Lucille
08-10-2012, 09:53 AM
Ron Paul’s Legacy: A Complete Audit Of The Secretive Banking Cartel?
http://www.zerohedge.com/contributed/2012-08-09/ron-paul%E2%80%99s-legacy-complete-audit-secretive-banking-cartel
Fed Chairman Bed Bernanke called it a “nightmare scenario” that would create “political influence” and have a “chilling effect.” Indeed, a nightmare for the banking cartel, with a chilling effect on the shenanigans being perpetrated.
Now, the Republicans have an opportunity. Ron Paul is retiring from Congress after 24 plus years of going after the Fed [read.... Ron Paul Slugs At The Fed One More Time]. But during his primary campaign, he gained a lot of supporters, and now it appears that there might be critical mass to push a complete Fed audit into the dynamics of the Republican National Convention on August 27—and elevate it to a plank in the platform.
“It’s good economics and it’s good legislation,” Paul said, “but it’s also good politics, because 80% of the American people agree with it.” But it will be an uphill battle against powerful interests:
Congress. It’s dependent on the Fed. The deficit will be around $1.3 trillion this year, a vote-buying scheme without peer. In a few weeks, gross national debt will exceed $16 trillion. This ballooning debt needs to be funded and rolled over at near zero cost, and the Fed has promised to make that happens—regardless of what it may do to the real economy. So Congress can’t afford to upset the status quo. And it doesn’t want a Fed audit.
Then there is the financial industry, including the TBTF banks, their stakeholders, and large corporations. Many of them were direct recipient of the Fed’s largesse. They want QE and status quo. They want to get bailed out next time. None of them want a Fed audit.
Mitt Romney has been dodging the issue, but given his private equity background, he is unlikely to be gung ho about a Fed audit. Resistance is bipartisan, however, and the White House certainly doesn’t want one.
But it brings together interesting bedfellows: the Tea Party, Ron Paul supporters, independents of all stripes, moderate democrats, liberal democrats, all the way out to the left wing. Senator Bernie Sanders of Vermont, who calls himself a socialist, is a vocal supporter of Fed audits. It’s a mirror of America. And so, if Republicans want to garner support where it would normally be difficult to find, a strong audit-the-Fed plank in their platform might do wonders.
Here is an insanely awesome and hilarious cartoon by Ben Garrison [below] on how Ron Paul is shedding light on the horrid creatures “underneath” the Fed.
And here I am in a conversation with Max Keiser on the Keiser Report, discussing bubbles, central banks, NIRP, and “stupidity arbitrage” (video).
http://www.testosteronepit.com/storage/ron_paul_fed_cartoon.jpg?__SQUARESPACE_CACHEVERSIO N=1336438211966
http://www.zerohedge.com/contributed/2012-08-09/ron-paul%E2%80%99s-legacy-complete-audit-secretive-banking-cartel
Fed Chairman Bed Bernanke called it a “nightmare scenario” that would create “political influence” and have a “chilling effect.” Indeed, a nightmare for the banking cartel, with a chilling effect on the shenanigans being perpetrated.
Now, the Republicans have an opportunity. Ron Paul is retiring from Congress after 24 plus years of going after the Fed [read.... Ron Paul Slugs At The Fed One More Time]. But during his primary campaign, he gained a lot of supporters, and now it appears that there might be critical mass to push a complete Fed audit into the dynamics of the Republican National Convention on August 27—and elevate it to a plank in the platform.
“It’s good economics and it’s good legislation,” Paul said, “but it’s also good politics, because 80% of the American people agree with it.” But it will be an uphill battle against powerful interests:
Congress. It’s dependent on the Fed. The deficit will be around $1.3 trillion this year, a vote-buying scheme without peer. In a few weeks, gross national debt will exceed $16 trillion. This ballooning debt needs to be funded and rolled over at near zero cost, and the Fed has promised to make that happens—regardless of what it may do to the real economy. So Congress can’t afford to upset the status quo. And it doesn’t want a Fed audit.
Then there is the financial industry, including the TBTF banks, their stakeholders, and large corporations. Many of them were direct recipient of the Fed’s largesse. They want QE and status quo. They want to get bailed out next time. None of them want a Fed audit.
Mitt Romney has been dodging the issue, but given his private equity background, he is unlikely to be gung ho about a Fed audit. Resistance is bipartisan, however, and the White House certainly doesn’t want one.
But it brings together interesting bedfellows: the Tea Party, Ron Paul supporters, independents of all stripes, moderate democrats, liberal democrats, all the way out to the left wing. Senator Bernie Sanders of Vermont, who calls himself a socialist, is a vocal supporter of Fed audits. It’s a mirror of America. And so, if Republicans want to garner support where it would normally be difficult to find, a strong audit-the-Fed plank in their platform might do wonders.
Here is an insanely awesome and hilarious cartoon by Ben Garrison [below] on how Ron Paul is shedding light on the horrid creatures “underneath” the Fed.
And here I am in a conversation with Max Keiser on the Keiser Report, discussing bubbles, central banks, NIRP, and “stupidity arbitrage” (video).
http://www.testosteronepit.com/storage/ron_paul_fed_cartoon.jpg?__SQUARESPACE_CACHEVERSIO N=1336438211966