Bernanke Fights Ron Paul In Congress: ‘Gold Isn’t Money’

[giovonni]

It's Wake-Up Time !

http://blogs-images.forbes.com/afontevecchia/files/2011/07/bernanke-ronpaul-300x115.jpg

Chairman Ben Bernanke faced-off with Fed-hating Representative Ron Paul during his monetary policy report to Congress on Wednesday. The head of the Fed was forced to respond to accusations of enriching already rich corporations while failing to help Main Street, while he was pushed on his views on gold. “Gold isn’t money,” Bernanke said.

story & video below:
http://blogs.forbes.com/afontevecchia/2011/07/13/bernanke-fights-ron-paul-in-congress-golds-not-money/


http://www.youtube.com/watch?v=2NJnL10vZ1Y&feature=player_embedded
http://www.youtube.com/watch?v=2NJnL10vZ1Y&feature=player_embedded

[Hummingbird]

I love it, Bernanke was turning in his skin.. Great post Gio made me smile :)

[Watching from Cyprus]

Bravo Mr. Ron Paul, this clip just says it all, doesn't it :-)

[corson]

so question one is: where did the 125billion go? question 2: everyone who had any gold has probably sold it for dollars, that have decreased in value. why does the fed hold it, and where are the holding it? this bernanke guy really lights a fire under my bottom. he has an answer to everything, but when i think about what he's saying, it turns out to be nothing of any genuine value. kind of like the dollar now. i watched bernanke squirm like crazy in the alex jones documentary "The Fall of The Republic", and i have to say, it was nice to see him writhing in angst for a change.
thanks for thread.......
regards, corson

[Rocky_Shorz]

they gave $125 Billion in profit to the Treasury, so ummm, does that mean they kept the rest? sure didn't lower the debt...

[Cidersomerset]

These creeps do not like being stood up to , they have had it there own way to long , lets see with the Murdoch fiasco ,if other media and polititions will get a back bone and call these 'Bansters' to account for ruining the world economy , only 3years ago every thing was 'rosy' in the financial garden , we all know they were lying, its time for them to pay and explain where every Doller/pound went.............
There must be a paper/computor trail somewhere....They always say 'we must look to the future'....Thats no good as we never seem to learn our lessons from the past...

[giovonni]

Here's the real answer to the question...

Is Gold money?

Now tell us the truth Mr Bernanke...:moony:

Ah no... It's much better !


http://farm1.static.flickr.com/30/100722143_a6b7eb4887.jpg

[giovonni]

it's getting ever so close...

***********

13 July 2011 Last updated at 18:46 ET

Moody's to review US triple-A debt rating

http://news.bbcimg.co.uk/media/images/54056000/jpg/_54056859_012442922-1.jpg
Ben Bernanke said the Fed expects to keep interest rates near zero "for an extended period"


Moody's has warned it may cut the US AAA debt rating because it is increasingly likely its debt ceiling will not be raised in time to avoid a default.

It has placed the US on a downgrade watch, saying the likelihood of a default was "low" but not "de minimis".

Federal Reserve head Ben Bernanke said earlier a default would send shockwaves through the entire financial system.

He said the Fed would renew stimulus efforts if the economy remained weak.

'Small but rising risk'

Moody's became the first of the big three ratings agencies - the others being Standard & Poor's and Fitch - to place the US's triple-A rating on review for a possible downgrade.

"The review of the US government's bond rating is prompted by the possibility that the debt limit will not be raised in time to prevent a missed payment of interest or principal on outstanding bonds and notes," Moody's said.

"As such, there is a small but rising risk of a short-lived default."

The US hit its $14.3 trillion debt ceiling on 16 May but has since used spending and accounting adjustments, as well as higher-than-expected tax receipts, to continue operating.

Republicans are refusing to lift the ceiling without deep government spending cuts.

'Prepared to respond'

Earlier, Fed chairman Mr Bernanke gave his semi-annual monetary policy report to members of Congress.

The Fed's second quantitative easing programme (QE2) ended two weeks ago, and there has been much speculation about whether a QE3 programme is on the cards.

