Hearing on Federal Reserve starting now on CSPAN

[matt0611]

http://www.c-span.org/Live-Video/C-SPAN3/

Ron Paul is chairing this hearing.

Peter Klein and Jeffrey Herberner from the Mises Institute are two of the panelists.

[LostNFoundNTx]

LOL @ Rep. Brady saying he's been told to not get in a debate on Fed history with Rep. Paul.

[WilliamC]

Could this be related to the 'big event' Doug Wead and John Stossel talked about last week?

[smithtg]

barfy frank is annoying

[Yieu]

Thanks for the link.

[Algorres]

how did Elmer Fudd get elected?

[smithtg]

ron giving the dems alot of air time

[matt0611]

ron giving the dems alot of air time

That's ok. Jeffrey Herberner and Peter Klein are gonna tear into the Fed.

[mello]

Still wish Peter Schiff was there to go off on the Fed as well.

[JacobSzumniak]

Aww Ron looks so boss sitting up there with his glasses on!

[LostNFoundNTx]

Panel #2 coming up next (not sure if there's a break or how long)

[LostNFoundNTx]

Aww Ron looks so boss sitting up there with his glasses on!

Earlier it showed him chewing on them lol

[Yieu]

That's ok. Jeffrey Herberner and Peter Klein are gonna tear into the Fed.

Thanks... I tuned back in due to this.

I had tuned out because it had become grating, and there were some unpleasant voices on top of that.

[LostNFoundNTx]

Dr. Herbener is speaking right now

[Yieu]

First panelist in the second section hit it out of the park. His voice wasn't so enjoyable, but he destroyed the common arguments for an elastic currency.

[Massachusetts]

Peter Klein is just going off right now. LOVE IT

[JacobSzumniak]

KILLED IT!

[smithtg]

good stuff!

[Bastiat's The Law]

Is it me or do the democrats ask very obvious softball questions, almost like they don't know what to say and don't want to look ignorant?

[matt0611]

Is it me or do the democrats ask very obvious softball questions, almost like they don't know what to say and don't want to look ignorant?

Yes, they do this every hearing I've seen. They pretty much just ask the liberals on the panel some softball questions and then yield their time.

[ravedown]

man-this is great, klein really explains his points clearly and seems to destroy the other arguments. this is very enlightening.

[MountaineerBill]

man-this is great, klein really explains his points clearly and seems to destroy the other arguments. this is very enlightening.

Klein and Herbener are a pleasure to listen to.

[Travlyr]

Of course without the Fed nobody would be experiencing the business cycle.

End The Fed this afternoon.

[Danan]

"2% is about right." This rate is completely arbitrary and if the growth is at the same rate every year and people could rely on it that whole stuff wouldn't even make sense under the neoclassical standard model as people would adjust to this. I don't see how academics can get away with this. And of course than there's Jeffrey Herberner's point regarding malinvestment to take into account.

The whole central bank makes no sense whatsoever.

[smithtg]

this alice rivilin - what a bunch of BS - "curtailing spending/borrowing now would inhibit the recovery" WHATEVER!

[DEGuy]

It's great to see that the focus of the hearing is whether or not to modify the Fed or end it completely. Paul is framing the whole discussion very well.

I can't wait to see the highlights from this hearing!

[MountaineerBill]

Al Green...smug bastard

[MountaineerBill]

Too bad Herbener and Klein's responses are going over Al Green's head.

[MountaineerBill]

Zing from Klein!! not exact quote "...just because the rest of the world embraces central banks doesn't mean it's a good idea"

[smithtg]

this crusty lady is sooo in the FED boat.

[Danan]

Treasury bills != $

Why does he refer to bonds if the quesiton was about the value of the dollar without the FED?

A gold backed dollar has nothing to do with treasuries.

[Evilfox]

Love it, Ron is signing books now and taking photos with people like a rockstar.

[MountaineerBill]

Love it, Ron is signing books now and taking photos with people like a rockstar.

Klein got a picture!

[palm]

hotmic!

[bb23]

How did it go?

[Bastiat's The Law]

this alice rivilin - what a bunch of BS - "curtailing spending/borrowing now would inhibit the recovery" WHATEVER!
It looked like Alice Rivilin sought out Dr. Paul to shake his hand and talk to him.

