Posted tagged ‘End the Fed’

Ministry of Plenty 100% Sure It Will Control Inflation

December 7, 2010

Bernanke Is 100% Sure

From ZeroHedge.com:

I don’t know about you, but I’m not 100% sure about anything. The older I get, the less sure I am about everything. I question things that I was sure were true when I was 25 years old. I’m not sure I’ll wake up in the morning. I’m not sure I’ll survive my commute to work. That is why I was flabbergasted last night as I watched Scott Pelley interview Ben Bernanke on 60 Minutes.

As a side note, boy this show has gone downhill. In the old days of real journalism, Mike Wallace would have scorched Ben Bernanke, pointing out his phenomenal ability to be wrong or clueless on every financial issue the country has faced in the last 10 years. Today, Pelley underhands softball questions to Bernanke and never challenges him. It was a pathetic display of journalism.

Below is the dialogue that made me almost fall off my chair:

Pelley: Is keeping inflation in check less of a priority for the Federal Reserve now?
Bernanke: No, absolutely not. What we’re trying to do is achieve a balance. We’ve been very, very clear that we will not allow inflation to rise above two percent or less.
Pelley: Can you act quickly enough to prevent inflation from getting out of control?
Bernanke: We could raise interest rates in 15 minutes if we have to. So, there really is no problem with raising rates, tightening monetary policy, slowing the economy, reducing inflation, at the appropriate time. Now, that time is not now.
Pelley: You have what degree of confidence in your ability to control this?
Bernanke: One hundred percent.

The hubris in this statement is breathtaking. The U.S. economy is a complex interaction of thousands of variables and is intertwined with the policies and actions of hundreds of other countries throughout the world. No one has a handle on the worldwide economy and no model can predict anything with any amount of accuracy. And still, this pompous professor from Princeton who has never worked a day in his life in the real world is 100% SURE that HE knows what will happen and when it will happen. I’m sure his track record of predictions and analysis will give you comfort in this statement:

“We’ve never had a decline in house prices on a nationwide basis. So, what I think what is more likely is that house prices will slow, maybe stabilize, might slow consumption spending a bit. I don’t think it’s gonna drive the economy too far from its full employment path, though.” – 7/1/2005

“Housing markets are cooling a bit. Our expectation is that the decline in activity or the slowing in activity will be moderate, that house prices will probably continue to rise.” – 2/15/2006

March 28th, 2007 – Ben Bernanke: “At this juncture . . . the impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained,”

May 17th, 2007 – Bernanke: “While rising delinquencies and foreclosures will continue to weigh heavily on the housing market this year, it will not cripple the U.S.”

June 20th, 2007 – Bernanke: (the subprime fallout) “will not affect the economy overall.”

continued..

Song of the Day: F*ck the Fed

November 6, 2010

On the 100th anniversary of the secret Jekyll Island meeting that led to the creation of the Federal Reserve, Thirteen O’Clock’s Song of the Day is:

Fed Returns to the Scene of the Crime

November 6, 2010

The Federal Reserve returns this weekend to Jekyll Island – the scene of the secret meeting one hundred years ago that led to the formation of the Fed. Forbes magazine founder Bertie Charles Forbes wrote of this meeting some years later:

Picture a party of the nation’s greatest bankers stealing out of New York on a private railroad car under cover of darkness, stealthily riding hundred of miles South, embarking on a mysterious launch, sneaking onto an island deserted by all but a few servants, living there a full week under such rigid secrecy that the names of not one of them was once mentioned, lest the servants learn the identity and disclose to the world this strangest, most secret expedition in the history of American finance. I am not romancing; I am giving to the world, for the first time, the real story of how the famous Aldrich currency report, the foundation of our new currency system, was written… The utmost secrecy was enjoined upon all. The public must not glean a hint of what was to be done. Senator Aldrich notified each one to go quietly into a private car of which the railroad had received orders to draw up on an unfrequented platform. Off the party set. New York’s ubiquitous reporters had been foiled… Nelson (Aldrich) had confided to Henry, Frank, Paul and Piatt that he was to keep them locked up at Jekyll Island, out of the rest of the world, until they had evolved and compiled a scientific currency system for the United States, the real birth of the present Federal Reserve System, the plan done on Jekyll Island in the conference with Paul, Frank and Henry… Warburg is the link that binds the Aldrich system and the present system together. He more than any one man has made the system possible as a working reality.