"Once the temporary shocks that have been holding down economic activity pass, we expect to again see the effects of policy accommodation reflected in stronger economic activity and job creation," Mr Bernanke said.

"However, given the range of uncertainties about the strength of the recovery and prospects for inflation over the medium term, the Federal Reserve remains prepared to respond should economic developments indicate that an adjustment in the stance of monetary policy would be appropriate."

He also said the US could expect only "moderate" growth over the coming quarters.

He added that the inflation pressures seen in the first half of 2011 were "transitory" and should ease, citing higher commodity prices and the earthquake in Japan, which led to parts shortages and drove up vehicle prices, as reasons for why inflation picked up.

The Fed expects to keep its ultra-low interest rate policy in place "for an extended period", he said.
Revised forecasts

The dollar extended earlier losses against the euro following Mr Bernanke's comments, with the euro rising more than a cent to $1.4088.

He added that Fed forecasts for June, which had already been significantly revised down from April, had not incorporated recent data such as last week's employment report.

That data showed that job creation all but ground to a halt last month, with only 18,000 new jobs created, and the unemployment rate rising to 9.2%.

Analysts said that Mr Bernanke had only raised the possibility of a further stimulus, and was not saying that it was necessary.

"In general, Bernanke's testimony has not changed our view that monetary policy is on hold," said Dana Saporta, economist at Credit Suisse in New York.

"The hurdle for a QE3 is too high right now, but if the European peripheral crisis intensifies, further policy accommodation might be considered."

Source;
http://www.bbc.co.uk/news/business-14142621

[Bryn ap Gwilym]

Anyone notice that the view count is far lower that the like count?

[WhiteFeather]

I truly believe many upon many of the corrupt politicians throughout the world need to be arrested as swiftly as possible and held accountable for the crimes against humanity. Its we the people that need to take back our government holographically as One... Of The People, For The People, By The People. Ron Paul would make an excellent representative for the people of the USA, but after he's elected will he now become a puppet as the rest of them do....I Hope Not I like this Guy, and i cant stomach any politicians..... PS Ron Paul is schooling Bernanke..Nicely... Awesome Video....Thank's and such a great Post OP.....Be Love

PS Ron Paul forgot to mention, any products, food items, soap, goods etc, that we purchase very recently have shrunk in size significantly. Take a good look at any products that you have purchased lately, they are 30 percent smaller. I see this significant change, doesn't anyone else.

[WhiteFeather]

It is wake up time I truly agree OP... I Like That you added that on the post......

[corson]

I truly believe many upon many of the corrupt politicians throughout the world need to be arrested as swiftly as possible and held accountable for the crimes against humanity. Its we the people that need to take back our government holographically as One... Of The People, For The People, By The People. Ron Paul would make an excellent representative for the people of the USA, but after he's elected will he now become a puppet as the rest of them do....I Hope Not I like this Guy, and i cant stomach any politicians..... PS Ron Paul is schooling Bernanke..Nicely... Awesome Video....Thank's and such a great Post OP.....Be Love

PS Ron Paul forgot to mention, any products, food items, soap, goods etc, that we purchase very recently have shrunk in size significantly. Take a good look at any products that you have purchased lately, they are 30 percent smaller. I see this significant change, doesn't anyone else.

agreed 100%. i have noticed a significant drop in the quantity of packaged products. we are definitely getting less than less for the devalued dollar. quite the conundrum. however, i have found that shopping at $dollar stores, when i need to, helps a bit.
regards, corson

[Snowbird]

If you watch Ben Bernanke's face really closely in the opening post video, you will see him valiantly trying to hold back a smile while Ron Paul explains where the trillions have gone. It is when Paul describes that the trillions have gone out to the wealthy and the global banks instead of helping the American people, that the camera pans over to B.B. and he is sitting there suppressing a smile. He deserves a NWO medal made from gold. After all, he doesn't consider gold a form of money....even though it was for multiple hundreds of years before someone in this country decided to devalue the paper dollar by removing its gold backing....which of course made the dollar absolutely worthless.

I didn't know that Paul wrote this book. I'll have to go out and get me one.

