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October 5th, 2011 
FAKE NEWS for the Zionist agenda 
“Would it be much of a problem if we were doing this every year?”
Steve Watson
Infowars.com
October 5, 2011
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”.
- A d v e r t i s e m e n t
“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:
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Steve Watson is the London based writer and editor for Alex Jones’ Infowars.net, and Prisonplanet.com. He has a Masters Degree in International Relations from the School of Politics at The University of Nottingham in England.
50 Responses to “Ron Paul Leads Hearing On First Ever Audit Of Fed”
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My honest opinion:
We waste our time with “end the fed” and “audit the fed” banter.
The only solution is revolution.
The tree of liberty must be watered, from time to time, with the blood of patriots and tyrants.
As I said before. Tell the suicidal Chinese in sweat shop workers that unions are bad. I bet they wished they had them right now. In fact I know they do. And that’s exactly where American companies are moving now. Why? Because they STILL want slave labor. That’s why they want to convince us that unions are no longer needed or valuable. That minimum wage and other labor laws should be eliminated. They want to reverse all of the progress that previous generations have fought to achieve. THEY hate the middle class because they expect too much. The poor are desperate enough to work for a pittance. They want us all poor like a third world country. That’s why the wealthy have pushed for open borders. In order to import poverty in to the US.
The libertarians have become the Paris Hilton party promoting the selfish wealth hoarders who acquire ungodly levels of wealth by means of inheritance and nepotism. They don’t create jobs on any substantial levels. They buy diamond encrusted dog collars for their chihuahuas and hob-knob in Beverly Hills.
You want to destroy the middle class? Keep suppressing wages and attacking unions. Ensure that we become a service sector economy being paid wages nowhere near the levels needed to match the ever-increasing cost of living. Attack those who are simply demanding enough pay to put food on the table and pay their bills while the ownership class literally wipes their ass with hunded dollar bills because they have more money than they could ever spend.
I remember when the son of one of those Exxon-Mobil CEOs (Brandon Davis?) was caught on camera mocking Lindsay Lohan because she was ‘only’ a millionaire. At least she earned her money you useless high society slob. These people make me sick and their elitist attitude causes them to lo0kk down upon the rest of us as slaves and useless eaters.
Ben Shalom Bernanke – What more can I say other than Rahm Israel Emanual
Oops, the money changers have been exposed.
The Bible says “they will come as ______, BUT they are not”
Quite a quote, huh?
OK use the Z word now.
Want to fix America? quit complaining about the fed lending wall street 16.1 trillion dollars. They needed that or the economy would collapse. They need it TO CREATE JOBS. And without QE3 that won’t happen, and you’ll all cheer that the economy will go back into recession.
One look at “Ms” brown, and you should already know she is a ObomoBot
and of course, a anti-american communist racist.
She will avoid any criticism and skirt any question, with “everything is OK”,
which is validated with….What has been done, since the audit…..NOTHING has been done
to correct the true problems of the FED.
It is the same as asking a satanist to see if there is anything bad happening in america,
the answer will be of course….Everything is great and wonderful…
The official…Standing around and looking up and whistling in the wind crap, gets really old.
But I already know, it will take a blood conflict, to put an end to all of it, they are not
going to walk away without a blood fight, and you can bet your life on it.
And it’s inevitable that when wealthy corporate owners are given carte blanche they are going find ways to eliminate their competition. Walmart can afford to offshore and outsource. Then they can flood our country with cheap foreign garbage from China. Of course the smaller competitors can’t compete. It’s called predatory pricing and Walmart managers have been known to laugh about all the small businesses they’ll put out of business. Watch the film called ‘Walmart;The High Cost of Low Prices’. That’s right. Vehemently anti-union WALMART! Why don’t we ever talk about that aspect of unions? They are a necessary counter-balance to such anti-American anti-free market companies. In China there are no unions. They are sweat shops, people working twnety hours a day for chump change and regular on-the-job suicides. Tell those that endure modern day slavery that unions are bad. Go ahead!
