The big guns are out, Reuters James Pethokoukis: Ron Paul's Fed plan is economic suicide
-- James Pethokoukis is a Reuters columnist. The views expressed are his own --
By James Pethokoukis
WASHINGTON (Reuters) - The Federal Reserve is at least partially to blame for the economic crisis. It left interest rates too low for too long, and laxly regulated the megabanks.
Given this reality, or at least this public perception, it's not surprising that there are plenty of economists and politicos with oodles of ideas for re-imagining the central bank's role and function.
Then there is Representative Ron Paul, a Texas Republican and libertarian who would rather imagine a fantasy world without a Fed. Throughout his political career, Paul has repeatedly called for the Fed's abolition, preferring Congress to take full control of monetary policy and eliminate fiat money in favor of a gold-backed national currency.
Since Paul can't eliminate the Fed outright, he's trying to emasculate it. Impinging on, and eventually ending, the central bank's independence is the purpose of the Federal Reserve Transparency Act, Paul's bill which would "eliminate restrictions on audits of the Federal Reserve and open Fed operations to enhanced scrutiny."
As it currently stands, the Government Accountability Office is not allowed to audit the monetary policy actions of the Fed, and that is the real ballgame for Paul.
And what's wrong with a little more sunshine on the Fed? Nothing, many Americans apparently think. A Rasmussen poll finds that 75 percent "favor auditing the Federal Reserve and making the results available to the public."
.... continue reading: http://www.reuters.com/article/reutersComService4/idUSTRE56U...
I't's all right..it's OK you will be writing your articles from
prison some day.
I wish some one would start a website were the journalists (most of them) would be listed and the crimes they will be charged with would be listed.
This man is complicit in fraud and treason. These are federal crimes and he will be charged using this article as evidence. We should print it out and save it. When the marshals are bringing him into federal court for arraignment we can get him to autograph it and put in on ebay.
As I said before this article is his ticket to prison.....he will go too. Just watch.
If all journalists KNEW they were part of a criminal enterprise,,,and they are...if they knew that they were going to prison....this sh%$ would end...as all liars are cowards.
You imagine Murdoch telling a guy to write an article like this and the guy telling Murdoch to go to he%$?
Then their reign would end. That is all that it will take.
One guy or gal with the courage to speak their conscience in the media.
It will happen.
Unify
It has happened.
Time and time and time again, actually. What happens then is that the reporter is discredited, blackballed and out of work in the United States.
So you'll never see an honest reporter on MSM. You will RARELY see a credible journalist... not a popular one, anyways.
The reporters and journalists you do see are very aware that they are full of it.. but they are getting a check.
Which is all they care about.
~Live life to its fullest, with an open heart, open arms and most important... an open mind~
How about a truth in jounalism law?
1. The bill is an after the fact audit of the feds monetary policy.
2. The constitution only authorities congress to print money and leaves no room for a central bank.
3. We aren't anywhere near the end of the financial crisis. It only looks like its getting better because all the money they flooded into the system is now starting to trickle down. Once it completes its cycle, the bottom drops out. Anyone who understands the simplest terms of how inflation works would consider that common sense.
4. Shake it off. The truth will come out when the bill is passed. Then we can all send emails to this idiot and laugh at him.
Actually...
It has repeatedly been ruled that if you are a major media source, it is your first Amendment right to lie.
Latest case here...
http://www.librarygrape.com/2009/06/court-fox-news-has-first...
~Live life to its fullest, with an open heart, open arms and most important... an open mind~
This is about dismantling a run away blind rhino that has
rampaged and crushed, and on "their" watch, went against all permacultural logic of the 70's, and managed to extinct 90% of oceans, 30% of all reef zones, and 90% of all living things and creatures in the continental United States. Mostly, since the coming of the mono crop intensified farming basically beginning in 1950.
And we want to hand over the management of our food sources to them?
"Fast Food Nation"
This myth-shattering book tells the story of America and the world’s infatuation with fast food, from its origins in 1950s southern California to the global triumph of a handful of burger and fried chicken chains.
And never forget, “Humans, despite our artistic pretensions, our sophistication and many accomplishments, owe the fact of our existence to a six-inch layer of topsoil and the fact that it rains.”
