It’s official: Ron Paul to lead House Federal Reserve oversight

• Spartaaaaa wrote on 2010-12-14 00:20

  By Stephen C. Webster
  Friday, December 10th, 2010 -- 12:01 pm
  
  The greatest critic of fiat currency perhaps anywhere in the world is about to take control of a congressional panel that would conduct oversight on the US Federal Reserve bank.
  
  This could get interesting.
  
  After November's Republican electoral wave crashed a Democratic majority in the US House of Representatives, Representative Ron Paul (R-TX) was one of several ardent critics of status-quo thought that GOP leadership thought about empowering.
  
  To stifle Democratic efforts toward meaningful climate change legislation, they vowed to shut down funding for the House Select Committee on Energy Independence and Global Warming. To block new regulations of greenhouse gases, Republicans picked Rep. Fred Upton (R-MI), who called "poisonous" any attempt at regulation, to chair the House Energy and Commerce Committee. And now, to feed their libertarian-leaning base of supporters, Ron Paul is headed to the Fed.
  
  The nomination was made by Rep. Spencer Bachus (R-AL), who will lead the House Financial Services Committee in the next Congress. A prior report by Bloomberg noted discussion by aides to incoming House Speaker John Boehner (R-OH) on how they might be able to prevent Paul's chairmanship.
  
  Rep. Bachus dispelled any questions as to Paul's viability for the seat in a Thursday afternoon statement, promising "aggressive oversight" and an audit of the Fed.
  
  "This is the leadership team that crafted the first comprehensive financial reform bill to put an end to the bailouts, wind down the taxpayer funding of Fannie Mae and Freddie Mac, and enforce a strong audit of the Federal Reserve," he wrote. "By working together, we will honor our commitment to aggressive oversight, reform of the [government-sponsored enterprises], and monitoring the implementation of the Dodd-Frank Act to ensure more jobs aren’t lost to unnecessary regulations on community banks and businesses. We are ready to hit the ground running, and I look forward to continuing our work in the next Congress."
  
  Rep. Paul is one of the few elected Republicans to openly defend secrets outlet WikiLeaks in the wake of secret US diplomatic cables being passed along to the media. "What we need is more WikiLeaks," he suggested during a recent interview, suggesting that the Fed be targeted by whistleblowers. He's also a longtime critic of the Fed's manipulation of America's fiat currency, arguing that monetary value based on gold markets makes for a more stable economic system.
  
  He's joined by Florida Republican Rep. Connie Mack, who told Napolitano that focusing on WikiLeaks and not the actions of the government is "a head-fake."
  
  Most economists consider the position archaic and unwieldy, but he's not alone in the belief. Robert Zoellick, president of the World Bank, recently called for a renewed debate on what a global gold standard would mean. He suggested that gold markets were already being used as an alternative currency in the wake of severe financial instability seen across the industrialized world in recent years.
  
  Speaking on the floor of the House yesterday, Paul again defended WikiLeaks to his colleagues.
  
  "The hysterical reaction makes one wonder if this is not an example of killing the messenger for the bad news," he said, adding that the leaks had caused "no known harm to any individual."
  
  Paul's same iconoclastic take on the Fed could cause serious divisions between Republicans, who've often defended the nation's central bank. “I think you’re going to see a significant dispute within the Republican Party," Rep. Barney Frank (D-MA) told Bloomberg. Frank is the senior Democrat on the House Financial Services Committee and a Paul ally in the push to see an audit of the Fed. "I do not believe that Ron Paul’s views on the Fed represent the views of most Republicans."
  
  Paul's "Audit the Fed" bill, HR 1207, passed the House but was side-tracked into committee and had its language stripped out of the Senate's financial reform legislation. Paul's bill would have put the Fed's complete balance sheet under the US Comptroller General's microscope, but leading Senate Democrats bucked Paul's bipartisan alliance and effectively let the bank "keep its secrets," the Texas Congressman said.
  
  Paul's son Rand was elected last November to become the next Republican US Senator from Kentucky.

  
  
  Link to article: http://www.rawstory.com/rs/2010/12/ron-paul-officially-lead-house-federal-reserve-oversight/
• Cucurbita wrote on 2010-12-14 00:31
  Sounds good to me.
• Intex wrote on 2010-12-14 00:43
  A true Republican and politician, honest and doesn't just follow his parties views.
  He really don't like his viewpoints on certain subjects but at least he actually understands what having less government means.
  
  I guess this site is nicer to him since he's a Libertarian.
• Teaberry wrote on 2010-12-14 01:12

  Quote from Intex;247031:

  A true Republican and politician, honest and doesn't just follow his parties views.
  He really don't like his viewpoints on certain subjects but at least he actually understands what having less government means.
  
