Saturday, July 11, 2009

Ron Paul questions the morality of Fed secrecy

Congressman Ron Paul explains the forces behind his bill HR 1207 - Audit the Fed to the Federal Reserve Vice Chairman, Donald Kohn. The Congressman explains why Kohn and his Krohnies on the Federal Open Market Committee (FOMC - the top governing board of The Fed) are dead wrong about their demands for secrecy and clandestine operations with the Federal Reserve system.

Some of the Congressman comments:

There's a strong argument now that the more we know about what has been going on in the last year, the more it would've helped the markets. It's the unknown and that is why we need a much more open Fed. The people are demanding it. They want transparency.

Transparency is a good word, but to say that "a little bit of transparency is good, but we can't have a lot of it. There are certain things we don't want you knowing when we're talking to foreign central banks, foreign governments, international organizations."

What kind of agreements do we have with the IMF?

We have an obligation, a moral obligation, here in the Congress to know exactly what the agreements are. We're not doing this to preempt anything.

This is the reason why the support for this bill that I have is now up to 255. And it's across the board - liberals, conservatives, progressives, populists, libertarians - they're supporting this....

We shouldn't be afraid of the truth.

Tim White


Anonymous said...

why am I picturing Bernacke or Geithner going off with the Jack Nicholson speech from "A Few Good Men"?

Tim White said...

that's great!

tim white said...

The Woody Allen / Annie Hall subtitled version...

Kohn: You can't handle the truth!

Paul: Did you order $10 trillion to be printed and delivered to Chris Dodd's campaign donors?

Kohn: I did the job. You're goddamn right I did!