Wednesday, July 13, 2011

Congressman Ron Paul Rips Federal Reserve Chairman Ben Bernanke A New Orifice During A House Financial Services Subcommittee Hearing

This video is especially sweet. Watch how Ron Paul, in that deceptively mild-mannered fashion of his, rip Federal Reserve Chairman Ben Bernanke a new asshole during hearings held on July 13th, 2011 by the House Financial Services Subcommittee on Domestic Monetary Policy and Technology. The hearings were prompted not only by reports indicating that the Federal Reserve was preparing for a third round of quantitative easing, but also to enable Bernanke to deliver his semiannual Monetary Policy Report to the Congress.

Congressman Paul sets him up like a bowling pin, then knocks him down. He cites how growth of debt has far outstripped growth of productivity during the past three years, and notes how the Fed has actually redefined such terms at CPI (Consumer Price Index) to make the economic picture appear deceptively rosy. He repeatedly asks Bernanke why the bailouts were directed towards rich banks rather than towards the American people who suffer as a result of economic plundering, and challenges Bernanke to explain how ordinary American people, who have lost jobs and are subject to nine percent annual inflation, have benefited from these bank bailouts. And Bernanke starts tap-dancing:

Campaign for Liberty also noted that Congressman Paul directly asked Bernanke whether he believes gold is money, to which Bernanke responded that it is not. Paul then asked why central banks bother to hold gold if it is not to be considered money, and Bernanke responds that it is merely "tradition". Interestingly enough, QNB Capital states in their latest report that central bank gold reserves rose by more than two percent between 2008 and the end of 2010, with central banks in Brazil, Russia, India and China – as well as those in the Middle East – particularly strong buyers of the yellow metal.

Sounds more like "hedging" than "tradition", doesn't it? An Associated Press report provides an overall summary of Bernanke's testimony; read the analysis on Lew Rockwell.

Can you imagine Mitt Romney holding Bernanke's feet to the fire like this? Fuggedaboutit...he's part of the Bernanke class. How about Pawlenty or Bachmann or Gingrich? Not a chance! The only other presidential hopeful who would lean on Bernanke like this is Sarah Palin.

Now that Ron Paul has satisfied me that he's totally committed to a presidential run by giving up his House seat at the end of his term, it's time to take a fresh look at him -- and take him more seriously. Should we vote for someone like Romney simply because a bunch of polls say he is "more electable" and can beat Obama, or should we vote our conscience and support someone who will fearlessly hold the predators accountable? Mitt Romney offers hope, but does he really offer change?

Electability? There's no law that says we can't make Ron Paul more electable through hard work. Ron Paul offers both hope and change. Perhaps we should be thinking a Paul-Palin ticket rather than a Romney-Palin ticket. I'm willing to consider changing my mind when new facts supersede old perceptions -- how about you?

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