Thursday, June 18, 2009

Ron Paul on MSNBC discussing Obama’s regulatory reforms and giving the Fed more power

Ron Paul: They're (The Fed) more powerful than the Congress

by Larry Simons
June 18, 2009

Ron Paul appeared on MSNBC today to oppose those who claim "it was lack of regulation" that caused the financial problem. "We had a ton of regulations, and they failed", asserts Congressman Paul. Then Paul says, "The (Obama) administrtion is digging a bigger hole for us."

Congressmen Paul then tells NBC's Chuck Todd, "The regulations should be on the Federal Reserve. We should have transparency of the Federal Reserve. They can create trillions of dollars to bail out their friends, and we don't even have any transparency of this. They're more powerful than the Congress."

Then Todd says, " thing about this new plan from the administration is that they actually do want to try to bring some more transparency and accountability to the Fed. I know it's not as much as you'd like to see, but is it not an improvement?"

Paul responds, "No, no, they're giving a tremendous amount of more power to the Federal Reserve--the very institution that created our problem. That's about the way Washington works. Too much regulations to begin with, so they give it more. The Federal Reserve creates the problem, so we give them more power. It's fiat money that's the problem, so we allow them to double the money can't solve the problems that way. That's like saying you can take care of a drug addict by just giving them more drugs."

For those who call this talk of the Federal Reserve having more power than Congress a big "conspiracy theory", this video is for you. It's former Fed chairman Alan Greenspan telling Jim Lehrer, "the Federal Reserve is an independent agency, and that means, basically, that, uh, there is no other agency of government which can overrule actions that we take." (It's at the 7:48 mark in the clip). I know it's a long clip, but it is for the buffoons that love to cry "he was taken out of context!"

Related articles

Federal Reserve To Be Given Sweeping New Powers

Obama Regulatory Reform Plan Officially Establishes Banking Dictatorship In United States

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