Skip to content

Ron Paul Leads Hearing On First Ever Audit Of Fed

“Would it be much of a problem if we were doing this every year?”

Steve Watson
October 5, 2011

Ron Paul Leads Hearing On First Ever Audit Of Fed Ron Paul 1

Texas Congressman and 2012 presidential candidate Ron Paul held hearings Tuesday into a recent and rare one off audit of the Federal Reserve’s crisis-response emergency lending programs of 2008.

In his role as chairman of the Domestic Monetary Policy subcommittee, Paul relished the glimmer of transparency that was afforded as part of the Dodd-Frank Act, signed into law last year.

“More people now are starting to realize that the Fed isn’t independent of political independence because indirectly and some times more directly it is involved in political decisions or at least private decisions to serve some political interest.” Paul told those gathered at the hearing.

Along with Paul, Republicans in attendance argued that the audit should pave the way for regular reviews of the Fed’s policies, as well as more complete disclosure of exactly who has received upwards of $27 trillion in bail out funds since 2008.

“Would it be much of a problem if we were doing this every year?” Paul asked.

Robert Auerbach, Professor of Public Affairs at the University of Texas, backed Paul up by putting the case that regular and ongoing audits would not affect the Fed’s independence in any major way.

“The Fed’s mythical flag of independence from politics, a favorite Fed mantra to avoid individual responsibility, is merely a shield intended to protect the institution from being forced to act in a more transparent fashion,” Auerbach testified.

Rep. Blaine Luetkemeyer, Republican of Missouri, expressed concern that although the GAO’s audit authority is now expired, some banks and firms that “borrowed” from the Fed, and by extension the American taxpaying public, as part of the Bear Sterns and AIG relief packages, have yet to pay back the funds.

Luetkemeyer also noted that the one time GAO audit was extremely limited in its scope.

Nevertheless, the GAO’s report found several instances of conflicts of interest and questionable practices involving Fed officials.

It was also revealed that the Fed made $16.1 trillion in secret loans to Wall Street firms at the height of the crisis.

The full hearing, beginning with Ron Paul’s opening statement, can be viewed below:

Congressman Ron Paul also appeared on Freedom Watch yesterday to discuss the economic situation, urging that politicians in Washington are “not offering a prescription”.

“We have too much spending and too much debt, so they’re trying to solve the problem with more debt. There’s not a chance that we can get out of the recession this way.” Paul told host Judge Andrew Napolitano.

“The people here don’t want to change because they have been conditioned by Keynesian economics. Where I’m encouraged is that people outside this place are getting the message. The answers are well known but how do you translate this new message that we have of free markets and the constitution, and get the people that are managing the affairs now out of office?” the Congressman stated.

Paul added that as president he would implement some immediate measures that would cut the deficit and reduce spending in a meaningful way.

“Immediately you could bring all our troops home and have them spend money here at home, that would give us some reprieve. We could change our foreign policy and indicate to the world that we are going to get our budget under control.” Paul said.

“We could remove taxation on all the money that is held overseas by our corporations and not double tax them. We could remove the interest paid by the Federal Reserve to the banks. The banks won’t invest their money because it’s too risky, but the Federal Reserve gives them their money, essentially, for free, and then they invest it back into Treasury bills, so they help monetize the debt too.”

“Those are a few things, but sending a signal will be most important, ‘we’re going to quit this spending’. Right now I’m working on a plan where in one year I want to cut a trillion dollars.” Paul revealed.

“The appetite for big government is the problem. The taxes and the Federal Reserve inflating, that is the symptom, and the budget problem is a symptom of the appetite for big government.” Paul continued.

“Too often the leadership is only in the business of preserving power… It’s a shame that despite all this arguing and bickering going on between the two parties, there is no difference. Regardless of which party it is they still don’t change the definition of entitlements, they don’t change the foreign policy and they don’t go after the Fed.”

The Congressman also reiterated comments he made earlier in the week regarding the unconstitutional killing in Yemen of the American born cleric Anwar al-Awlaki.

Watch the interview:


Steve Watson is the London based writer and editor for Alex Jones’, and He has a Masters Degree in International Relations from the School of Politics at The University of Nottingham in England.

Related Posts with Thumbnails

Posted in Finance & Economics, Politics, Television Video & Film.

Tagged with , .