Because unions only protect the collective, mob rule. People all need to stand up for them self then unite if they need to.
I’d rather have a mob rule of the commoners than rule by the elite.
Everything I say here (okay, not everything, but enough) comes back a couple of days or weeks later.
It’s uncanny.
Front runner, ahead of the curve.
The idolification of Paul continues, and FOX sends out some very mixed messages of whether or not it is in support Of Paul.
“Fairy tales can come true, it can happen to you…”
BUT IT WONT.
Alex is so upset with Rosanne Barr because she made some off-the-cuff remarks about his precious class of wine-sipping, nose-in-the-air elitist snobs who control everything by default. But if you were to bash a poor woman on food stamps Alex would applaud and congratulate you with a snide remark and a pat on the back.
Promote ALL of the Bible Christian Alex. Not just the parts that you like. That conform to your own personal interests. Not just what is convenient to your own lifestyle.
“Again I say to you, it is easier for a camel to go through the eye of a needle, than for a rich man to enter the kingdom of God.”
You left out the most important part of Jesus’ story! The punchline!
25. When the disciples heard this, they were very astonished and said, “Then who can be saved?” 26. And looking at them Jesus said to them, “With people this is impossible, but with God all things are possible.”
What is the main difference between government corruption and corporate corruption? At least we can vote out government scum. Not the case in a Corporatocracy.
I bet they found nothing, this is a complete waste of time…
and who cares if they lent wall street 16.1 trillion, if they didn’t the economy would have collapsed, they need it so they can create jobs you idiots.
Yeah, jobs everywhere. They’re everywhere. LOL!
yea and where are the jobs at dipshit? get your fact straight retard.
Get out of the damn wars, that is the first step! Go RP.
@ScrewThis
Does Soros pay good for trolling sites spitting disinformation. I would love to get a kush kush job doing nothing but spitting Soros Talking Points. Where do I app. Oh PS don’t tell them I will be recording and documenting everything to expose it.
How much do you get paid by the drooling pigs in Wall Street to promote corporate wealth hoarding you establishment whore? Does fox News and Rupert Murdoch sign your personal checks? Maybe they’ll outsource your job next?
Sorry mouth breather, I am not a Republican, try again. Fox and your worthless MSM are both worthless sources of news, nothing but propaganda to keep the mindless sheep bleating contentedly. Sad thing is how easy it is to spot a Wolf in Sheep’s Clothing *Soros Bot* and that would be you.
Anywho, would love to stay and play “Poke the Soros Bot” UNFORTUNATELY, I actually have to do real work for my paycheck, toodles Bot.
What do you breathe with? Your asshole you idiot? stupid ass comment from a stupid ass idiot. Now take a deep breath before you drop back to your knees to deep throat your banker slave owner.
I guess when your head is shoved that far up your ass you have to breathe that way huh?
If I could ever witness the Gov takin on the ‘Banks’..I’d have to put my bet on the Gov since the militaries are under the command of the Gov and not Bernanke or Zoellick.
@ScrewThis: Here’s an idea, listen to ALex Jones everyday, then you’ll realize that everything you’re saying is fallacious and that you can’t even put all of your ignorance into one comment. If you’ve got a problem with Alex, here’s a simple solution, stop trolling this site and go hold some people hostage with your union friends.
“Alex is in love with the gluttonous Wall Street wealth hoarders.” Go away n00b, Boom Headshot.
I listen to him regularly you fool. He just said that these protesters are a bunch of socialists and evil union members who only want to attack the poor rich people for no reason. He just said that TODAY. Why don’t YOU actually listen instead of just pretending to hear what you want to hear?
Mindlessly kissing the ass of Jones is not productive or impressive.
Regurgitating Soros talking points is not productive or impressive, I see the same shit you spew over on the comment sections of the Fox News stories. So fun to mess with Soros Bots, you poor welfare rats get so worked up.
I apologize in advance for not sticking on topic.
SAN FRANCISCO (AP) – The federal government has found a new weapon in its war on marijuana — the tax man.
