21 votes

Paul calls for panel to grill Bernake on European Bailouts

In violation of their own charter, Federal Reserve Manager William Dudley let it slip out in testimony that the Federal Reserve had begun a direct bailout of Europe by buying their sovereign debt directly. This is more foul than a simple currency swap scam which they had tried previously, or funneling 1.7 billion through the IMF to bailout greece. This is now America directly taking on European Debt. This has never happened before. As the reserve currency, there is no reason in terms of trading for America to do this, it is OTHER countries which hold American foreign reserves as America is the reserve currency. By beginning this move, to directly accumulate foreign debt, we are now pigs led to the slaughter. Because America will be used as a sponge to soak up the entire debt crisis in Europe, Europe will get saved, their banks will return to a strong footing, and then the American Pig will POP and no one will be there to save US. This is a crisis of biblical proportions leading to millions dead if this occurs. This is a doomesday scenario for America.

The Fed has placed a hundred-billion dollar bet on the future of the Euro, with the strength of the dollar on the line. This is absolutely irresponsible, and directly contrary to market discipline. Let private banks, European or otherwise, take their own risks. Let foreign central banks inflate their own currencies and suffer the consequences. In other words, it’s time to apply market principles to banks and money.

Ron Paul has called for hearings, but what will this accomplish. More non-debate with Bernake giving his “Oh Well I did it tough” look to Paul and it all just keeps happening until the world explodes? This is unacceptable. There needs to be a bill submitted in congress ...

Read Article

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

It will accomplish getting

It will accomplish getting this on the record and may help the future of the liberty movement with more documented evidence. (plus we can all say "I told you so, a**hole" when the dollar tanks, unemployment skyrockets, and we assume a temporary state of anarchy while competing currencies begin to emerge).

Ron Paul has been predicting this

Why in the world did congress turn over this authority to a private bank?

C'mon People!

I agree. A $100 Billion stimulus is imprudent. What we really need is a $100 Trillion stimulus! And I have a nobel prize that proves I'm right!

Paul Krugman, PhD, Ivy League

I think we just need a new international fiat currency.....

.. It would take the world 100 more years to realize its the exact same thing. I mean think of the psychology that goes along with the word "new". You think "fresh starts, learning from your mistakes, a new outlook on life, its going to be better this time". Just based on that psychological fallacy, the confidence in the new international currency would be very high, after all "they wouldn't manipulate THIS currency like the last one, because then the whole world could crash, I just don't believe they would do that. These are the smartest people in the world, I think they know better than us guys"!!!!!lol.............jerk-off

Ya know Mr. Not-'Paul Krugman'

you keep this up, you might end up believing your own sarcasm, if you hone it any further, just like how the real Paul KRUDman lies to himself that people actually think he's important, and how anyone who actually have run a biz, need to make biweekly payroll, and made gobs of money legitimately thinks Keynesian Corporatism 'works' in reality.

lol

your cat petting avatar? genius!

seriously, not to judge a book by its cover... but TO judge a flagrant faux intellectual by his cover, er... photo, the sight of a thick pot-bellied middle aged college professor with disheveled beard, hunched over caressing and clutching onto his cat like an insecure child lost in the woods who needs an item of familiarity to stem the rise of his incessant anxiety, pretty much says all there is to say about Paul KRUDman-actual.

the real question is does the real Paul KRUDman know what or how that photo comes across to those who have a knack for reading body-language?

What say you Mr. Not-PaulKrugman?

Predictions in due Time...
http://www.youtube.com/watch?v=zGDisyWkIBM

"Let it not be said that no one cared, that no one objected once it's realized that our liberties and wealth are in jeopardy." - Dr. Ronald Ernest Paul

They are soo stupid.....

They think if the Euro would be devalued that would hurt our exports to Europe. So they think their little genius plan of simultaneously devaluing the dollar and inflating the value of the Euro in their eyes protecting U.S exports(weapons,debt mostly lol). Europe buys more goods from us than anyone else in the world. If their currency was weaker hypotheically they couldn't buy as much from U.S. Yeah how has that theory worked out for you so far Bernanke??!!!ASSHOLE

By beginning this move, to

By beginning this move, to directly accumulate foreign debt, we are now pigs led to the slaughter. Because America will be used as a sponge to soak up the entire debt crisis in Europe, Europe will get saved, their banks will return to a strong footing, and then the American Pig will POP and no one will be there to save US.

I really really doubt that European banks will ever be more stable than US banks. I hear that Britain is in even deeper with derivative/credit troubles.

"Federal Reserve Manager

"Federal Reserve Manager William Dudley let it slip out in testimony that the Federal Reserve had begun a direct bailout of Europe by buying their sovereign debt directly."

Does anyone know how this "slip" occurred and if there is video of it?

Another page about this

http://www.dailypaul.com/223282/ny-fed-president-dudley-to-a...

They HAD a livestream link, but since it's over, you can go to the link and find the "archive" although I can't get it to work...

A BLOG about the hearing: http://blogs.marketwatch.com/election/2012/03/27/live-blog-o...

"Earth provides enough to satisfy every man's need, but not every man's greed."~Mahatma Gandhi
Quick Humorous Satire course on Ron Paul: http://www.youtube.com/watch?annotation_id=annotation_65316&...

mucho thanks! that other

mucho thanks! that other thread has a good many links in it

There is one link in there that has the opening testimony logged/recorded. In skim reading it, I still didn't find the mentioned "slip" referred to about buying sovereign debt directly. It must have been in the Q&A part.

The closest I got to it so far in the prepared opening statement was this:

"Most recently, the Federal Reserve established dollar swap lines with major central banks during the global financial crisis of 2008, and reactivated them in May 2010. Last November, the FOMC, cooperating with five other central banks, reduced the rate being charged on these swaps to increase usage."