Support #altnews & keep Dark Politricks alive

Remember I told you over 5 years ago that they would be trying to shut down sites and YouTube channels that are not promoting the "Official" view. Well it's happening big time. Peoples Channels get no money from YouTube any more and Google is being fishy with their AdSense giving money for some clicks but not others. The time is here, it's not "Obama's Internet Cut Off Switch" it's "Trumps Sell Everyones Internet Dirty Laundry Garage Sale".

It's not just Google/YouTube defunding altenative chanels (mine was shut), but Facebook is also removing content, shutting pages, profiles and groups and removing funds from #altnews that way as well. I was recently kicked off FB and had a page "unpublished" with no reason given. If you don't know already all Facebooks Private Messages and Secret Groups are still analysed and checked for words related to drugs, sex, war etc against their own TOS. Personally IU know there are undercover Irish police moving from group to group cloning peoples accounts and getting people booted. Worse than that I know people in court at the moment for the content they had on their secret private group. Use Telegrams secret chat mode to chat on, or if you prefer if you need to or buy a dumb phone with nothing for the NSA to hack into if you are that paranoid.

So if your not supporting this site already which brings you news from the Left to the Right (really the same war mongering bollox) then I could do with some. Even if it's just £5 or tick the monthly subscription box it will be much appreciated. Read on to find out why/


Any support to keep this site would be appreciated. You could set up a monthly subscription for £2 like some people do or you could pay a one off donation as a gift.
I am not asking you to pay me for other people's articles, this is a clearing house as well as place to put my own views out into the world. I am asking for help to write more articles like my recent
false flag gas attack to get WWIII started in Syria, and Trump away from Putin. Hopefully a few missiles won't mean a WikiLeaks release of that infamous video Trump apparently made in a Russian bedroom with Prostitutes. Also please note that this article was written just an hour after the papers came out, and I always come back and update them.

If you want to read JUST my own articles then use the top menu I have written hundreds of articles for this site and I host numerous amounts of material that has seen me the victim of hacks, DOS plus I have been kicked off multiple hosting companies, free blogging sites, and I have even had threats to cease and desist from the US armed forces. Therefore I have to pay for my own server which is NOT cheap. The more people who read these article on this site the more it costs me so some support would be much appreciated.

I have backups of removed reports shown, then taken down after pressure, that show collusion between nations and the media. I have the full redacted 28/29 pages from the 9.11 commission on the site which seems to have been forgotten about as we help Saudi Arabia bomb Yemeni kids hiding in the rubble with white phosphorus, an illegal weaapon. One that the Israeli's even used when they bombed the UN compound in Gaza during Operation Cast Lead. We complain about Syrian troops (US Controlled ISIS) using chemical weapons to kill "beautiful babies". I suppose all those babies we kill in Iraq, Yemen, Somalia and Syria are just not beautiful enough for Trumps beautiful baby ratio. Plus we kill about 100 times as many as ISIS or the Syrian army have managed by a factor of about 1000 to 1.

I also have a backup of the FOX News series that looked into Israeli connections to 9.11. Obviously FOX removed that as soon as AIPAC, ADL and the rest of the Hasbra brigade protested.

I also have a copy of the the original Liberal Democrats Freedom Bill which was quickly and quietly removed from their site once they enacted and replaced with some watered down rubbish instead once they got into power. No change to police tactics, protesting or our unfair extradition treaty with the USA but we did get a stop to being clamped on private land instead of the mny great ideas in the original.

So ANY support to keep this site running would be much appreciated! I don't have much money after leaving my job and it is a choice between shutting the server or selling the domain or paying a lot of money just so I can show this material. Material like the FSB Bombings that put Putin in power or the Google no 1 spot when you search for protecting yourself from UK Police with "how to give a no comment interview". If you see any adverts that interest you then please visit them as it helps me without you even needing to give me any money. A few clicks per visit is all it takes to help keep the servers running and #altnews alive!

However if you don't want to use the very obvious and cost free ways (to you) to help the site and keep me writing for it then please consider making a small donation. Especially if you have a few quid sitting in your PayPal account doing nothing useful. Why not do a monthly subscription for less money instead. Will you really notice £5 a month?

0 Responses

Stay in touch with the conversation, subscribe to the RSS feed for comments on this post.

Some HTML is OK

or, reply to this post via trackback.