  I guess this site is nicer to him since he's a Libertarian.

  I think it's best to just not label him with any parties. He has his values and sticks to them through thick and thin.
• Cucurbita wrote on 2010-12-14 01:30

  Quote from Teaberry;247077:

  I think it's best to just not label him with any parties. He has his values and sticks to them through thick and thin.

  
  
  Now if only everyone else can do this and we abolish the party system.
• Roy Mustang wrote on 2010-12-14 13:06

  Quote from Cucurbita;247120:

  Now if only everyone else can do this and we abolish the party system.

  
  we would have a much better government lol.
  
  Anyways I think that we should start putting our money towards a gold standard, because gold is a solid state of currency and is a true show of wealth as gold can't be duplicated like fake paper money can and thus is totally dependent on the amount of Gold available in a country.
  
  If you think about it, a gold standard really is the better way to go to determine which country is richer.
  
  Also, +1 to Paul for defending wikileaks. If people want to publish information they should have the freedom to and not be labeled as terrorists.
• Chillax wrote on 2010-12-14 14:59

  Quote from kingofrunes;247654:

  Anyways I think that we should start putting our money towards a gold standard, because gold is a solid state of currency and is a true show of wealth as gold can't be duplicated like fake paper money can and thus is totally dependent on the amount of Gold available in a country.
  
  If you think about it, a gold standard really is the better way to go to determine which country is richer.

  
  
  Gives Africans more reason to use child laborers.
• gentrone wrote on 2010-12-14 15:05

  Quote from kingofrunes;247654:

  we would have a much better government lol.
  
  Anyways I think that we should start putting our money towards a gold standard, because gold is a solid state of currency and is a true show of wealth as gold can't be duplicated like fake paper money can and thus is totally dependent on the amount of Gold available in a country.
  
  If you think about it, a gold standard really is the better way to go to determine which country is richer.
  
  Also, +1 to Paul for defending wikileaks. If people want to publish information they should have the freedom to and not be labeled as terrorists.

  
  
  Not enough gold in the world to go back to the gold standard. Also, lol. If that ever happens the US would be the most affected.
  
  Btw, you can't determine which country is richer merely on how much money they have.
• Roy Mustang wrote on 2010-12-14 17:21

  Quote from gentrone;247690:

  Not enough gold in the world to go back to the gold standard. Also, lol. If that ever happens the US would be the most affected.
  
  Btw, you can't determine which country is richer merely on how much money they have.

  
  
  Sure you can! More "valuable" money = more richer! Lots of Money = Rich! Money = Power!
  
  That's life.
  
  Paper is worthless as it can be duplicated...what you need is something that is rare and valuable. Also GDP helps in determining a countries wealth.
• gentrone wrote on 2010-12-14 17:53
  GDP is a representation of wealth. In this context, money is a 'representation' of production and labor, not a 'thing' with a value per se. Even if we managed to set the gold standard again, its value would be determined by labor and production. Sometimes it could be worth less, sometimes more. Therefore, fiat currencies (paper money) have no intrinsic value but 'represent' wealth.
  
  Since money is a commodity (just like coffee, gold, oil, etc.) its value never remains the same. Numerical value (say a 10 dollar bill) does not mean the same purchasing power. The real value of things are determined by people. So lots of money =/= rich.
• Roy Mustang wrote on 2010-12-14 18:35
  True, the more more productive the people of the country are the more "richer" the country is per say. After all you have to have something to back up the money with lol
• Cucurbita wrote on 2010-12-14 18:36
  Sorry rune, but we can't use gold as money.
  
  Its been proven that the only way money works is by using the fiat type of money. One that is considered legal tender but has no value.
  
  Take for example, you decide to use grains of sand as money. Would you keep doing your job, or will you go to the beach with a truck and a shovel?
  Take for example, you decided to use gold as a medium of exchange. There is the problem with quality, size, etc, and as Chillax mentioned, African countries would become a child labor continent.
  
  Like Gentrone said, wealth is measured by production and labor. Its really not much different from an mmo. You might have 10 million gold saved up, but you're not "rich" if it took you a full year to do it. Your rate of gain is what represents your true wealth.
  
  If the government prints more money, the only real result is that the we temporarily have the illusion of more spending power, but overall the value of the dollar just goes down.
• Roy Mustang wrote on 2010-12-14 18:41

  Quote from Cucurbita;247767:

  Sorry rune, but we can't use gold as money.
  
  Its been proven that the only way money works is by using the fiat type of money. One that is considered legal tender but has no value.
  