A San Francisco Bay area medical marijuana dispensary that promotes itself as the world’s largest has been hit with a $2.4 million tax bill following an audit by the Internal Revenue Service, the dispensary founder said Tuesday.
The back taxes, penalties and interest levied against Harborside Health Center came after the IRS examined its returns for 2007 and 2008 and determined a 1982 tax code prohibiting cost deductions for businesses that traffic in illegal drugs applies to the dispensary.
Harborside is a spa-like fixture on Oakland’s waterfront with 94,114 registered customers and 84 full-time employees that offers an average of 30 varieties of medical marijuana every day and has $22 million in annual sales.
“What kind of drug trafficking organization actually files a tax return? None of them do,” said Harborside CEO Steve DeAngelo, who gave his auditor a personal tour of his posh apothecary. “The very fact that we filed a tax return and told the IRS all the details of what we are doing proves we are not a drug trafficking organization.”
The IRS said the agency does not comment on individual audits.
After he’s done with them I hope he exposes the coup before we elect him as our next president. Google PalinsDirtyLittleSecret.blogspot if you don’t know who Sarah Palin really is and her role in the last election
End the Fed? Oh, you mean PRIVATE banks filled with confiscated wealth? It’s anti-free market to protest them isn’t it? I mean, if protesting Wall Street is bad why not accept the private Federal Reserve as well? It’s all ass backwards.
they lent wall street 16.1 trillion or the economy would have collapsed, they need the money to create jobs idiot.
Social mobility is at record lows in the US and income inequality as it its greatest. What does that mean? It means that the rich are not creating jobs and promoting a healthy economy as the right has been telling us they should. They are simply exploiting well known loopholes, suppressing wages, shipping jobs overseas and investing their money elsewhere. They seek slave labor in China. It has nothing to do with taxes. They know all the loopholes. In fact the corporate whores are the greatest recipients of welfare. That’s what unions are protesting. But Alex wants large corporations to have your money apparently? In large amounts. Subsidies, land grabs, tax loopholes and other giveaways are abundant. Advantages that the rest of us never get to see. The original Boston Tea Party was a protest against large businesses shifting their tax burdens on to the smaller ones. But don’t expect Alex or any other wealth hoarder apologists to tell you that. Kissing corporate ass and worshiping Wall Street is pro-free market. The K-Street lobbyists say thank you Alex Jones.
There are hordes of Americans busting down the gates to get into Africa, Asia, South America and the Middle East so they can set up businesses in developing countries. In fact, it just aint the business sectors lobbying Government to provide better means resources to live and work overseas. American individuals are going abroad as well, they are following the money and the markets. But its nothing new cuz for decades American business of all sorts have went abroad.
It flies under the banner of ‘free global trade.
NATO / UN goes into a country like Libya for example with guns blazing. They blaze the trail so to speak. Then comes the World Bank with funding to develop all the necessities to begin construction and the important newtwoking to work within the ‘global trade’ initiatives.
The next horde to arrive on the scene are the Wall Street compaines ( Fortune 500′s, etc ) and businesses from other countries. In essence, the vultures have arrived. Then of course the people living in that country are then in hopes of receiving employment so they can live and raise a family and buy schtuff.
Then those Wall Street, Tokyo, Singapore, Tel Aviv, London, etc markets will see stocks rise due the fact that yet another country is being developed and markets have expanded.
jur ist.org/paperchase/2011/09/world-bank-recognizes-new-libya-regime-as-it-vows-to-investigate-rights-abuses.php
(in part)
” As Libya begins its recovery from conflict, the World Bank has been asked to lead the effort in the areas of public expenditure and financial management, infrastructure repair, job creation for young people and service delivery. The World Bank joins the United Nations and the European Union as one of the three institutions invited by Libya’s [NTC] to coordinate assistance for the north African nation as it forges a path forward after months of violent conflict.
The World Bank has been asked to help restore water, energy and transportation services and, in cooperation with the International Monetary Fund [official website], help repair the national budget and the banking sector.”.