And never forget, “Humans, despite our artistic pretensions, our sophistication and many accomplishments, owe the fact of our existence to a six-inch layer of topsoil and the fact that it rains.”
No Surprise
Notice, there is no comment link for the article. Cowards.
You can go to this page...
http://blogs.reuters.com/great-debate/author/jamespethokoukis/
All of those articles have comments enabled.
It would probably be a waste of time, but perhaps we can inform this moron that RP doesn't want the money monopoly to be in the hands of Congress either.
Loos like the fight is on!
"First they ignore you, then they ridicule you, then they fight you, then you win."
Gandhi
(This and other articles like it are a good thing, because no one will believe this BS)
Pathetic
what a pathetic attempt to install fear into people who just want to know what's going on. Just like when they said there would be martial law in America if the bail out bubble didn't pass. The argument isn't even properly explained.
This was on the front page of the physical FT on monday in UK
http://www.ft.com/cms/s/0/111737c2-7d35-11de-b8ee-00144feabd...
A disgusting article!!! Totally taking Bernankes side.
mailto:james.pethokoukis@thomsonreuters.com
Those who expect to reap the blessings of freedom must. like men, undergo the fatigue of supporting it.-Thomas Paine
mailto:james.pethokoukis@thomsonreuters.com
Those who expect to reap the blessings of freedom must. like men, undergo the fatigue of supporting it.-Thomas Paine
The R3volution requires action, not observation!!!!
Come on now...
this is a low life Commentary columnist/writer, his work is worthless, seriously...He has no stroke, just alot of empty spaces he has to fill.
It is becoming obvious to almost everyone...
..Exactly why Mr. Pethokoukis and his friends are so opposed to an audit.
Because an audit will expose some of the "Fraud" that the Fed is involved in, such as no audits of Gold in over 50 years.
The penalty for "Fraud" is jail time if convicted.....And if some of these guys go to jail you can imagine exactly what other angry inmates could/would do to them if they get a chance.
beesting
just imagining...
Especially if we had a money bomb for the inmates. Hehehehe
All tyranny needs to gain a foothold is for people of good conscience to remain silent. Thomas Jefferson
All tyranny needs to gain a foothold is for people of good conscience to remain silent. Thomas Jefferson
Executive Summary:
"Pay no attention to the man behind the curtain!"
-jcr
"The problem with trying to child-proof the world, is that it makes people neglect the far more important task of world-proofing the child." -- Hugh Daniel
AP and Reuters
I stopped listening to the AP and Reuters years ago because these people are government shills used to promote government power/control/propaganda all over the world,.Just tune them out.
THE FED WILL END NO MATTER WHAT.NEVER GIVE UP.
tdb3...
you hit right on with our comment, nuff said...
This paragraph removes all credibility from this 'blog:'
Then there is Representative Ron Paul, a Texas Republican and libertarian who would rather imagine a fantasy world without a Fed. Throughout his political career, Paul has repeatedly called for the Fed's abolition, preferring Congress to take full control of monetary policy and eliminate fiat money in favor of a gold-backed national currency.
Yeah, he wants the Congress to do its duty.
What could be crazier than that? Expecting the legislature to fulfill its duty as set forth in the constitution? Preposterous!
-jcr
"The problem with trying to child-proof the world, is that it makes people neglect the far more important task of world-proofing the child." -- Hugh Daniel
This could be used as a Wiki definition of insanity.
It ought to piss off any person with two braincells that has been paying attention. I suppose everyone conveniently forgot about Hank Paulson threatening the Congress with the enacting of martial law if they did not approve the bailout. I suppose everyone conveniently forgot about where is was Hank and company spent the money once it was released. I remember lots of executive bonuses and HUGE somes of money going to all the big banks that lick boots over at NYFED. Seems I also remember
the GAO saying on national television that the total of this theft would exceed $24 TRILLION DOLLARS as of lastweek. This is a death knell for 401-K, pensions, the dollar..etc....I haven't forgotten, please don't forget.
