradigm. Lol. Based on your analysis -which included catch phrases such "Bush/Cheney/Republican thugocracy" and" “beauraucracy created by Bushco to administer the program, coupled with its Byzantine rules"- one would conclude that the solution to saving the economy is a easy as killing all conservatives.
      It really must be nice to view everything, including the economy, through the lenses of "left and right".

      In your oversimplified mind did you ever stop to step out of the paradigm, and apply even the rudimentary economic laws of supply and demand to our monetary policy? Step out of the paradigm for a second. I am sure you would agree with me that if you flood the market with dollars the demand for the dollars goes down and so does the dollar’s purchasing power.
      Since last year, the federal reserve has more than tripled the supply of money in our economic system; the effects of which the consumer is going to see in the next year or two.(not as bad as Germans pushing wheelbarrows full of Marks to buy a loaf of bread but prices across the board will be higher.)

      But what is even more disconcerting than the fed’s inflationist policies is fact that most countries are talking about dumping the dollar as their reserve currency which would turn the U.S. into a third world country overnight. Furthermore, current projections show that government spending is going to be 80% of are G.D.P. by 2013 and 200% by 2019 which is unsustainable.

      Every time the Federal Reserve, prints money and the American tax payer pays back the value of the printed money + interest.

      The audit the fed, is bill that would allow us to see how much the federal reserve paid for all of the Big bank’s junk securities.

      I am going to put things back into the paradigm for you, and this might hurt, because you love the Federal reserve.

      Alan Grayson- the progressive democrat was one of the two original Co-sponsors of the Grayson/ Paul Amendment to audit the fed. (yes his name is in the title.!)
      (Progressive good)

      Ron Paul - the libertarian republican, is the other co-sponsor of the Audit the fed Bill.
      (Republican bad)

      Barry Sanders- a senator, who is so progressive he openly calls himself a socialist, has authored and introduced S. 604, which is the senate version of the Audit the Fed Bill.
      (Super progressive VERY GOOD)

      Progressive (good) - republican (bad) +super progressive (very good) = Audit the Fed is a good bill!

      http://www.youtube.com/watch?v=n0NYBTkE1yQ

    • 2 years ago
  • cztheday
    • 0
      cztheday  
    • Dagum:

      Heh. I'M presumptuous? Please show me where I said that I LOVED the Federal Reserve. That would be like saying I LOVE the Treasury Department or that I LOVE the House of Representatives. They are an institution that performs a function.

      I said that the crisis required the expenditure. Period. Yes, there is the possibility of inflation due to the increase in the monetary supply. I simply believe that the risk was as is worth the reward. I think that you underestimate the danger we were in...and the continued fragility of the recovery to a degree that makes you frankly look delusional.

      As to Mr. Paul do you really think those of us of a certain age have forgotten his earlier views as expressed in his many newsletters over the years. The man is a racist thug who has cleaned up his act a little in his laughable attempt to gain the Presidency. He is actually despised more in his OWN party than he is by the Democrats. His credibility is zero...except among a certain fringe group of mental defectives.

    • 2 years ago
  • Dagum
    • 0
      Dagum  
    • Dagum:

      "Yes, there is the possibility of inflation due to the increase in the monetary supply." Increasing the money supply is inflation. The effects of inflation are the decreased purchasing power of the dollar (higher prices.)

      As far as the seriousness of the situation: yes it is down right scary. But that doesn't mean that the Federal Reserve should use tax money (our money!) to reward bad behavior from banks whose greed drove them into the ground.

      Regarding Ron Paul, I don’t know too much about him. But, I vividly remember the incident in which the media claimed they found some obscure article in which he wrote racist remarks.(this was back in the day when the word had meaning and wasn't used to brand someone who disagreed with you.)
      However, it was later found out the article was written by a white supremacists who penned Dr. Paul name in hopes of spreading his hateful message, but unfortunately the damage was already done and there was only a few articles and 20 second clip on news retracting the branding of Paul as racist.

      But if Ron Paul is still not to your liking, it doesn't mean you shouldn't support the
      Alan Grayson and Bernie Sanders efforts to audit the fed.

      Grayson/Paul Amendent, and S.604. (brought by 2 progressives and one libertarian.)

      Honestly the only ones resisting the Audit are the Neo-cons (cough) Gregg Judd.

