Ron Paul to Chair Monetary Policy Subcommittee

[MRoCkEd]

Sometimes all you need (http://en.wikipedia.org/wiki/United_States_House_Financial_Services_Subcommitte e_on_Domestic_Monetary_Policy_and_Technology) is a headline. Ron Paul is slated to run this subcommittee, giving him some actual power and a megaphone on the issue dearest to his heart.

[nobody's_hero]

Oh, I hope this happens.

It would give Ron a chance to grill the international banksters—with a flame-thrower.

[Lucille]

Zerohedge: John Taylor: "November Will See The Flash Point That Begins The Market's Reversal" (http://www.zerohedge.com/article/john-taylor-november-will-see-flash-point-begins-markets-reversal)


John Taylor, who has not made any friends at the administration with his recent comparison of Ben Bernanke to Hitler, has released his latest letter whose purpose is to disabuse what Traxis flip flopper extraordinaire Barton Biggs (or rather is praying, due to his high single digit negative YTD P&L), as well as many others believe, will be a 10% boom in stocks prices following November 3. Wrong. As this whole rally has been liquidity driven, all that will take to reverse it, is for someone to step between the Chairman and his favorite Hewlett Packard. That someone: anti-Fed crusader Ron Paul, who will see this as his last mandate (and chance) to leave a memorable mark on the Fed's modus operandi: "After the Republican victory things will change. The Fed will be hamstrung, as Ron Paul, a conservative standard-bearer and harsh critic of the Fed, will head the sub-committee overseeing its actions. Liquidity expansion or new programs will probably drop sharply under his watch. Paul would argue that the Fed’s unfettered ability to “debase” the currency is about to come to an end" Which is why all those who believe "more of the same" will continue indefinitely, may be wise to hedge their bets.

Also here: "The Fed will be hamstrung, as Ron Paul, a conservative standard-bearer... (http://www.ronpaulforums.com/showthread.php?t=266157)"

[brandon]

This is probably the best thing to come out of this election.

[jclay2]

Oh, I hope this happens.

It would give Ron a chance to grill the international banksters—with a flame-thrower.

Already getting excited for the Bernanke/Geithner v RP face off. So much better than Bawney Frank.

[LDA]

If only this could have been done 10 years ago. The damage has been done, but maybe we can stop it from getting worse.

[WRellim]

Ron Paul to Chair Monetary Policy Subcommittee



And in other news, Congress Republican leadership has decided to disband the "Monetary Policy Subcommittee" and merge it's responsibilities with the "Subcommittee on Environmental Excrement Disposal", which will be chaired by senior Congressman DerpDerpDerp.

Because that is exactly what the did the last time Ron was up for a chair position.

[Maximus]

Let's hope the repubs are too distracted by their victory and forget about Paul

[Koz]

They will never let him chair a subcommittee.

[Fozz]

Sometimes all you need (http://en.wikipedia.org/wiki/United_States_House_Financial_Services_Subcommitte e_on_Domestic_Monetary_Policy_and_Technology) is a headline. Ron Paul is slated to run this subcommittee, giving him some actual power and a megaphone on the issue dearest to his heart.

:D:D:D

How exciting......this should make up for my disappointment from the Senate races.....IF TPTB don't try to stop Ron from chairing this committee.

[AJ Antimony]

The last two times they snubbed him he was a nobody that had no name recognition outside his district. Now he's a national icon.

I'm not sure they can get away with it this time... grassroots will be too pissed off.

[Baptist]

I vote that we spread this like wildfire. Lets get it all over the Internets like it is a done deal. "Ron Paul to chair Monetary Policy Subcommittee." The more attention we bring to it the better IMO. If the party leaders think nobody is watching, they are more likely to screw him over again.

Call into radio shows, get Alex Jones to rant about it and setup a google search #1 linking to a story about, etc.

[Pericles]

Audit the FED may be back with a vengence.

[Baptist]

bump.

[kkassam]

They will never let him chair a subcommittee.

To clarify: this happened (http://www.slate.com/blogs/blogs/weigel/archive/2010/11/03/ron-paul-to-chair-monetary-policy-subcommittee.aspx).

[Baptist]

To clarify: this happened (http://www.slate.com/blogs/blogs/weigel/archive/2010/11/03/ron-paul-to-chair-monetary-policy-subcommittee.aspx).