End The Fed Ron Paul visits New York Federal Reserve September 30 2009 (talking to Police) we're...

y_4fKft2Luw

http://www.youtube.com/watch?v=y_4fKft2Luw

[loveandgratitude]

How is this guy still holding a job???????

http://profile.ak.fbcdn.net/hprofile-ak-snc4/195717_208200945862364_5644873_n.jpg

[Marsila]

How is this guy still holding a job???????

because he is doing just what he is told, he's working for a corporation and those who run it not for"the people".

[giovonni]

Ron Paul: "We Will Default Because The Debt Is Unsustainable"
"When a country is indebted to the degree that we’re indebted, the country always defaults. We will default because the debt is unsustainable," Rep. Ron Paul (R-TX) said on the House floor today.

"If we don’t understand this, this default will not be because we don't send out the checks. We will send out the checks. It will be defaulted on because people will get their money back, or they will get their Social Security checks and it won't buy anything."

original source video/speech:
http://www.realclearpolitics.com/video/2011/07/19/ron_paul_we_will_default_because_the_debt_is_unsus tainable.html


http://www.youtube.com/watch?v=2s17oUFljxQ
http://www.youtube.com/watch?v=2s17oUFljxQ

[Referee]

Thanks for the Heart Swelling Smile.

[giovonni]

Who owns America? Hint: It's not China
A close-up look at who holds America's debt.
http://www.globalpost.com/sites/default/files/imagecache/gp3_small_article/china-yuan-dollar-2011-04-27.jpg

Truth is elusive. But it's a good thing we have math...
read more here:
http://www.globalpost.com/dispatches/globalpost-blogs/macro/u.s.-debt-ceiling-china

[Rocky_Shorz]

On February 2, 2005, President George W. Bush made Social Security a prominent theme of his State of the Union Address. One consequence was increased public attention to the nature of the Social Security Trust Fund. Unlike a typical private pension plan, the Social Security Trust Fund does not hold any marketable assets to secure workers' paid-in contributions. Instead, it holds non-negotiable United States Treasury bonds and U.S. securities backed "by the full faith and credit of the government". The Office of Management and Budget has described the distinction as follows:

These [Trust Fund] balances are available to finance future benefit payments and other Trust Fund expenditures – but only in a bookkeeping sense.... They do not consist of real economic assets that can be drawn down in the future to fund benefits. Instead, they are claims on the Treasury that, when redeemed, will have to be financed by raising taxes, borrowing from the public, or reducing benefits or other expenditures. The existence of large Trust Fund balances, therefore, does not, by itself, have any impact on the Government’s ability to pay benefits. (from FY 2000 Budget, Analytical Perspectives, p. 337)

Other public officials have argued that the trust funds do have financial and/or moral value. "If one believes that the trust fund assets are worthless," argued former Representative Bill Archer, then similar reasoning implies that “Americans who have bought EE savings bonds should go home and burn them because they’re worthless because the money has already been spent.”[10] At a Senate hearing in July 2001, Federal Reserve Chairman Alan Greenspan was asked whether the trust fund investments are “real” or merely an accounting device. He responded, “The crucial question: Are they ultimate claims on real resources? And the answer is yes.”[11]

From the point of view of the Social Security trust funds, the holdings of "special" government bonds are an investment that returned 5.5% to the trust funds in 2005.[12] The trust funds cannot resell these "special" government bonds on the secondary bond market, although the interest rate is determined based on market interest rates. Instead, the "specials" can be sold back to the government at face value, which is an advantage when interest rates are rising.

To escape paying either principal or interest on the "special" bonds held by the trust funds, the government would have to default on these obligations. This cannot be done by executive order. The Congress would have to pass legislation to repudiate these particular government bonds. This action by Congress could involve some political risk and, because it involves the financial security of older Americans, seems unlikely.[citation needed]

An alternative to repudiating these bonds would be for Congress to simply cap Social Security spending at a level below that which would require the bonds to be redeemed... link... (http://en.wikipedia.org/wiki/Social_Security_Trust_Fund)

so National Debt has been sold to social security at 0% interest forever, but yet we borrow at what rate to pay for them?