    • 2 years ago
  • afloyd60
    • 0
      afloyd60  
    • Dagum:

      i can't really take you serious after you regurgitate the ron paul is a racist lie. this has been debunked over and over. yet, people continue to recite this nonsense as truth. stop believing the main stream media lies and look into this yourself.

      besides, libertarians can't be racists AND libertarian at the same time. it just doesn't work like that.

    • 2 years ago
  • MaxPowerXP
    • 0
      MaxPowerXP  

    • Knowing Paul, he probably ended his statement by dancing from foot to foot, squealing "gold, GOLLLLLD UHEEHEEHEEHEEE" before running into the hills with a pickaxe

    • 2 years ago
  • Incredulous
  • cztheday
    • 0
      cztheday  

    • Oh, and my bio is incomplete...it is overly boastful as is...but I have been the CEO of five companies in my career -- four start-ups and one "rescue operation." With the help of my capable management teams and terrific staffs, each of them became not just profitable but in every case had ROIs above 20% when I moved on to my next endeavor. Luck played a factor, of course...but I would submit that a record of 5 wins and 0 losses in that field of endeavor does not happen purely by luck.

      Have a great day, everyone!

    • 2 years ago
  • cztheday
    • 0
      cztheday  

    • OK, Dagum...I have just a few more minutes before I have to jet out of here. We are not "spending our way out of a recession." The very assertion is ludicrous. We have a nearly $15 trillion dollar economy, and the stimulus package proposed spending of roughly 5% of that. This is the usual horseshit Ron Paul "the sky is falling" blather that the truly mindless among us have come to know, love and kiss his smelly feet over.

      To provide a comparison, the Bush/Cheney/Republican thugocracy rammed through -- using tactics that were so unethical as to be mind-boggling, including physical and financial threats aimed at recalcitrant Members of Contgress -- the prescription drug "benefit" package. Its annual cost? $1.2 trillion, or half again what the stimulus package cost. Of course the "benefit" has turned out to be no benefit at all (except, perhaps, as the pharmaceutical companies' OWN stimulus package).

      They have raised prices across the board so that nearly all of that money has become a windfall. Meanwhile, the beauraucracy created by Bushco to administer the program, coupled with its Byzantine rules, has resulted in yet another costly federal government boondoggle funded by...well...me, among others. My federal income tax alone last year was in six figures, and no, I was NOT pleased to cut the checks each quarter, knowing where much i it was going (into Rupert Murdoch' pocket, for one thing)...

      The stimulus package was just that...the equivalent of a spark in a internal combustion engine. Conservatives of all stripes are wringing their hands over 10% unemployment, conveniently ignoring the fact that it would be well over 15% if we hadn't gotten cash into the hands of some of our largest employers last year...not just so they could pay workers but so they could service debt that otherwise would have driven them out of business completely.

      My one bitch about the stimulus package is that the rules clearly favored large companies...and I believe that SMALL business is still the backbone of this country's economy. But I do understand the philosophy. Managing tens of thousands of grants to small businesses would have been a nightmare when one of the primary goals was to get the money out quickly -- but with accountability. God bless our small businesses...but many of them have rather "creative" ideas of bookkeeping and audited financial statements.

      So yes, that money had to be printed. And the enormous ship of our economy is slowly turning back in the right direction. I have more -- much more, especially on economic theory (and theory is the right word, after all economists have predicted seven of the last four recessions...), but I GOTTA go...

    • 2 years ago
  • Dagum
  • Dagum
    • 0
      Dagum  

    • cztheday@ your complete and total ignorance astounds me! You are probably the product of our nations "fine" public schools. I am scared to ask, but what ingenious ideas do you have to reform our banking system? Are is that a "non-issue" for you, as sit at home and play with lego and monopoly money?
      I bet your understanding of the history and workings of our monetary supply, financial system and Keynesian economics, would leave you to conclude that we will simply spend our way out of the recession, by going to federal reserve and firing up the magical money printing press. Which is why you should leave monetary and fiscal policy to the adults, while you save up to buy boardwalk and Park Place next turn.

    • 2 years ago
  • cztheday
    • 0
      cztheday  
    • Dagum:

      Uh huh. If you want my background, Dagum...my bio is available for everyone to see. You have left click that mouse thingie...have your Mom explain it to you...

      My understanding is vastly superior to yours. I don't generally debate with the Kindergarten set, and I have to leave for work in about 15 min. -- but I will be happy to return during a break between clients if one arises or this evening if one does not.

    • 2 years ago
  • afloyd60
    • 0
      afloyd60  
    • Dagum:

      all hail cztheday. we should all bow to our knees and behold the high mental acumen of cztheday and consider ourselves lucky to have heard his words of wisdom.

      if you don't like to debate with the kindergarten set then maybe you shouldn't lower yourself to that level.

