Paul Joseph Watson
Thursday, March 12, 2009
Congressman Ron Paul says that the people responsible for the economic crisis should not be hailed as saviors and given more power to fix the problem that they created, but arrested and criminally prosecuted.
The Congressman has two bills before Congress, one to abolish the Federal Reserve altogether and another to audit the organization.
“Today they’re protected, they’re in total secrecy and they’re protected by the law — if 1207 is passed we have an audit and they have to answer the questions and I figure, if we ever get that far and get the exposure and get the transparency that we need then people will wake up and realize, why do we have them at all,” said Paul.
“Reform of financial regulation and supervision should be coordinated internationally to the greatest extent possible.”
Tuesday, March 10, 2009
Federal Reserve Chairman Ben Bernanke has told an elite gathering that a new overarching financial authority should be created by the government and empowered with sweeping new regulatory responsibilities.
Bernanke also coyly indicted to the renowned globalist group that he believes a new international order could be fomented out of the crisis.
“We must have a strategy that regulates the financial system as a whole, in a holistic way, not just its individual components,” Bernanke said in a speech to the Council on Foreign Relations.
“We should consider whether the creation of an authority specifically charged with monitoring and addressing systemic risks would help protect the system from financial crises like the one we are currently experiencing.” he added.
Large firms will require “especially close” oversight in the future, Bernanke noted, adding that regulators need the authority to seize such firms.
“Some of the policies I propose can be implemented and developed under the existing authorities of financial regulators, indeed we are in the process now of doing just that. But in other cases, Congressional action will be necessary to create the requisite authorities and responsibilities.” Bernanke said.
The global financial crisis will see the US falter in the same way the Soviet Union did when the Berlin Wall came down. The era of American dominance is over
Our gaze might be on the markets melting down, but the upheaval we are experiencing is more than a financial crisis, however large. Here is a historic geopolitical shift, in which the balance of power in the world is being altered irrevocably. The era of American global leadership, reaching back to the Second World War, is over.
You can see it in the way America’s dominion has slipped away in its own backyard, with Venezuelan President Hugo Chávez taunting and ridiculing the superpower with impunity. Yet the setback of America’s standing at the global level is even more striking. With the nationalisation of crucial parts of the financial system, the American free-market creed has self-destructed while countries that retained overall control of markets have been vindicated. In a change as far-reaching in its implications as the fall of the Soviet Union, an entire model of government and the economy has collapsed.
Ever since the end of the Cold War, successive American administrations have lectured other countries on the necessity of sound finance. Indonesia, Thailand, Argentina and several African states endured severe cuts in spending and deep recessions as the price of aid from the International Monetary Fund, which enforced the American orthodoxy. China in particular was hectored relentlessly on the weakness of its banking system. But China’s success has been based on its consistent contempt for Western advice and it is not Chinese banks that are currently going bust. How symbolic yesterday that Chinese astronauts take a spacewalk while the US Treasury Secretary is on his knees.
by Jim Quinn
“The American Dream is that dream of a land in which life should be better and richer and fuller for everyone, with opportunity for each according to ability or achievement. It is a difficult dream for the European upper classes to interpret adequately, and too many of us ourselves have grown weary and mistrustful of it. It is not a dream of motor cars and high wages merely, but a dream of social order in which each man and each woman shall be able to attain to the fullest stature of which they are innately capable, and be recognized by others for what they are, regardless of the fortuitous circumstances of birth or position.”
—Historian and writer James Truslow Adams in his 1931 book “Epic of America.”
Mr. Adams penned these words in the midst of the Great Depression. Then as now, the reason the American Dream is slipping away is due to the actions of politicians running our government and bureaucrats running the Federal Reserve. Those with ability who have earned a better life through their hard work and intelligence should be attaining a higher position in the social order. Instead, our government is rewarding those Americans who have taken unwarranted risks, made brainless decisions, and willingly chose the course of excessive debt to climb the social ladder. As the politicians scurry to “save” capitalism through the use of communist measures, more Americans are becoming disheartened.
The Liberty Voice Transcript Service
The US National Debt is 9.6 trillion dollars. The US Population equals 304 million people. Each citizen’s share of the national debt is $31,641. The interest on the national debt is $430 billion (about $1400 for every man woman and child.) True indebtedness of US government adding unfunded obligations into the future — approaches $50 trillion.
This is what we are leaving for our children, our grandchildren. No nation in the history of mankind has ever been as heavily in debt as ours, and our leaders have numerous foreign aid programs where they give away money.
And of course there is a woeful lack of understanding. There are people today who say, “We need the Fed because someone has to manage the currency.” Ladies and Gentlemen, that is one of the greatest fallacies of all. If the currency is a commodity like gold or silver, it does not have to be managed. The free marketplace will manage it. Money should be a commodity — valuable to all people, and there’s no management needed. People say to me, if you get rid of the Fed what are you going to replace it with? I say, if you’ve got cancer do you wanna replace it with pneumonia and two broken legs? No you don’t.