[Maia Gabrial]

At one time, every piece of paper money had at the bottom how much gold it represented. Yes, Mr. B, GOLD IS MONEY! You and your cronies stole it from us.

[Rocky_Shorz]

is this why President Obama isn't worried about the House not being able to come up with an answer?

one of the auto measures, that Congress can approve without the house...

[Rocky_Shorz]

link.. (http://hosted.ap.org/dynamic/stories/U/US_DEBT_SHOWDOWN_WHITE_HOUSE?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-07-26-13-14-14)


Carney stopped short of issuing a veto threat against Boehner's plan.

Carney said the Aug. 2 deadline is real and that the government has exhausted all "wiggle room" to meet its obligations.

from above quote...


To escape paying either principal or interest on the "special" bonds held by the trust funds, the government would have to default on these obligations. This cannot be done by executive order. The Congress would have to pass legislation to repudiate these particular government bonds.

anyone wondering if the paperwork is already prepared?

[Fred Steeves]

[I]Ron Paul: "We Will Default Because The Debt Is Unsustainable"
"When a country is indebted to the degree that we’re indebted, the country always defaults. We will default because the debt is unsustainable," Rep. Ron Paul (R-TX) said on the House floor today.



http://www.youtube.com/watch?v=2s17oUFljxQ
http://www.youtube.com/watch?v=2s17oUFljxQ

As usual when Mr. Paul speaks: B R A V O !!!

[giovonni]

Thanks to all for your post and comments...

i suspect the Federal Reserve system is about to finally go down...the U.S. bond ratting is about to be downgraded...the Republicans insists on no more taxes, while Obama Administration raised their rhetoric over the weekend about the possibility of a debt default - if the debt ceiling isn't raised before August 2nd...The government can probably still meet its upcoming debt payments (about $200 billion in interest to bond holders) with cash still in the Treasury, but after that :noidea:

i suspect we have less than two months till the bubble burst :rain:

i read this last night before bed...those here might find it quite telling...the money people are getting nervous - if not down right :mad2:

http://67.19.64.18/news/2011/7-24jb.jpg

Fiat Currency Is The Bubble, Not Gold
http://news.goldseek.com/GoldSeek/1311574200.php

[Ernie Nemeth]

Here's a question: Why not forgive all debt, reset all currencies and start fresh?

[Lucc30]

Another question: Why not let the :censored: banksters pay the worlds dept? They created it.

[Davidallany]

And how much money, gold and land does Mr. Ron Paul possess ?? No high level politician is clean. These guys are just playing their parts to satisfy the masses and pretend that there are still good in the government. Rehearsed in big-boys night club over Cuban cigars, cocaine and Whiskey.

[Fred Steeves]

How bout let's get down to nuts and bolts here. How bout we inform the banksters that they would do REAL well just to go off somewhere, never be heard from again, and be thankful for not being shackled in the world's deepest darkest dungeon. It can be a nice little trade, leave us with all working and top secret free energy technology, and they can git while the gittins good.

No more need for money, no more slavery to money.

Cheers,
Fred

[giovonni]

Here's a question: Why not forgive all debt, reset all currencies and start fresh?

i am with you on that my friend, but until this current (corrupt) system falls ~ those of us who live within our hearts will have to wait and see...?

“Sometimes the first duty of intelligent men is the restatement of the obvious.” George Orwell

The obvious for me is to start over :yes4:

[Davidallany]

How is this guy still holding a job???????
What's more? how is Ron Paul still alive? because it's just a game and orders as usual comes from upstairs. How many cheered for Bush when invading Iraq? how many cheered for Obama, the savior? these are good actors and get paid by how convincing they are. The government is rotten, rotten and corrupted beyond fixing, it has to be, for it to exists. It's required by TPTB.

[Davidallany]

Please don't fall for another trap, they are probably watching our posts and laughing, if we at Avalon fall for this cheap acting, how about the rest of the population?
acLW1vFO-2Q

[Camilo]

Mr. B and the Fed know the're running out of time, and Ron Paul is the only one with the guts to tell them the truth to their faces!