    • 2 years ago
  • cztheday
    • 0
      cztheday  

    • You (in the Southern y'all, sense of the word) DO realize, of course, that when the economy is humming again, this will be a non-issue, and Mr. Paul will have gone back to be a non-person who stops being the pied piper of the ignorant masses by spouting college-freshman-level history and economics that the latter eat up like it was actually original thought, right? I mean there IS a second year in college, and a third... But I have rarely heard Mr. Paul say anything that would be of any interest to someone who had managed to advance that far...

    • 2 years ago
  • ryan8566
    • 0
      ryan8566  

    • for years, it is said that the phone call the president feared the most,"Mr. President, this is Allen Greenspan--i've called a press conference this afternoon."

    • 2 years ago
  • cztheday
  • bombastinator
    • 0
      bombastinator  

    • ah yes the joys of living in 1955. IIRC Edison felt this way about alternating current. He couldn't understand it, and it was ust much better than his direct curret systems for almost everything, so he merely started name calling and making claims. Sad really. It's how we got the electric chair. A cruel and pointlessly complicated device based on BS Edison was wielding to promote his inferior product.

      He doesn't even defend Austrian economics he just claims that because it exists his assumptions are true. This is not the same thing.

    • 2 years ago
  • afloyd60
    • 0
      afloyd60  
    • bombastinator:

      what are you even talking about? edison? trying to compare ron paul to edison's situation is absurd. if you're trying to say dr. paul doesn't understand the keynesian system, makes unsubstantiated claims, and is name calling, then you have no idea who ron paul is.

      "He doesn't even defend Austrian economics he just claims that because it exists his assumptions are true. This is not the same thing."

      again, what are you talking about? are you talking about this video or just in general? because in this video no one's asking him to defend austrian economics. if you need an explanation of austrian economics maybe you should pick up one of his books or go to this site: http://mises.org/ and do a search for austrian economics and stop making claims that have no basis in fact.

      geez, you sound like this moron trying to BS his way out of talking about the issue at hand:
      http://www.youtube.com/watch?v=sH0Ryek7rHk

    • 2 years ago
  • bombastinator
  • maasanova
  • bombastinator
  • afloyd60
  • bombastinator
  • afloyd60
    • 0
      afloyd60  
    • maasanova:

      fleece –verb (used with object)
      to deprive of money or belongings by fraud, hoax, or the like; swindle: He fleeced the stranger of several dollars.

      the dollar has lost about 96% of its value since the federal reserve's inception through the fraudulent practice of fractional reserve banking and other monetary mechanisms they have at their disposal. how do you not get fleecing from any of this?

    • 2 years ago
  • cztheday
    • 0
      cztheday  
    • maasanova:

      "Fleecing" -- at least where I come from -- implies a personal gain to the person doing the fleecing. Can you show me direct monetary benefit to Bernanke...please don't insult my intelligence by saying that he is doing this for his "cronies" or because of some promise of future gain...you don't destroy a nation's currency to try and land a future cushy job or lucrative future speaking engagements. Or are you suggesting he is doing so because he is just deeply evil and/or misguided (which is also utterly ridiculous)...

    • 2 years ago
  • afloyd60
    • 0
      afloyd60  
    • maasanova:

      “The big question is: has he used that power for good or for evil? And of course my side of the argument is the system is evil and the chairman, whether it’s Greenspan or Bernanke, they can do no good.” ~ron paul

      since it appears you agree with me and believe they are destroying this nation's currency, please explain to me why you think they are doing this.

      another thing... don't insult my intelligence by trying to say the american people aren't getting robbed blind by this system.

    • 2 years ago
  • afloyd60
  • bombastinator
  • afloyd60
    • 0
      afloyd60  
    • afloyd60:

      yes, the reason is there's too much wealth to be made by the elites using the keynesian system. a hard currency would mean money could not be created by the monetary scientists out of thin air. since you're so good at math you then must realize the complete fleecing of the citizens by the central bank, right? since you know so much about history, then you must know that fractional reserve banking came about when the bankers realized they could issue more bank notes than what they had in reserve, for their own benefit. i'm not sure what history you're reading or what math you're speaking of but perhaps it was produced by the govt.

      please, enlighten us. what is your reason we no longer use 'hard' currencies?

    • 2 years ago
  • shanklinmike
  • bombastinator
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