Better than nothing. I'm sending that link to Jones and Drudge and everyone.
http://www.slate.com/blogs/blogs/weigel/archive/2010/11/03/ron-paul-to-chair-monetary-policy-subcommittee.aspx#add-comment

[austrobrady]

The Forbes article doesn't say much, but what is notable is the lack of any talk of abolishing the committee like the Republican leadership did twice before:

http://blogs.forbes.com/bruceupbin/2010/11/03/bernanke-and-the-big-ease-we-happy-few/



Does Bernanke appear before the Domestic Monetary Policy Subcommittee or the full HFSC?

[Dr.3D]

They will never let him chair a subcommittee.

They better think twice about that. They already saw what happened to the Democrats when they didn't do what their constituents wanted. I believe this is the Republicans last chance to turn back into the party they once were (and are supposed to be) and save themselves from extinction.

[Knightskye]

:D:D:D

How exciting......this should make up for my disappointment from the Senate races.....IF TPTB don't try to stop Ron from chairing this committee.

This.

[BucksforPaul]

Why do I have a huge smile on my face while reading this thread? I swear I cannot stop smiling and hope that he does get to chair this committee. If TPTB do decide to stonewall him then each and every one of them should be voted out of office next election cycle. This should be our number 2 priority only slightly behind getting Dr. Paul elected to the office of POTUS. By the way, how big of a crime is it to aid and facilitate counterfeiters?

Although I am also a little disappointed in some of the senate races, but we have made great in roads into the so called "mainstream" populace in quite a short period of time. Three years ago, how many times did we ever hear the words Libertarian, Austrian Economics, and End the Fed on corporate "media"? Our ideas are gaining ground at an astonishing rate, in relation to time, while the establishment's age old script cannot keep up.



If only this could have been done 10 years ago. The damage has been done, but maybe we can stop it from getting worse.


I agree with you that great damage has already been done to our economy. However, real free market principles would not only stop the economy from getting worse, but also could possibly improve it to its previous highs. We are in far better conditions if compared to Germany and Japan post WWII. Some people may argue that the transition from Keynesian planned economics to Austrian free markets will cause doom and gloom, but in my opinion this can be avoided by simply addressing our $1 trillion+ a year foreign policy.

Peace

[HOLLYWOOD]

Rep. Spencer Bacchus is watching over Ron. You know the Money Masters don't want Ron chairing any house committee

[klamath]

RP needs to fight for this position and it better happen. If they try and pass him up as the senior ranking member WE need to let our voices be heard! Let them know that if they don't want the libertarian wing to bolt again they better give RP the respect and leadership he has earned.

[FunkBuddha]

This just made my day.

How are the rest of the committee members picked? Does Ron have a say in who gets put on the committee with him? My guess is that TPTB will try and stack the committee against him as much as possible.

[WRellim]

The last two times they snubbed him he was a nobody that had no name recognition outside his district. Now he's a national icon.

I'm not sure they can get away with it this time... grassroots will be too pissed off.


What, you mean like when the "grassroots" didn't want the bailout passed?
:rolleyes:


Seriously, they know the population gets pissed off one day, and then forgets about it the next (and even if they don't forget about it, the anger can be fairly easily co-opted and redirected -- witness the majority of the "Tea Party", it got co-opted and turned into "God, Guns & Gays" by the Palin types).
:(

[coastie]

What, you mean like when the "grassroots" didn't want the bailout passed?
:rolleyes:


Seriously, they know the population gets pissed off one day, and then forgets about it the next (and even if they don't forget about it, the anger can be fairly easily co-opted and redirected -- witness the majority of the "Tea Party", it got co-opted and turned into "God, Guns & Gays" by the Palin types).
:(


+1776!!!

I still chuckle every time someone says "they better not do this or the people will do that"... AHAHHAAHAHAHAHAHAHAH.

The one and only time those words were true was a LOOOOONG time ago. Nobody's gonna do a fucking thing nowadays, they'll wait for the media to tell them when and how serious the situation is and how the sheeple have to react.

[Ireland4Liberty]

....called "mainstream" populace in quite a short period of time. Three years ago, how many times did we ever hear the words Libertarian, Austrian Economics, and End the Fed on corporate "media"? Our ideas are gaining ground at an astonishing rate, in relation to time, while the establishment's age old script cannot keep up.