[giovonni]

i do not believe everyone serving in government is corrupt or a pon of the TPTB. i sense there are many now who are waking up, just as those of us here have. There is no doubt, we here in the United States have allowed ourselves to be film flamed by the past rhetorical words of our leaders. But - i have not been able to find anything that Ron Paul has publicly stated (as of yet) that does not resonate with me as not being truthful.

[giovonni]

A blatant set-up... :suspicious:

________________________________

http://t2.gstatic.com/images?q=tbn:ANd9GcRDx79YZSBo2BE4O4MXsyi2DEm1mCrhI-aeWgNTGH7-ugwgPq0P
Investors: The $1 Billion Armageddon Trade Placed Against The United States
http://etfdailynews.com/2011/07/25/investors-the-1-billion-armageddon-trade-placed-against-the-united-states/

[giovonni]

G:wof:ld Isn't M:wof:ney

Gold Breaches $1625, U.S. Credit Ratings Downgrade Now Almost Certain
http://www.marketoracle.co.uk/Article29520.html

[giovonni]

You have to love his tenacity... :boink:

So...Lawfully speaking, a dollar is still 371 grains of fine silver.


http://www.youtube.com/watch?v=0yfT5sSqamM

http://www.youtube.com/watch?v=0yfT5sSqamM

[giovonni]

"The operative factor is not how much we allow ourselves to borrow, but how much our creditors are willing to lend" ?

Debt Deal Is A Blank Check

Posted by Peter Schiff
From FORBES
http://blogs.forbes.com/greatspeculations/2011/08/01/debt-deal-is-a-blank-check/

[giovonni]

it appears some in Congress are truly running amok and trying to destroy the U. S. Constitution...

***********

Ron Paul Sounds Alarm on “Disturbing” Super Congress

Congressman warns new all-powerful committee will ram through tax hikes

Paul Joseph Watson
Infowars.com
Tuesday, August 2, 2011

Congressman Ron Paul warns that the all-powerful new “Super Congress” created by the vote on the debt ceiling will be used to fast-track tax increases while concentrating more power over the nation’s purse strings in the hands of the Washington elite.

As we reported yesterday, the “Super Congress,” which was approved by the House yesterday and is set to be rubber stamped in the Senate today, will establish a new level of unaccountable government, and will strip elected representatives of the right to amend legislation or filibuster on whatever issues it sees fit, not merely limited to the debt situation.

This body will have “extraordinary new powers” to quickly force legislation through both chambers, including gun control, entitlement cuts and tax hikes.

In a statement made yesterday in response to the passage of the Budget Control Act, Congressman Ron Paul expressed his alarm at the establishment of this “disturbing” new committee, and warned that it would be used to ram through tax increases.

“The legislation produced by this commission will be fast-tracked, and Members will not have the opportunity to offer amendments,” said Paul. “Approval of the recommendations of the “Super Congress” is tied to yet another debt ceiling increase. This guarantees that Members will face tremendous pressure to vote for whatever comes out of this commission– even if it includes tax increases. This provision is an excellent way to keep spending decisions out of the reach of members who are not on board with the leadership’s agenda.”

The Congressman added that the committee represents “Nothing more than a way to disenfranchise the majority of Congress by denying them the chance for meaningful participation in the crucial areas of entitlement and tax reform. It cedes power to draft legislation to a special commission, hand-picked by the House and Senate leadership.”

Indeed, the White House has already indicated that it will harness the power of the Super Congress, thereby becoming the de facto deciding 13th member, to terminate the Bush tax cuts from 2012 onwards.

As CBS News reports, Congress will be mandated to carry out an up or down vote, with no amendments allowed, on the recommendations of the super committee on December 23rd, one month after the new body completes its work, which will be focused on cutting Medicaid, Medicare and Social Security.

“Congress could not modify the committee’s recommendation,” reports CBS, an admission that powers ascribed to elected lawmakers that are enshrined in the Constitution are being completely gutted.

If Congress rejects the super committee’s proposals, “then automatic across the board spending cuts of at least $1.2 trillion would go into effect.”

