An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
Pages
▼
Pages
▼
Thursday, July 9, 2009
Ron Paul is an idiot!!
A bill introduced in the House by Congressman Ron Paul, would require the Fed to be audited. Paul says that the Fed is not transparent because it does not mark its assets to the market. This is such dangerous nonsense.
Paul is such and idiot that he doesn't understand that Fed is required by law to TURN OVER ALL ITS PROFITS TO THE U.S. TREASURY! What business in America has to do that? Over 96 years of operating the Fed's capital would have been HUGE--far bigger than any business in the world--if it were allowed to retain its earnings.
A "true" audit would require that the Treasury return all of the profits earned by the Fed in the past 96 years.
Ron Paul is a dangerous, dangerous, idiot and people who think like him are killing this country. That includes many members of Congress, like Republican Senator Jim DeMint, who supports the audit and said, "allowing the Fed to operate our nation's monetary system in almost complete secrecy leads to abuse, inflation and a lower quality of life."
Ask DeMint to go collect and make public the $trillions in profits the Fed has turned over to the Treasury. What an ass!
Don't be a moron. If the fed 'was' required to return all of it's profits, where would they return it to? The treasury? Duh. If not, maybe you can put in a good word and have them mail the check here.
ReplyDeleteRon Paul wants to eliminate the FED. Many presidents have opposed it, without much luck. Andrew Jackson and Thomas Jefferson were dead set against it. Big money interests have always kept it alive, as they are the only benefactors. It's time that "We the People" took our government back.
AUDIT THE FED
ReplyDeleteHR 1207: The Federal Reserve Transparency Act
S604: Federal Reserve Sunshine Act of 2009
– the entire episode is a hoax
Audit the Fed is already written into law according to the Federal
Reserve Act of 1913.
http://www.federalreserv...e.gov/generalinfo/faq/faqfrs.htm
It's requested by the GAO, THE GAO IS HEADED BY THE COMPTROLLER OF THE U.S.
http://www.gao.gov/
http://www.govtrack.us/congress/billtext.xpd?bill=h111-1207
http://www.opencongress....org/bill/111-s604/news_blogs
http://www.federalreserve.gov/generalinfo/faq/faqfrs.htm
Why is Mr. Golden Loopholes trying to write in a law that already exists?