[Danan]

How did it go?

Two of the five experts said they would end the FED and that it has overall no positive impact on the economy.

So I'd say quite good.

[Bastiat's The Law]

What is with these false time constraints on these hearing by the way? It drives me crazy! It seems every Congressmen runs out of time and never gets to ask all their questions, or they get ask it, but then the witness has 10 seconds to answer?

[bb23]

Two of the five experts said they would end the FED and that it has overall no positive impact on the economy.

So I'd say quite good.

Awesome :D

[Bastiat's The Law]

Two of the five experts said they would end the FED and that it has overall no positive impact on the economy.

So I'd say quite good.
Prof. Taylor, who said he wouldn't end it, was pretty critical of them though. He was a good witness.

[Highstreet]

TUUUBBBBZZZZ!

[Travlyr]

Two of the five experts said they would end the FED and that it has overall no positive impact on the economy.

So I'd say quite good.
Which tells me that three out of five experts are either indoctrinated blind, stupid, or outright thieves. The Federal Reserve System is simply a counterfeiting ring of thieves. They are the reason for the business cycle, perpetual wars, $108 million drones to kill a "terrorist", six figure retirement income for privileged people while the mundane must just get by, homelessness, poverty, and despair. The Fed is the reason that people must pay for 6 years to own a car, 10 years to be educated, and 30 years to own a home. My grandson is not yet one year old and owes them a debt of $40k+. What is up with that? He didn't ask to be born into debt.

End the Fed this afternoon. If not this afternoon, then End them by tomorrow morning... at least by this coming Friday. Throw them in jail if they resist.

[ClydeCoulter]

Here it is archive on CSpan

http://www.c-spanvideo.org/program/ReserveRef

[ClydeCoulter]

Here it is archive on CSpan

http://www.c-spanvideo.org/program/ReserveRef

And here is a tweet to retweet https://twitter.com/#!/TheLoneCoyote/status/199907720323805184

[jkr]

bump 4 L8r

[Highstreet]

Here it is archive on CSpan

http://www.c-spanvideo.org/program/ReserveRef

thanks!

[Carson]

ron giving the dems alot of air time

Rope to hang themselves?

[Carson]

The following several post of mine are comments that came to mind as I watched the two video's in ClydeCoulter's post. I sort of rambled as things happened.



Quote Originally Posted by ClydeCoulter View Post
Here it is archive on CSpan

http://www.c-spanvideo.org/program/ReserveRef


Mr. Gray asked a question, "What can we do to put people back to work?"

A stable dollar worth working for would go a long way. Another would be to take the power of some to fire up the fiat money presses when ever they want to dictate their way. We don't profit by that much in scratching out a living. They are spending into our profits to the extent even very sound business models can't keep up. The way the economy is in a why bother working for a dollar someone else already spent.

It is imposable for the little guy to save in any form that was available forty years ago. The stock market only rises as a reflection of the devaluation of the dollar. Same with buying commodities such as gold, silver or any of the others. You may keep pace with inflation. Even though you barely keep pace that is all stripped away with capital gains taxes on false profits.

Banking is dead from both directions. They don't pay any interest to the depositor. Last time I looked it was .02 APR.

If you want to start a bank you can't compete with the counterfeiters who print it up an no risk to their capital. If the make a profit they hand out their bonuses. If they take a loss they pass it onto the taxpayers.

http://photos.imageevent.com/stokeybob/followthemoney/Supersingle640x537.jpg

[Carson]

Ron Paul suggested a very good first step to the process of restoring sound money. He said doing away with the capital gains taxes on things like gold a silver would be good start. (That would eliminate capital gains taxes on false profits and would once again give people a place to stay level with anything they wanted to pull inflation wise.) Another was allowing competition with using other currency's.

I may have gotten it wrong. I remember the video I saw it in. If you watch watch for the part where he says, " That way anyone that wanted to keep using the central bank notes could." It was beautiful. It left them all standing with their fiats out.