Second Amendment organizations like Gun Owners of America fear that this new super committee of lawmakers would not stop at ruling over the debt issue, and that it could move on to target the right to bear arms by pushing legislation on “Gun owner registration, “bans on semi-automatic firearms,” and the “adoption of a UN gun control treaty.”

The fact that the establishment of a body which threatens to completely re-write over 200 years worth of constitutionally-based legislative practice has sailed through with barely a whimper of debate from politicians or the mainstream media is a damning indictment of how the Obama administration’s penchant for executive autonomy has aggressively seized control of the political process.

Once again, it is up to the grass roots to raise the alarm on this shocking development in the hope that it can later be shot down by a federal judge still familiar with the basic tenets of the constitution.

Source;
http://www.infowars.com/ron-paul-sounds-alarm-on-disturbing-super-congress/


http://www.youtube.com/watch?v=91QEIenOeY0&feature=player_embedded
http://www.youtube.com/watch?v=91QEIenOeY0&feature=player_embedded

[Rocky_Shorz]

link.. (http://hosted.ap.org/dynamic/stories/U/US_DEBT_SHOWDOWN_WHITE_HOUSE?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-07-26-13-14-14)


Carney stopped short of issuing a veto threat against Boehner's plan.

Carney said the Aug. 2 deadline is real and that the government has exhausted all "wiggle room" to meet its obligations.

from above quote...


To escape paying either principal or interest on the "special" bonds held by the trust funds, the government would have to default on these obligations. This cannot be done by executive order. The Congress would have to pass legislation to repudiate these particular government bonds.

anyone wondering if the paperwork is already prepared?

from above link


These [Trust Fund] balances are available to finance future benefit payments and other Trust Fund expenditures – but only in a bookkeeping sense.... They do not consist of real economic assets that can be drawn down in the future to fund benefits. Instead, they are claims on the Treasury that, when redeemed, will have to be financed by raising taxes...

[giovonni]

the truth will set you free :ballchain:

***********

When a cut is not a cut
By Rep. Ron Paul (R-Texas) - 08/01/11

One might think that the recent drama over the debt ceiling involves one side wanting to increase or maintain spending with the other side wanting to drastically cut spending, but that is far from the truth. In spite of the rhetoric being thrown around, the real debate is over how much government spending will increase.

No plan under serious consideration cuts spending in the way you and I think about it. Instead, the "cuts" being discussed are illusory, and are not cuts from current amounts being spent, but cuts in projected spending increases. This is akin to a family "saving" $100,000 in expenses by deciding not to buy a Lamborghini, and instead getting a fully loaded Mercedes, when really their budget dictates that they need to stick with their perfectly serviceable Honda. But this is the type of math Washington uses to mask the incriminating truth about their unrepentant plundering of the American people.

The truth is that frightening rhetoric about default and full faith and credit of the United States is being carelessly thrown around to ram through a bigger budget than ever, in spite of stagnant revenues. If your family's income did not change year over year, would it be wise financial management to accelerate spending so you would feel richer? That is what our government is doing, with one side merely suggesting a different list of purchases than the other.

In reality, bringing our fiscal house into order is not that complicated or excruciatingly painful at all. If we simply kept spending at current levels, by their definition of "cuts" that would save nearly $400 billion in the next few years, versus the $25 billion the Budget Control Act claims to "cut". It would only take us 5 years to "cut" $1 trillion, in Washington math, just by holding the line on spending. That is hardly austere or catastrophic.

A balanced budget is similarly simple and within reach if Washington had just a tiny amount of fiscal common sense. Our revenues currently stand at approximately $2.2 trillion a year and are likely to remain stagnant as the recession continues. Our outlays are $3.7 trillion and projected to grow every year. Yet we only have to go back to 2004 for federal outlays of $2.2 trillion, and the government was far from small that year. If we simply returned to that year's spending levels, which would hardly be austere, we would have a balanced budget right now. If we held the line on spending, and the economy actually did grow as estimated, the budget would balance on its own by 2015 with no cuts whatsoever.

