Ron Paul’s Straight Talk is Unlike Fedspeak… It’s transparent!
Here is the audio of Dr. Paul’s latest Texas Straight Talk challenging the Fed’s lack of needed disclosure to our Congress (Our Congress)…
Audio by minnesotachris
Congressman Ron Paul – Why the Fed Likes Independence
Last week it was revealed that when Treasury Secretary Tim Geithner was Chairman of the New York Federal Reserve, he urged AIG officials not to disclose to the Securities Exchange Commission relevant details of agreements with banks to bail out Goldman Sachs. Apparently he felt at the time that regulators and the public would be angry that taxpayer money was used to fully compensate bankers who made some horrifically bad investment decisions.
… this revelation makes precisely my point about the need for Fed transparency. This claim that the Fed should have “independence” is a canard.
… The Constitution gives Congress the authority to oversee the integrity of the monetary unit. We have unwisely and unconstitutionally delegated this authority to the Federal Reserve, which has in turn devalued our dollar by 95 percent and counting.
… Geithner expects to be praised and thanked for his actions instead of rebuked and fired. He expects to be given more power to engage in “experimental” monetary policy in the future. But he has just given us a very good idea of what the Fed and Treasury would do with more power, what they consider good monetary policy, and why they like their so-called independence.
Congressman Ron Paul – Why the Fed Likes Independence – Texas Straight Talk.
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