Ron Paul leaves us all standing there looking down at our exposed fiats. Leads in at about 9:30. He welcomes everyone to go ahead and hang onto it at about 11:01


http://www.youtube.com/watch?v=SJ8M-GHz9RY

I think Rick Santelli liked having an ally on the show.

[Carson]

I think when someone drags the topic of the economy into a discussion about political parties he is leading you into the woods to show you a single tree. Stay back where you can see the entire forest. Don't cloud the issue.

[Carson]

Miss Maloney is talking about the economy like there is one. There is theirs and there is ours.

Sure the economist and their economy did well for themselves.

Us...not so much..

in fact we have been taken out and beaten senseless.

[Carson]

And what about the double standard. I make something and sell it for a buck, I'm required to pay capital gains taxes.

The government creates bonds out of thin air for the notes the central banks create out of thin air and they don't pay their taxes on it.

I heard a long time ago the IRS payed informants a 10% reward on the taxes they collect from the information. It would be up there.

[Carson]

As long as the central banks can create money for anyone they want you can't set a cap on the inflation rate.

Let me explain. The government uses the central bank like we do our credit cards. If it was our central bank we could keep the inflation rate at zero by not borrowing any money.

If we borrow to the extent we double the money supply we devalue all of the dollars by fifty percent. Everything has to inflate by double to account for it.

http://photos.imageevent.com/stokeybob/followthemoney/Baseline2.jpg

Doubling sounds like a lot? Look what we've done to ourselves.

In a world with sayings like, "He who has the gold makes the rules", we should have been more careful. We have given people that probably should have had no say with a dollar about 26 of them to every honest mans 1 real dollar. Is it any wonder we are in the shape we're in? Is it any wonder you can't do squat without some know-it-all that doesn't know anything always telling you how to do every aspect of your life?

I mean listen to these people in this one hearing they have come up with a way to take the sound out of the word "sound".


Barny Frank wants to keep using what we have left of our assets and what little we have in the way of lives as collateral for their grand new world order of things.

[Carson]

On to the second part.

The first guy Jeffrey Herbener kind of worried me but covered himself in the end.?

Second guy, Peter Klein seems solid.

He mentioned no one knows the "optimal supply of money". I would think that the optimal supply of money would be an amount in the system that kept the dollar stable and worth a dollar.

If you had a situation that a bunch of property was destroyed like in a war the supply would have to contract to match the stuff left. If you turned a ton of raw steel into a ton of sewing needles, I would think it would have to expand. I don't think you would have to account for every item. I think the markets could do that. The supply would be dictated by the markets and the trade value fluctuation of the dollar itself.

[PierzStyx]

Aww Ron looks so boss sitting up there with his glasses on!

He looks even more like Magneto.

[Carson]

John Taylor is up and talking about the freedom of the central bank. Sure they should have their freedom but so should we from them.

[Carson]

All they have to do to stabilize the price of gasoline is quit printing money. When the double the supply the value of a dollar is cut in half and it takes twice as many.

http://photos.imageevent.com/stokeybob/morestuff/gas-20-cents.jpg

The silver coins we used in the sixties will still buy a gallon of gas at sixties prices. It is part of a stable forgotten economy. The last time I filled up was at 4.25 or so. It came out 20 cents on the Silver and Gold is money calculator.

http://www.silverandgoldaremoney.com/

The coins will still buy a dollars worth of bread. They will still buy a dollars worth of all of the other commodities. I'd even venture services like labor at sixties prices. The only thing that will not is the monopoly dollar we have been stiffed with.


mo·nop·o·ly
   [muh-nop-uh-lee] Show IPA
noun, plural mo·nop·o·lies.
1.exclusive control of a commodity or service in a particular market, or a control that makes possible the manipulation of prices. Compare duopoly, oligopoly.
2.an exclusive privilege to carry on a business, traffic, or service, granted by a government.
3.the exclusive possession or control of something.
4.something that is the subject of such control, as a commodity or service.
5.a company or group that has such control. (http://dictionary.reference.com/browse/monopoly)

[Carson]

Bubbles bubbles bubbles.

Anyone consider the bond bubble.

And two percent inflation? When has that ever happened.