We pay 35 percent more for our military today than we did 10 years ago, for the exact same capabilities. The same could be said for the rest of the government. Why has our budget doubled in 10 years? This country doesn't have double the population, or double the land area, or double anything that would require the federal government to grow by such an obscene amount.

In Washington terms, a simple freeze in spending would be a much bigger "cut" than any plan being discussed. If politicians simply cannot bear to implement actual cuts to actual spending, just freezing the budget would give the economy the best chance to catch its breath, recover and grow.

Blog Source & Comments;
http://thehill.com/blogs/congress-blog/economy-a-budget/174717-when-a-cut-is-not-a-cut


Rep. Paul introduces bill to cancel $1.6T in debt held by Federal Reserve

By Pete Kasperowicz - 08/02/11

Rep. Ron Paul on Monday introduced legislation that would lower the federal government's debt by canceling the roughly $1.6 trillion in debt held by the Federal Reserve.

Paul has argued for the last few weeks that the idea represents a quick way to make the growing fiscal crisis more manageable. Under his bill, H.R. 2768, the $1.6 trillion that the Treasury owes to the Federal Reserve would disappear.

The Federal Reserve began buying Treasury bonds in earnest late last year as part of its effort to keep long-term interest rates down. But Paul has argued that Fed purchases of Treasury debt represent a debt that the government owes to itself, and one that also leads to an unwanted and inflationary increase in the money supply.

Paul has also said the Fed is allowing the federal government to continue a spending binge it otherwise would not be able to afford, and is forcing the Fed to print money to keep up.

"If the federal government cannot cut spending and bring the budget back into balance, the Fed undoubtedly will be forced to simply monetize trillions of dollars in Treasury debt, which is nothing more than a stealth form of default," Paul said back in May.

Paul is highly critical of the debt-ceiling agreement that the House approved Monday, and said that rather than require real cuts in spending, the bill mostly cuts planned spending levels in the future. According to the legislation, discretionary spending in 2012 would be just $7 billion less than in 2011, and in 2013 it would be just $3 billion less than 2011 before allowing increases above 2011 levels.

"No plan under serious consideration cuts spending in the way you and I think about it," Paul wrote in a piece that appeared on The Hill's Congress Blog. "Instead, the 'cuts' being discussed are illusory, and are not cuts from current amounts being spent, but cuts in projected spending increases."

Blog Source & Comments;
http://thehill.com/blogs/floor-action/house/174953-rep-paul-introduces-bill-to-cancel-public-debt-held-by-the-fed

[risveglio]

And how much money, gold and land does Mr. Ron Paul possess ?? No high level politician is clean. These guys are just playing their parts to satisfy the masses and pretend that there are still good in the government. Rehearsed in big-boys night club over Cuban cigars, cocaine and Whiskey.

Is there something wrong with having money, owning gold or owning land? Ron Paul returns any unused portion of his Budget to the Treasury and is the only man in Washington that has been talking about the crimes of the Federal Government for years. If he is just another pawn of the TPTB, then they have lost it because he is walking up more people than anyone else I know, including this forum.

[Lost Soul]

The rise of gold and the Swiss franc are concurrent. It just goes to prove that the U.S. dollar is declining. Bernanke is a tool and a very good one for his masters. The U.S. dollar will soon be 50% of what it was worth two years ago when Obama was elected to office. Think of it Americans. Your money (earnings, savings, retirement) will have decreased in value by 50% and it's not going to stop dropping from there. As for non-Americans, the dollar will drag your currency down too through inflation.

Please be prepared so as not to be in the panic when the rest of the world wakes up. I share this not to incite fear, but to prevent it. Through knowledge and forewarning, one can mitigate the impact of an otherwise devastating event.

[giovonni]

The Debt Crisis Is A Trojan Horse To Cause The Fall of America http://static.infowars.com/2011/08/i/article-images/trojans.jpg
"The long transformation of America from a relatively free society into a full-fledged, technocratic police state is now complete."
http://www.infowars.com/the-debt-crisis-is-a-trojan-horse-to-cause-the-fall-of-america/

[daledo]

Ron Paul on the Super Congress


http://www.youtube.com/watch?v=wpazmaYpJM0

[giovonni]

Is it just me... Or does it look like his nose is growing...?