(I feel so honored to be a part of helping Libya be a new member of the global construct. Im so eager to see what Wall Street companies will open up in Libya so I too can make them a part of my investment portfolio )
I wouldn’t trust the auditors any more than I trust the fed.
The guy Screwthis is a spammer.
Disprove one thing that I said then.
“The original Boston Tea Party was a protest against large businesses shifting their tax burdens on to the smaller ones.” This is wrong. The original Boston Tea Party was about the British taxing the Colonies yet not allowing physical representation in Parliament. That’s where the phrase “No taxation without representation” came from. That’s ONE.. should I go on?
Continued….
“The company turned to a strategy that multinational corporations follow to this day: They lobbied for laws that would make it easy for them to put their small-business competitors out of business.
Most of the members of the British government and royalty (including the king) were stockholders in the East India Company, so it was easy to get laws passed in its interests. Among the Company’s biggest and most vexing problems were American colonial entrepreneurs, who ran their own small ships to bring tea and other goods directly into America without routing them through Britain or through the Company. Between 1681 and 1773, a series of laws were passed granting the Company monopoly on tea sold in the American colonies and exempting it from tea taxes. Thus, the Company was able to lower its tea prices to undercut the prices of the local importers and the small tea houses in every town in America. But the colonists were unappreciative of their colonies being used as a profit center for the multinational corporation.”
In 1773, the same year as the Boston Tea Party, the British government passed the Tea Act, which authorized the British East India Company to ship tea directly to colonies while the government levied a tax of three pence on each shipment. While the Tea Act actually lowered the price of tea for colonists, many colonists were still angry at being taxed at all. Colonists responded by pressuring local merchants to refuse the shipments, arguing that, despite the low prices on tea, the act was a backdoor method for the royal government to levy taxes [source: The Old South Meeting House]. Merchants resisted the pressure and continued to receive the tea.
The Dartmouth Sails In
On Nov. 27, 1773, a ship named the Dartmouth sailed into Boston Harbor. Two days later, a group of patriots that called itself the “Body of the People” convened at the Old South Meeting House to discuss what it could do about the tea on that ship. The meeting was to be held at the now-famous Faneuil Hall, but it proved too small a venue. So, the crowd moved to the Old South Meeting House, the biggest building in Boston at the time [source: The Old South Meeting House].
Over at the Old South Meeting House, the group of patriots decided that it would not allow the ship to unload its cargo and that they would not pay any duties, or taxes, on it. Instead, they demanded that the ship return the tea to England. They reached similar decisions about two other ships that would soon arrive, also carrying loads of tea. The protesters were so adamant about not letting the ships unload the tea that they assigned 25 civilians to guard the docks and sent out messages to neighboring towns. The townspeople — or patriots as anti-British rebels eventually called themselves — opposed allowing the tea to be unloaded because if that happened, they would still owe a duty even if the tea wasn’t sold.
The Royal British governor, Thomas Hutchinson, responded by attempting to keep the ships in the harbor so that the tea could eventually be unloaded. Governor Hutchinson instructed his military commanders to prepare to use force to stop the ships from leaving without unloading the tea. He also requested that members of the Sons of Liberty, a group behind the protest, should be arrested and charged.
On Nov. 30, 1773, several thousand colonists met once again at the Old South Meeting House to discuss the developing crisis. One man offered a compromise from the local merchants. The merchants said that they would receive the tea but not sell it, while they waited to hear more from the British government. The assembled colonists refused. Any offloading of the tea meant paying the tax — the colonists’ main grievance. At the meeting’s end, the colonists resolved that “tea should never be landed in this province” [source: The Old South Meeting House].
There’s SO much more… yes EITC had a monopoly and the tea was actually cheaper. Why did the American’s not like it then? Why did they NOT want it brought in? Local merchants could make a good profit, they WANTED the tea. The Son’s of Liberty didn’t because they didn’t want to be taxed without having physical representation in Parliament.
