Ron Paul: Those Who Voted Against Audit The Fed Will
Pay The Price Congressman says that stripping reform bill of
full Fed audit will only serve to prove his point to
the American people
Texas Congressman Ron Paul appeared on CNBC's Squawk Box earlier
today to discuss the financial crisis and his ongoing effort
to audit the Federal Reserve.
Paul, speaking publicly for the first time since the Senate
passed a watered down version of his HR1207 amendment to fully
audit the Fed, said that those who had essentially voted for
more Fed power would see repercussions.
"The Federal Reserve is a big issue and those individuals
who voted against auditing the Fed, there will be a political
price to pay for that, just as much as those who voted for the
bailout." The Congressman said.
"Right now, those that vote to enhance the Fed will get
punished politically, because the people are waking up and they
realise the Fed is the culprit." Paul, a member of the
Joint Economic Committee, added.
Although Paul's amendment to fully audit the Fed every year
is now likely to be stripped from the final financial reform
bill, the Congressman remains positive.
"I'm surprised we have done this well. My main goal was
to call attention to the American people of the importance of
the Federal Reserve. In economic terms we've achieved a whole
lot. Win or lose, the people are not going to forget about the
Federal Reserve. So in some ways, it'll prove my point."
Paul stressed.
"Lets say they strip my amendment out and they put in
a watered down version, and you don't really have an audit of
the Fed, it will just prove to the American people that this
show is being run by the Federal Reserve, they have unbelievable
powers. We've had this crisis, they are to blame for so much
of it and we're going to give them more power! Not only are
we not going to have them audited in a true sense of the word,
they're going to end up with more power, more regulations, more
control over the consumers, and it won't go well with the American
people. They'll realise then how powerful the institution is,
and those who benefit by the creation of money and credit -
you can't have a military industrial complex without the Fed,
you can't run these wars, you can't have a welfare state without
the Fed." The Congressman explained.
Paul also warned that Americans should expect a situation akin
to that of the sovereign debt crisis in Greece, should the U.S.
continue the course the country is on.
"...the dollar is still trusted, and people still buy
treasury bills, but all of that will come to an end, because
the type of problem that Greece is following will eventually
hit the United States because everything has too much debt."
Paul commented.
"You can't correct the problems of debt with creating
more debt and expect the Fed to endlessly create money and credit.
That is not the answer, even though it makes people feel better,
and will sort of delay some of the problems that we have, but
we're in for a lot more trouble as far as I can see." The
Congressman added.
"The Federal Reserve behind the scenes has the power to
create money out of thin air, I mean it's absolutely bizarre.
Never in the history of the world has any one single bank been
given the power to create the reserve currency of the world
like we have had since 1971. So yes, they can bailout their
friends and let the people they don't like fail, and create
a trillion dollars or more out of thin air in order to prop
up some companies at the expense of others, it's not viable,
it makes no sense." Paul urged.
"When the history of this time is written, people will
say 'how in the world did they believe that a few people in
a secret room can decide what interest rates should be, how
much the money supply should be, who should fail, what bad assets,
what worthless assets the tax payers have to buy?' it's absolutely
bizarre, yet the American people right now I think are waking
up to it."
"This whole experiment over the last 35 years or so is
a failure and that's what we're involved in right now."
The Congressman concluded.
Watch the video:
Ron Paul is scheduled to appear on the Alex Jones show this
week to give his views on the attempt to water down the effort
to audit the Fed.
Texas Congressman Ron Paul appeared on CNBC's Squawk Box earlier
today to discuss the financial crisis and his ongoing effort
to audit the Federal Reserve.