:lie:

http://t1.gstatic.com/images?q=tbn:ANd9GcSTQi524n5TITa_ti9zeQn7-3YWgyWYj1RXIMgUBXcTujY4sLouWQ

***********

No Chance of Default, US Can Print Money: Greenspan
"The United States can pay any debt it has because we can always print money to do that.
So there is zero probability of default"
http://www.cnbc.com/id/44051683

[giovonni]

This comes via Michael Knight, Editor, Earth Change Report...
An essay about the "Debt Crisis That Isn't - The Crisis That Is"
http://www.buycontacthasbegun.com/support-files/thecrisisthatis.pdf

[giovonni]

With the price of gold vaulting up close to nearly $1,800 (US dollars) today - note which has nearly doubled in the last three years -
i found this next item interesting - if not encouraging...?

***********

Fed Up: A Texas Bank Is Calling It Quits

http://si.wsj.net/public/resources/images/MI-BK758_MAINST_D_20110809160815.jpg

By ROBIN SIDEL

Main Street Bank lends most of its money to small businesses and is earning decent profits.
But the Kingwood, Texas, bank is about to get out of the banking business.
read more...
http://online.wsj.com/article/SB10001424053111904480904576498442951766826.html

[Nanoo Nanoo]

UK riots

USA is next ..

This is the tipping point.

I hope the Americans hit a target instead of each other ..

Bless

N

[giovonni]

Ron Paul's been saying this for a long time...but now apparently its the newest in thing to do with GOP presidential hopefuls. :twitch:

***********

GOP field encroaches on Paul’s turf with sharp attacks on the Fed

By Peter Schroeder - 08/17/11

The rest of the GOP presidential field is starting to sound a lot like Rep. Ron Paul (R-Texas).

Paul spent much of his political career waging a lonely crusade against the Federal Reserve,
but his attacks on the central bank are increasingly boilerplate for Republicans who, like him, hope to occupy the White House in 2013...
read more... http://thehill.com/blogs/on-the-money/banking-financial-institutions/177281-gop-field-encroaches-on-ron-pauls-turf-with-sharp-attacks-on-the-fed

[giovonni]

Well worth the watch - in transforming old mindsets into rethinking our way out of this current economic dilemma.

________________________________________

Written & Directed by Bill Still
http://www.secretofoz.com/


"What's going on with the world's economy?

Foreclosures are everywhere, unemployment is skyrocketing - and this may only be the beginning. Could it be that solutions to the world's economic problems could have been embedded in the most beloved children's story of all time, "The Wonderful Wizard of Oz"? The yellow brick road (the gold standard), the emerald city of Oz (greenback money), even Dorothy's silver slippers (changed to ruby slippers for the movie version) were powerful symbols of author L. Frank Baum's belief that the people - not the big banks -- should control the quantity of a nation's money."


http://www.youtube.com/watch?v=SHiQMQYTtrw&feature=player_embedded#!
http://www.youtube.com/watch?v=SHiQMQYTtrw&feature=player_embedded#!

[giovonni]

i agree with Ben's assessment on this... and would hope someone in Congress (perhaps Ron Paul) would lead the nation in closing his fed banks - real soon !
__________________________________________________ ______

From Federal Reserve Chairman Ben Bernanke

"I do not expect the long-run growth potential of the U.S. economy to be materially affected by the crisis and the recession if — and I stress if — our country takes the necessary steps to secure that outcome..."

Fed's Bernanke says it's up to Congress to boost the economy http://a.abcnews.go.com/images/Politics/ap_ben_bernanke_sc_110713_me.jpg
By Peter Schroeder - 08/26/11 10:29 AM ET

Federal Reserve Chairman Ben Bernanke did not announce any new measures to stimulate the economy in a highly anticipated speech on Friday, instead saying it's up to Washington to deal with the nation's flagging growth.. read more - http://thehill.com/blogs/on-the-money/801-economy/178327--bernanke-says-its-up-to-congress-to-boost-economy