I agree with you! The truth is on our side (freedom works!) so I guess that does help just a tad. It really is only a matter of time before the right person to deliver the message is found. Ron is awesome but if we could couple his message of liberty with a charismatic leader there is no telling what could happen especially in today's economic climate.

[coastie]

I agree with you! The truth is on our side (freedom works!) so I guess that does help just a tad. It really is only a matter of time before the right person to deliver the message is found. Ron is awesome but if we could couple his message of liberty with a charismatic leader there is no telling what could happen especially in today's economic climate.

I dont see this, AT ALL in real life. Even after '07-08, the overwhelming majority of people I speak to still dont have a clue whats going on, and really dont even care...and dont even get me started about my current semester in college...holy shit these kids have been brainwashed, and so have everyone of my "professors".

I'll agree that we've come a long way in the last several years, but it's too little, WAAAAAAAAAY too late, and I'm not seeing it anywhere around me.

ETA: And even with all the people I "converted", esp on my street, everyone of them then switched to McCain when it was go time. The sheeple "get it"-but only for a very short period of time, until the MSM steps back in and sets them straight again. Welcome to America: The Short Attention Span Theater

[Kylie]

We going to have to go Galt.

That's the only way. Who makes motors around here? :D

[HOLLYWOOD]

The latest news: http://www.opencongress.org/articles/view/2099-Ron-Paul-Set-to-Lead-Federal-Reserve-Oversight-Committee

Ron Paul Set to Lead Federal Reserve Oversight Committee

November 5, 2010 - by Donny Shaw
http://cache.daylife.com/imageserve/0aVYdcH1E1dKU/610x.jpg
Rep. Ron Paul [R, TX-14] (http://www.opencongress.org/person/show/400311_Ronald_Paul), the most popular member of Congress amongst OC users (http://www.opencongress.org/battle_royale/representatives?order=desc&page=1&sort=p_approval_avg&timeframe=AllTime), is in line next session to take control of the Domestic and International Monetary Policy, Trade and Technology subcommittee, oversees the Federal Reserve, among other things. Paul is well known for being critical of the Fed, having recently authored a book titled “End the Fed” (http://www.powells.com/biblio/72-9780446549172-0) and sponsoring legislation (http://www.opencongress.org/bill/111-h833/show) session after session designed to accomplish just what the book title suggests. He has inspired a powerful, Tea Party-aligned grassroots movement around his ideas of abolishing the Fed and changing the fundamental structure of the U.S. monetary system. With the Fed right now at the center of efforts to get the economy back up and running, having Paul take over Fed oversight right now could really shake things up.
Paul recently spoke to Reuters (http://www.reuters.com/article/idUSTRE6A35QB20101104) about what he plans to do with his new position:

Paul is currently the top Republican on the House of Representatives subcommittee that oversees domestic monetary policy, and is likely to head the panel when Republicans take control of the chamber in January.
That could create a giant headache for the Fed, which earlier this year fended off an effort headed by Paul to open up its internal deliberations on interest rates and monetary easing to congressional scrutiny. […]
Paul said his subcommittee would also push to examine the country’s gold reserves and highlight the views of economists who believe that economic downturns are caused by bad monetary policy, not the vagaries of the free market.
Global organizations like the International Monetary Fund also will come under scrutiny, he said.
“Eventually we’re going to have monetary reform. I do not believe the dollar can be the reserve standard of the world,” said Paul, who has called for returning the United States to a currency backed by gold or silver.
Earlier this year when Congress was working on financial reform, they caved to the Obama Administration on Fed transparency at the last minute. Both the Senate and the House were on route to pass strong Fed audit language, similar to Paul’s “Audit the Fed” (http://www.opencongress.org/bill/111-h1207/show) bill, that would have removed all restrictions on which Fed activities the Government Accountability Office can look at and allow full audits to happen regularly into the future. But Obama threatened to veto the whole bill if this language was added, so, led by Sen. Bernie Sanders (http://www.opencongress.org/person/show/400357_Bernard_Sanders), they swapped it out for language that instead would allow a one-time audit of the Fed’s activities in the financial crisis and leave in place the GAO restrictions on future audits.
With Paul gaining new leadership powers, the battle between Congress and the Administration over Fed transparency and monetary system is definitely going to heat up again next year. The energy he has amassed around his causes, both in and out of Congress, could turn this into the populist fight of our time, with Ben Bernanke and the entrenched powers he is perceived to represent as a very vulnerable target.
[I]Pictured is Ron Paul with his son, the Senator-elect Republican from Kentucky, Rand Paul.