I'm not good with percentages like a bank might figure so I ran both these charts through a bank website that figures increase. They both came up 400%. I could of messed it up I guess. Still have they ever told you that stocks went up today because the value of the dollar decreased?

http://photos.imageevent.com/stokeybob/followthemoney/RobertSahrcurrencyvalue.jpg

http://photos.imageevent.com/stokeybob/followthemoney/30DJIA.jpg

If you not seeing the match, knock off a couple of zero's on the DOW chart.

That Dr. Klein guy is alright.

[Carson]

Getting back to normal could be as easy as looking and seeing a stable economy has been cruising along fine and dandy, like I made a point of in the post with the 20 cent gas picture. Hidden in real things like real commodities. It has been right there all along waiting for us to regain our senses.


That was a great meeting. All and all everyone brought out the reality of where we are today. If I got Ron Paul right in the beginning this is just the beginning and will continue for a month with questions and answer between the group.

We could get somewhere.

We could regain the control of our government, our borders, and our military. God willing.

[truthspeaker]

Rep. William Lacy Clay (D) is driving me up the wall. "At 8.1% unemployment, the economy's okay"/paraphrased. What nation is he in? Doesn't he realize this does not include all of the retirees, recently graduated college students, and homemakers?

[Carson]

I was thinking some more on the hearings today.

The question of, "Would doing away with the central bank make us weaker as a nation and unable to respond?"

That has troubled me some but it is really uncalled for.

Think about it this way. It doesn't make us weaker it just restores the power to where it should be; with the people. People would still be able to borrow against their assets if we got in trouble.

Allowing those outside of our government to borrow against everyone's assets through trickery has sapped us so dry we can't even carry out normal activities required to fuel the economy.

Once again the government would need to come to us for OUR money. That's the way it used to be. That is the way it should be.

As for firing up the fake money presses in time of need, we didn't need a central bank for that in earlier times of war. See the little bumps in this chart? That is times we introduced currency like the Continental. It was later worked out of the system and the purchasing power of the dollar was restored.

http://photos.imageevent.com/stokeybob/followthemoney/RobertSahrcurrencyvalue.jpg

http://photos.imageevent.com/stokeybob/morestuff/Continental.jpg

'It's Not Worth a Continental"

[P3ter_Griffin]

On c-span3 right now. :)

[acptulsa]

Here it is archive on CSpan

http://www.c-spanvideo.org/program/ReserveRef

It's amazing that CSPAN isn't getting scrubbed clean the way YouTube is.


A stable dollar worth working for would go a long way. Another would be to take the power of some to fire up the fiat money presses when ever they want to dictate their way. We don't profit by that much in scratching out a living. They are spending into our profits to the extent even very sound business models can't keep up. The way the economy is in a why bother working for a dollar someone else already spent.

It is imposable for the little guy to save in any form that was available forty years ago. The stock market only rises as a reflection of the devaluation of the dollar. Same with buying commodities such as gold, silver or any of the others. You may keep pace with inflation. Even though you barely keep pace that is all stripped away with capital gains taxes on false profits.

Banking is dead from both directions. They don't pay any interest to the depositor. Last time I looked it was .02 APR.

If you want to start a bank you can't compete with the counterfeiters who print it up an no risk to their capital. If the make a profit they hand out their bonuses. If they take a loss they pass it onto the taxpayers.

I like the "false profits" phrase. How is it possible that people put up with being charged capital 'gains' taxes on investments which do not gain, but merely hold their actual value?


I The question of, "Would doing away with the central bank make us weaker as a nation and unable to respond?"

That has troubled me some but it is really uncalled for.

Think about it this way. It doesn't make us weaker it just restores the power to where it should be; with the people. People would still be able to borrow against their assets if we got in trouble.

Allowing those outside of our government to borrow against everyone's assets through trickery has sapped us so dry we can't even carry out normal activities required to fuel the economy.

Once again the government would need to come to us for OUR money. That's the way it used to be. That is the way it should be.

As for firing up the fake money presses in time of need, we didn't need a central bank for that in earlier times of war. See the little bumps in this chart? That is times we introduced currency like the Continental. It was later worked out of the system and the purchasing power of the dollar was restored.

Bottom line.