Before the US House of Representatives, Committee on Financial Services, Hearing to Receive the Annual Testimony of the Secretary of the Treasury on the Annual Report of the Financial Stability Oversight Council, October 6, 2011
By Ron Paul
Mr. Chairman, I thank you for holding this hearing with Secretary Geithner to receive the annual report of the Financial Stability Oversight Council (FSOC). FSOC has been given a mandate to identify threats to the American financial system. With all the major financial regulators as members of FSOC, this new organization is like the Plunge Protection Team on steroids, and there is no telling what kind of damage FSOC will end up doing to financial markets.
While our domestic economy continues to suffer as a result of the Federal Reserve's intervention into credit markets, the euro increasingly looks likely to collapse. Here too the federal government has intervened, with the Federal Reserve promising unlimited dollar liquidity support to European central banks, and Secretary Geithner traveling to Europe to castigate the Europeans for moving "too slowly" in addressing their financial crisis. Whether or not the euro's collapse leads to the introduction of a new international monetary regime remains an open question. There is also the newly revived issue of China's currency, in which it appears that Congress may attempt to punish China for the alleged artificial weakness of its currency. The irony of Congress dictating monetary policy to the People's Bank of China when they would not even dare audit, let alone dictate, the Federal Reserve's monetary policy seems to be lost on the neo-mercantilist supporters of the China currency bill.
What role FSOC plays in all of these recent developments needs to be ascertained. The design of the euro seems to have been flawed from the beginning, and the likelihood of a return to national currencies seems all the more certain every day. A collapse of the euro would undoubtedly have ramifications on the American financial system, but what those effects would be and what the Treasury and Federal Reserve's response would be is not certain. The Federal Reserve has already offered unlimited amounts of dollar liquidity to European central banks, at least according to the Europeans. The Fed has not yet deigned to provide anyone with the details of these arrangements, so we have no idea how much money was promised or how this money will be used. Considering that swap lines peaked during the financial crisis at $580 billion, it would not be surprising to see that number reached or exceeded in the event that Europe faces a currency meltdown. It is imperative that we find out how much the US government has involved itself in negotiations surrounding the European financial crisis.
Seems that though some of them don't understand that more gov't has caused this problem, but they still harbor the same resentment and anger towards Corporate America and political cronyism that we do. We all share common goals, with different solutions. How do we convince them that Ron Paul is the best person to end this situation? I just think there is an incredible opportunity here to pull in many more supporters who might look into what Paul has been saying and give it some real thought.
WE ARE THE 99%
OCTOBER 5, 2011. As this movement spreads, perhaps the amorphous reasons people are giving for it will coalesce and become clear. Meanwhile, it seems appropriate to at least point out a few underlying facts about Wall Street, since that’s where it began, with a few college students camping out there.
Wall Street is, as most people know, the home of the stock market, which is a game favored by a whole load of people who want to make their money make money.
I'm about to go sell some more Gold and Silver to keep me traveling until the end of January. After I leave Iowa at the end of the Month I will be heading to South Carolina (where I'm trying to get a group together in the North, and meet with an already active group in Lexington) then Florida (where I'll be meeting up with a semi-active group in Pensacola). I'll be working at farms in both states to maintain residence and food.
After that I either have to go back home to California, or, if my chip-in gets funded (http://jaktober.chipin.com/the-tour-to-end-the-war) head to the East Coast.
Hi, new member here! I just wanted to share this video of a passionate, intelligent Ron Paul supporter telling people the real root of the country's problem, he deserves applause and just one of us in the field is great, but for anyone having doubts about Occupy Wall Street's intentions need to look no further than this passionate soldier spreading the good Doctor's words:
I met with some of the organizers for the October2011 protests starting next Thursday. While I understand where they are coming from, I also know where corporatism is coming from.
What do you guys think, is protesting a waste of time when organizing requires us to act now?
Ron Paul supporters were noticed (in a positive way) and properly credited with participating at the Occupy Wall Street Protest in New York on Television, on MSNBC's Lawrence O'Donnell show.
After a rambling introduction by Lawrence O'Donnell, the piece featured a great interview with filmmaker Michael Moore, who eloquently stated that this is not about "liberals, conservatives, Left, Right, Democrats, Republicans", etc., ...
Ron Paul supporters should have seen this coming long ago and we should know by now that this is not our fight.
95% of the people protesting most likely voted for Obama in 2008 and are now looking for change by other means.
We should know by now what needs to be done to bring about the changes in society that we want to see and joining this protest is certainly not one of them.
Let the parasites scream at each other till they turn purple!
by Matt Tabbi
Financial crooks brought down the world's economy - but the feds are doing more to protect them than to prosecute them
Over drinks at a bar on a dreary, snowy night in Washington this past month, a former Senate investigator laughed as he polished off his beer.
"Everything's fucked up, and nobody goes to jail," he said. "That's your whole story right there. Hell, you don't even have to write the rest of it. Just write that."
I put down my notebook. "Just that?"
Just wanted to share a screen capture I took from the weekend protests on Wall Street.
This picture is upsetting to me and (y'all know how I am) "feels biblically creepy".
This is a sad reflection on America.
Screen capture taken from this video @ about 3:08
Media Blackout - Thousands peacefully protest Wall Street, No media coverage
Is this scene merely "protection of property" or doesn't it seem extra creepy to y'all too?
Today's news is coming on fast and furious. Reggie Middleton of BoomBust Blog at http://boombustblog.com/ has posted how "The Germans, Italians, French... Most Of Western Europe [are] On The Brink Of Bank Collapse! You know the saying: It's not paranoia if they're really after you. Europe is much, much closer to universal bank collapse than the media is letting on." Middleton goes on to demonstrate the EuroZone's exposure to Greece's default this weekend.
Let's tie this latest bit of dread to this autumn's outbreak of global war.
My dogs just jumped up and started acting agitated. Did they just sense a pre-shock on Wall Street?
The Big One may be imminent.