  Take for example, you decide to use grains of sand as money. Would you keep doing your job, or will you go to the beach with a truck and a shovel?
  Take for example, you decided to use gold as a medium of exchange. There is the problem with quality, size, etc, and as Chillax mentioned, African countries would become a child labor continent.
  
  Like Gentrone said, wealth is measured by production and labor. Its really not much different from an mmo. You might have 10 million gold saved up, but you're not "rich" if it took you a full year to do it. Your rate of gain is what represents your true wealth.
  
  If the government prints more money, the only real result is that the we temporarily have the illusion of more spending power, but overall the value of the dollar just goes down.

  
  
  True...the concept of money is human made anyways. If you REALLY think about it...Money is worthless.
• Cucurbita wrote on 2010-12-14 19:07

  Quote from kingofrunes;247770:

  True...the concept of money is human made anyways. If you REALLY think about it...Money is worthless.

  
  
  Kaiji was such an amazing series.
  
  

  1: What gives a man ultimate power?
  2: The definition of true power
  in this world.
  3: Who can tell me?
  4: - Military power.
  - Intelligence.
  5: Market dominance.
  6: - Money, sir.
  - Money?
  7: Rinko Endo
  8: The real question is
  how to use that money.
  9: Your answer is too obvious,
  you dimwit!
  10: A fallout shelter?
  11: True power is the financial muscle
  12: to build a fallout shelter.
  13: Impressive, Tonegawa.
  14: But I'm interested
  not in a mere pit in the ground,
  15: but a kingdom!
  16: A large, underground empire.
  17: It is a king's mandate
  18: to build a kingdom!
  19: What's more,
  20: you won't need to worry
  about labor for construction.
  21: This country is teeming
  with young men
  22: filled with innocent hope.
  23: Give it to me.
  24: C'mon, c'mon...
  25: Yes!
  26: One more for 10,000 yen.
  27: 10,000 yen, please!
  28: Dammit.
  29: Thank you.
  30: Allow us to help you
  realize your dreams.
  31: For a true partner,
  32: choose Teiai.
  Because the future is yours.
  33: Thank you.
  34: He looked at your tits.
  35: Creepy!
  36: Totally staring, too.
  37: Watch it, asshole!
  38: Who you calling creepy!
  39: Damn!
  40: Goddamn Mercedes!
  41: Take that!
  42: Only people driving these
  43: are tax evaders and
  crooks who take bribes!
  44: Another Mercedes!
  45: Get out of my face! Damn!
  46: What'd you do that for?
  47: Sorry, I didn't mean harm!
  48: Sorry, I didn't mean to...
  49: It was dumb.
  50: Please...
  51: Kaiji Ito, right?
  52: Furuhata was a former co-worker.
  53: I haven't even seen him in a while.
  54: Well, he borrowed money
  and disappeared.
  55: Remember signing this contract?
  56: Loan amount: 300,000 yen
  Guarantor: Kaiji Ito
  57: I guess 2 years ago...
  58: Or wait, did I?
  59: Unfortunately,
  since the borrower disappeared,
  60: you as the guarantor
  must pay for it.
  61: I don't have 300,000 yen.
  I'm barely making rent...
  62: No, you owe 2.02 million.
  63: - 2 million?
  - Interest.
  64: From 300,000?
  65: Compound interest, look.
  So what can you afford?
  66: If you pay 60,000 per month,
  in 11 years...
  67: You gotta be joking.
  I can't pay that.
  68: I shouldn't have to...
  69: "I can't, I can't..."
  70: Are you still a kid?
  71: I don't want to hear
  your little excuses.
  72: I could care less about you!
  73: So you gonna pay or what?
  74: The car damage, too.
  75: I'm sorry.
  76: But I just can't pay
  that kind of money.
  77: There's a ship leaving in 4 hours.
  78: They're looking for participants.
  79: If you're lucky,
  80: your debt will be cleared in a day.
  81: The debt...
  82: Boarding Contract all cleared?
  83: One night of a gambling cruise
  with broke people like you.
  84: Win the game, and your debt's cleared.
  85: The ship is called Espoir.
  86: It's French for "hope".
  87: Kaiji Ito.
  88: Why don't you try it?
  89: But what kind of game?
  90: Who knows.
  91: But your life is worthless now, right?
  92: You're just a lazy bum
  93: with a cheap apartment and job,
  94: sleepwalking through life,
  95: making one excuse after another,
  96: and now you're pushing 30.
  97: You've done nothing.
  Nobody loves you.
  98: Now wait...
  99: And soon you'll be dead.
  100: I'm still working on it.

• Roy Mustang wrote on 2010-12-14 19:11
  lol so true.
  
  Work is everything...how useful is one to society? How productive are you in work?
  
  etc. etc...
  
  It's a complicated issue.