Know the liars for who they are. If there is no accountability at this point in time and a dramatic change then there is no economy it will collapse sooner or later just like it did in the German Weimar Republic. Economic stability can't be built on quicksand, at this point we're up to our necks.
Just one last kick in the nuts, then a final deathblow
LMAO~
* A definition in Wikki for "Insanity" Good one!!
****
"I truly wish that real life would no longer surpass the worst excesses of my nightmarish imaginings... Arthur Silber **
"I think we are living in a world of lies: lies that don't even know they are lies, because they are the children and grandchildren of lies." ~ Chris Floyd
Did I miss something?
Excerpt:
"Even if the result of the Fed bill is only more aggressive congressional questioning and criticism, financial markets might well fear the bank would start taking congressional wishes into account when making policy."
My god, that is scary! That the voice of the people (through congress) might actually be "TAKEN INTO ACOUNT", when deciding policy regarding the people's own money.
If this were the end result
If this were the end result of this, it would likely be a disaster. The problem with the Fed setting rates dictating monetary policy is discretion. If an entire chamber worth of vote whoring socialists gets to get in on the game, it will only become so much worse. Every country where the central bank is dependent on vote whores has ended in tragedy.
But, the whole point of Paul's opposition to the Fed, is to audit, then end it; and then replace it with hard money. Then all discretion is gone, and the problems the author describes is solved once and for all.
No matter how many of Barney Frank's campaign contributors are supposedly starving to death for lack of "liquidity" or some such, he'll never be able to talk a pile of gold into multiplying by itself, and that's the kind of monetary policy that leads to prosperity inducing stability and low rates.
It IS suicide, for the Bubble people
Blow up the bubble, let the masses borrow and buy.
stick a pin in it.
Bubble people collect the booty.
My simplistic opinion.
"I don't endorse anything they say"
~Ron Paul On the 911 Truth movement.
http://www.youtube.com/watch?v=hGyhlNY0y1k
Remember his name. Can't trust him.
Ten days ago, they were threatening to up interest rates if audited (Oh wait that might actually help the economy long term). Now they threaten to lower them. They better explain why they are paying banks not to loan.
All taxpayers are subject to audit so should see thru this and hopefully become more suspicious of and savy to media propaganda.
Wow, this is exciting. We are writing history.
Wow, this is exciting. We are writing history.
I feel a new beginning coming upon the world.
With all I have learned over the last few years, I feel blessed to be apart of history in the making. Re educating people was the hardest part; ‘the powers that be’ have rewrote and distorted the American history via the board of education. With all the pomp and circumstance in historical sites and buildings, yet we neglect the very facts. How many American presidents have been assassinated throughout our history? Look at all the kangaroo courts; there has never really been any justice in our system. Evidence always seems to be misplaced, etc. The phony wars to enslave truly free people who choose to avoid usury. Almost 100 years without an audit, what happens to any American citizen who refuses to abide by an audit? By their deeds you shall know them.
The signs and truth are all around us. I know and believe we will win this for humanity. There is still a lot of struggling left to break free of the chains that bind once and for all. Aquarius supposedly stands for freedom and rebellion. The Age of Aquarius is upon us.
Thank you Dr Paul and all the freedom fighters world wide.
Pethokoukis' email
Pethokoukis can be reached at james.pethokoukis@thomsonreuters.com.
Obama = O.ne B.ig A.ss M.istake A.merica
Obama = O.ne B.ig A.ss M.istake A.merica
Thank you Lacandy
He deserves a response, and so does reuters.
Have a good posting day!
(((( Hug to you )))) ;)
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Emasculate?
I say decapitate! Nothing but the best for our beloved FED.
Convenient & Concerned
It's convenient for them that there is no comment section to Mr. Pethokoukis' article. I wonder if Reuters would print a rebuttal if certain Austrian economists were to write one.
I also wonder if this is a baited article. James Pethokoukis says "The economy is only now pulling itself out of recession. Paul's bill, if successful, could send it back the other way." My concern is If the bill passes, the FED is audited, and the economy tanks further (as predicted even without an audit) they will again as in 1909 point the shaking finger at free market thinkers.
All tyranny needs to gain a foothold is for people of good conscience to remain silent. Thomas Jefferson