Alex won’t be happy until sweat shops are legalized in the US and unions/minimum wages are destroyed. He’d probably like to see child labor laws that unions fought for removed as well. The US could be just like communist China. Alex is in love with the gluttonous Wall Street wealth hoarders. The nobility ownership class. Throughout history it has always been the wealthy oppressing the peasants. Always. But the new con-game that Alex and other libertarians have pulled is to claim that being anti-wealth/power is anti-free market. The big bloated fat cat bankers are so thankful that Jones is carrying their water and protecting their interests. They’ll stay in control so long as Infowars portrays the wealth hoarders as the victims.
There is no hope of reigning in corruption on Wall Street until we have tended to our own house: the federal government.
Wall Street is government. Money is power. Government abdicates its authority to private power. It’s called fascism. Lobbyists literally purchase their own self-serving legislation with capital earned through predatory business practices. Politicians are offered (enticed with) CEO positions after they retire from politics if they agree to cower and bow exclusively to big business interests. And they do so because the government/corporate world is a revolving door of perpetual corruption. Open borders and free trade are policies purchased by lobbyists on behalf of traitorous multinational corporations. Wake up and realize that when you think you’re defending free-market you are actually advocating your own economic rape.
Wall street does not advocate a free market. Wall Street buys the regulations that eliminate competition. What happens just before socialization in a capitalist system? The answer is consolidation of industries. The small business is eliminated by overregulation. Then, because these regulations stifle productivity, the “too big to fail” companies get bailed out by the government (aka taxpayer money) === socialization.
At least you understand that the lobbyist is the doorway to the government. But you are only seeing a small piece of the chessboard.
There is no hope of reigning in corruption on Wall Street until we have tended to our own house: the federal government.
That’s what I said. So Alex should shut up that unions are bad for attacking Wall Street. How does Wall Street buy legislation? With private wealth and private corporations own most of it. The power lies with them. Who has more money? Obama or Bill Gates? Government is corrupt because corporations are inherently corrupt.
This isn’t socialism. This is capitalism. It’s an illusion that government runs corporations. It’s the other way around.
Battle Hymn.. you are correct. Problem is, most people are playing checkers when the king pins are playing chess.
Screw This.. you’re correct about Corporations having a strangle hold on the government. So it’s not Capitalism that’s the problem.. we haven’t had a capitalist system for a while now. We have Corporatism. With the Corporations getting and laundering money for the Federal Reserve then wagering on derivatives. If they win they keep the profit, if they lose, FDIC, aka you and I, cover the loss.
It use to be that Corporations were not ongoing entities. They held a Corporate license for only a specific time to insure things like this didn’t happen. Unfortunately, that isn’t practiced anymore for some reason.
Now, what most American’s are trying to say is that it’s the SMALL businesses that create the most jobs in America, not those huge Corps. What the Progressives are trying to do is wipe out the middle class.
Unions were once a good thing. Now they have been taken over by the Communists/Socialist and are pushing their agenda through the dues paid in by hard working people. Look at the things they support! I mean REALLY LOOK.
Wall Street is bad enough, but they couldn’t do what they do without the Federal Reserve propping them up all the time and creating the chaos in the markets.
The President has WAY to much power that was NEVER given to the office through the Constitution. All the bureaucratic agencies, under the Executive branch, making regulations that stifle growth are unconstitutional and fall outside the powers enumerated to the Executive by the Constitution.
Want to fix America? Get back to the Constitution.. ALL of it… not just the parts you agree with.
Yes these AJ cult followers cannot think for them selves and would love to work for 1 penny an hour if AJ told them too.
I’ve got two university degrees.. Even taught at the University
Are You some kind of moron?
In sum, if you think you’re a comedy act – You are not very funny!
Why don’t you try standing on your own two legs? Those who think for themselves, do for themselves and others.
You call for no more corporate lobbyists. But do you call for no more union lobbyists? You’re so stuck in this leftist programming that I don’t know why I bother. I guess it’s because I think for myself, do for myself, and try to help others.
We try to teach you how to fish, but you throw our fishing poles back at us and demand the fish that we, ourselves, caught.