[Pistis]

CNBC: Ron Paul Is About to Totally Revolutionize the House Monetary Policy Panel (http://www.cnbc.com/id/40013227)


Odds are you haven’t heard of the monetary policy subcommittee. Officially known as the House Subcommittee for Domestic Monetary Policy and Technology, it’s a subdivision of the House Financial Services Committee that has mostly occupied itself with pressing questions of issuing commemorative coins and whether or not to eliminate the penny.

That’s about to change. Ron Paul, the Republican Congressman from Texas, is the ranking member of the monetary policy subcommittee, and when the next Congress takes over he’ll likely be the chairman of the subcommittee.

And Congressman Paul has some big plans.

“I will approach that committee like no one has ever approached it because we’re living in times like no one has ever seen,” Paul said in an interview with NetNet Thursday.

Paul said his first priority will be to open up the books of the Federal Reserve to the American people.

“We need to create transparency there. To see what it is they are buying and lending, and who it is they are dealing with,” Paul said.

Paul mentioned that he hoped to use subcommittee hearings to educate the public about the causes of business cycles—which he believes are mainly attributable to monetary manipulation by central bankers.

Monetary reform is also on the agenda. Paul is a noted advocate of the gold standard.

“We will have to have monetary reform,” Paul said. “I think those on the other side of this issue are already planning. They are going to try to replace a bad system with an equally bad system.”

[kkassam]

duuuuuuude

[Inflation]

They will never let him chair a subcommittee.

They can't stop him now. He's the Godfather of the Tea Party.

If they try we'll sick Bulldog Bachmann and Mama Grizzly on them, while Rand and DeMint sit on the sidelines and enjoy the show.

[sailingaway]

RP needs to fight for this position and it better happen. If they try and pass him up as the senior ranking member WE need to let our voices be heard! Let them know that if they don't want the libertarian wing to bolt again they better give RP the respect and leadership he has earned.

I'm afraid if we don't make it clear in advance they'll just announce it and it will be all over. 'Whoops! We didn't know....'

I may just be being paranoid, but they did do it before.

[klamath]

I'm afraid if we don't make it clear in advance they'll just announce it and it will be all over. 'Whoops! We didn't know....'

I may just be being paranoid, but they did do it before.

This is why RP has to be proactive and start calling and asking what the status of his chairmenship is. If he doesn't they will do exactly as you said. "Eh, we didn't know you wanted it" RP kept us informed on Audit the FED and he needs to do the same here.

[ItsTime]

CNBC: Ron Paul Is About to Totally Revolutionize the House Monetary Policy Panel (http://www.cnbc.com/id/40013227)

We Are Winning! :D

[mello]

I would love to See Ron Paul force Krugman to show up & sit next to Peter Schiff in front of that
subcommittee for 3+ hours.

[austrobrady]

Congressional Subpoena Power

As Chairman of The Domestic Monetary Policy Subcommittee, Ron Paul will have the power to subpoena documents and compel witnesses to appear before the committee. He can't force individuals to testify, but can force them to exert their fifth amendment rights. It won't look good if the FRB president of each of the twelve privately held banks refuse to answer simple questions; they might not all take the fifth. We expect subpoenas of the FOMC, The President's Working Group on Financial Matters, The Board of Governors, but can twelve FRB Presidents keep their stories straight if they are compelled to testify one after another? I think not and some FRB presidents are more hawkish on inflation than others; some might be more forthcoming and make it hard for the others to stonewall. The polycentric nature of The Monster can be used against it.

And yes, compelling that arch-Keyensian Krugman to sit next to Bob Murphy or Peter Schiff will be spectacle entertainment not seen since the days the Circus Maximus was in fifth gear.

[austrobrady]

http://en.wikipedia.org/wiki/Frank_Lucas_(politician)

Rep Frank Lucas is third in line on the Domestic Monetary Policy subcommittee. With Mike Castle gone, Lucas is likely to become the ranking majority member on the committee. He will chair the committee in the event that Chairman Paul is absent.

Lazyweb: Do you know anything about Lucas' voting history, temperment or interests?