U.S. Republican Representative Ron Paul on Thursday said he will push to examine the Federal Reserve's monetary policy decisions if he takes control of the congressional subcommittee that oversees the central bank as expected in January.
"I think they're way too independent. They just shouldn't have this power," Paul, a longtime Fed critic, said in an interview with Reuters. "Up until recently it has been modest but now it's totally out of control."
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.
Rand Paul's Victory Speech
In case you missed it, please consider Rand Paul's victory speech.
One play of that video is all you need to hear to know that Bernanke's life is going to be a lot more miserable after this election.
Several senators were elected who are openly hostile to the Fed. Rand Paul is one of them. Tea Party candidates won 29 seats in the House. They too will make Bernanke miserable.
Some people claim the election will not change anything. I bet otherwise. But it will take time.
Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com
WASHINGTON, Nov 4 (Reuters) - U.S. Republican Representative Ron Paul on Thursday said he will push to examine the Federal Reserve's monetary policy decisions if he takes control of the congressional subcommittee that oversees the central bank as expected in January.
"I think they're way too independent. They just shouldn't have this power," Paul, a longtime Fed critic, said in an interview with Reuters. "Up until recently it has been modest but now it's totally out of control."
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, who has written a book called "End the Fed," has been a fierce critic of the central bank's efforts to boost the economy through monetary policy.
"It's an outrage, what is happening, and the Congress more or less has not said much about it," he said.
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.
Many economists say that the Fed's decisive actions during the 2008 financial crisis prevented the deep recession that followed from turning into a depression. But grassroots outrage over the bank bailouts and other Fed actions helped propel many Republican candidates to victory in Tuesday's congressional elections -- including Paul's son, Rand Paul, who will represent Kentucky in the Senate.
"With a lot of new members coming and the problems getting worse rather better, there's going to be a lot more people who are going to be looking for answers," Paul said.
Several senators were elected who are openly hostile to the Fed. Rand Paul is one of them.
I'm sure they've all been scheduled for the backroom orientation with the Cigar smokin banksters ... they'll learn to "live" with threats of audits and tough talk.
"Politics and Religion are the building blocks of slavery and oppression. Greed is the mortar that bonds them" and bankers are the masons with trowels in hand !
"The real truth of the matter is, as you and I know, that a financial element in the large financial centers has owned the government of the U.S. since the days of Andrew Jackson." - Franklin Roosevelt (1882-1945), from a letter to Colonel Edward Mandell House, 1933
"But a Constitution of Government once changed from Freedom, can never be restored. Liberty, once lost, is lost forever." --John Adams
"In our time, government has become the main source of America's troubles. It deprives us of freedom and self rule, makes us poorer, sows strife among us, undermines our families, and debases our souls." --Malcolm Wallup
The federal reserve system is the government! We must make people see this truth! Denial of the presence of an underlying connection between the frs – the irs – and the judiciary is a guarantee that the beast will win.
Woodrow Wilson after signing the federal reserve act was quoted as saying “I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men. -
"No people will tamely surrender their Liberties, nor can any be easily subdued, when knowledge is diffused and Virtue is preserved. On the Contrary, when People are universally ignorant, and debauched in their Manners, they will sink under their own weight without the Aid of foreign Invaders." Samuel Adams (letter to James Warren, 4 November 1775)
BTW.......J.P. Morgan's personal attorney, John W. Davis (and later Republican presidential candidate), was the founding President of the CFR. Paul Carvath, the first Vice-President of the CFR, also represented the J.P. Morgan interests. The council's first chairman was Morgan partner Russell Leffingwell. The Federal Reserve System, the League of Nations and the Council on Foreign Relations had both common origins and creators. The CFR was of British -- not U.S. origin.
U.S. Constitution - Article IV, Section 4: NO BORDERS + NO LAWS = NO COUNTRY
In 1836, President Andrew Jackson, infuriated by the tactics of the bankers who were attempting to persuade him to renew the charter of the Second Bank of the United States, said, "You are a den of vipers. I intend to rout you out and by the Eternal God I will rout you out. If the people only understood the rank injustice of our money and banking system, there would be a revolution before morning."
President Franklin Roosevelt stated on November 21, 1933
U.S. Constitution - Article IV, Section 4: NO BORDERS + NO LAWS = NO COUNTRY
"Politics and Religion are the building blocks of slavery and oppression. Greed is the mortar that bonds them" and bankers are the masons with trowels in hand !