If you are unfamiliar with what the Fed really does, how it does it and why you should care, you owe it to yourself to watch this video:

Mel Watt – Fed Shill

October 30, 2009

This man is an enemy of freedom, prosperity and government transparency. See my previous post for an explanation.

wattjoker

Urgent! Audit the Fed Bill in Trouble!

October 30, 2009

Federal Reserve Policy Audit Legislation ‘Gutted,’ Paul Says

By Bob Ivry

Oct. 30 (Bloomberg) — Representative Ron Paul, the Texas Republican who has called for an end to the Federal Reserve, said legislation he introduced to audit monetary policy has been “gutted” while moving toward a possible vote in the Democratic-controlled House.

The bill, with 308 co-sponsors, has been stripped of provisions that would remove Fed exemptions from audits of transactions with foreign central banks, monetary policy deliberations, transactions made under the direction of the Federal Open Market Committee and communications between the Board, the reserve banks and staff, Paul said today.

“There’s nothing left, it’s been gutted,” he said in a telephone interview. “This is not a partisan issue. People all over the country want to know what the Fed is up to, and this legislation was supposed to help them do that.”

continue reading

Urgent call to action! Contact your representative today, tomorrow, every day until HR 1207 is restored to its original form. Anything less is simply unacceptable.

Please help show congress we are dead serious about this audit.

End The Fed Book Excerpt

September 7, 2009

EndTheFedThe good folks at the Ludwig von Mises Institute have made a chapter of End the Fed by Ron Paul available for preview.

Read Chapter 2 here.

I read the entire book this weekend and I highly recommend it to anyone who is at all concerned about freedom and our economic future.

The Mises Institute says this about it:

A blast against central banking this powerful hasn’t been seen since the 19th century. The Fed itself has never been subjected to such a whithering critique. And it is from a man who has been fighting the Fed his entire political career. in fact, several chapters here provide documentary evidence of Congressman Paul’s own verbal exchanges with Chairman Greenspan and Chairman Bernanke.

What is especially impressive here is that Paul’s book goes far beyond old-time populist attacks on the banking elites. He understands Austrian theory as well as anyone, and he has learned from Mises and the whole of his tradition. So here we find patient explanation of the workings of the Fed and how it has distorted the legitimate business of banking, through every manner of intervention.

The political analysis in here is sound but expected. The theoretical analysis is the robust part, and something that few politicians in U.S. history could have provided. In this sense, Ron Paul is unique: courage in public service combined with intellectual rigor. This combination has made him a machine in opposition to the Fed, and this is by far his best presentation of the subject.

It turns up the heat on the Fed as never before. He shows that the central bank bears a large responsibility for the creation of the Leviathan state. It has wrecked our money, funded ghastly wars, and made possible the creation of the social welfare state that is bankrupting us financially and making the population dependent on the state. It has given rise to economic crisis and turmoil of all sorts.

Paul also offers a realistic plan for abolishing the Fed, if not immediately then with incremental steps to reduce its power and eliminate its dominance in American economic life.

Paul wrote this book as a personal statement. But it serves two additional purposes. It educates. And it inspires toward effective action.

Get your copy soon – we really do not have much time to lose.

The Book Every American Should Read

September 5, 2009

endthefed250wWant to know what it felt like to be an American colonist reading one of the first copies of Thomas Paine’s Common Sense?

Get a copy of Ron Paul’s new book, End the Fed and you’ll know just what those early Americans felt upon reading some of the most powerful words ever written.

End the Fed is written in an easy to understand, conversational tone making the ideas within very accessible to just about anyone.  Congressman Paul shines the bright light of truth of our monetary system throughout history to the present day. What you learn may shock you but at the same time it will empower you with knowledge that has too long been hidden away from the American public.

If you read no other book this year, read this one. We are living in exceptionally interesting times. It is in our individual and national interest to learn as much as we can about how we arrived in these times and how we can take more control of our future.