Monetary Policy: Ron Paul Co-hosts Sqwak Box for an Hour on 12/15/09
Frederic Mishkin, a former Fed board governor, and Senator Judd Gregg were also on the show, trying to argue against the audit bill. Of course they were not able to provide good reasons for us to continue the secrecy in which our monetary policy is made.
It's true that we should not have Congress trying to set interest rates. That's the argument that keeps coming up from the anti-audit camp, that the Fed must be independent.
However, they ought to read the bill. It not only provides a 6 month waiting time before the information would be made publicly available (which I consider to be a little long), but it also specifically prohibits interference in or dictation of monetary policy to the Fed.
There's no argument left. Open the books. If you have sound monetary policy, you have nothing to hide.
In the end though, we still need to work towards abolishing the Fed. It has failed miserably, devaluing our currency by 98% in the past 96 years. Further, the Fed's original mandate, to keep the economy stable and unemployment low, has been a disaster. We have not avoided the boom and bust cycle by having a central bank.
There is no reason why a private cartel of international bankers have any business controlling a monopoly currency. Control of the money supply is more significant than controlling all of the Federal government.
Give me control of a nation's money and I care not who makes her laws.
-Mayer Amschel Rothschild
Ron Paul recently introduced Free Competition in Currency Act of 2009, which would allow much needed competition in currency. The Fed would be forced to stabilize the dollar or it would go under. In other words, this bill could put the Fed out of business without directly abolishing it.
It's the legal tender laws, after all, that have enabled this monopoly to continue, despite the fact that the Constitution specifically says we are to use gold and silver for money. Encourage your Congressman to support HR 4248.
Published by Matthew Murphy
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6 Comments
Post a Comment@Berferd, I agree Ron Paul has some communications weaknesses but I think he did ok. Peter Schiff is a pretty good communicator and I hope he gets a long appearance like this at some point.
That's strange Jane Vee. He should have had no problem getting the loan, he had plenty of collateral.
Even I have tried as well! I had just started researching all this (no where near the knowledge of people like you) and got on CBC in Canada: http://www.youtube.com/watch?v=9ufkiWkc8KA
We need more ACTION MEN AND WOMEN!
Berferd, If you're so smart why don't you get off your chair and go run for Congress! I'm sick of people nit-picking RP when he's the only ACTION MAN around I see. Uh-huh. Yeah go do something yourself and get on CNBC.
I'm a Ron Paul fan since 1988. But Ron did a poor job on CNBC. To defuse Mishkin, all he had to say was that (1) his bill is not about how the FOMC sets its target for the overnight funds rate, (2) monetary policy now anyway is not even being conducted using the funds rate; it's done using the balance sheet; (3) FOMC minutes are already releases within about 45 days anyway, and (4) the point of the bill is the TRANSACTIONS - what was agreed, how much, under what terms, and with whom. It's about the AIG bailout and its interested parties. I was disappointed Ron got suckered and 'red-herringed' into discussing FOMC rate setting and discount window deals. Yawn; no one who follows monetary policy cares as much about those. Baited by Gregg and Mishkin, he also lapsed into standard populist ranting and pejoratives to keep up wih his critics. He got dragged far off point. It was all downhill from there. Ron can sometimes be his own worst enemy. I had hoped for better from the only Cong
In agreement something should be done, unfortunately there is no quick fix to a problem that has been created over 90+ years. I know someone who recently applied for a $100,000 equity line of credit. His $400,000 property was paid for, he had $90,000 in cash, he has a $450 vehicle payment and $1400 a month income. The bank wouldn't give him a loan because he doesn't have enough income. Oh, his credit score is over 800. Please tell me how these banks are staying in business. He didn't want to use his cash because it was making more interest than the interest he had to repay the bank if he got the loan.