CongressmanRonPaul
House floor speech on the unconstitutional provisions of the NDAA bill.
updated 12 years ago
Witnesses:
• Mr. Lewis E. Lehrman, Senior Partner, L.E. Lehrman & Co.
• Mr. James Grant, Editor, Grant's Interest Rate Observer
• Professor Joseph T. Salerno, Pace University
Witness:
Hon. Ben Bernanke, Chairman, Board of Governors of the Federal Reserve System
Witnesses:
Thomas J. DiLorenzo, Ph.D., Professor of Economics, Sellinger School of Business, Loyola University
Richard Vedder, Ph.D., Professor of Economics, Ohio University
Josh Bivens, Ph.D., Economist, Economic Policy Institute
The hearing was held on Friday, September 21, 2012, at 9:30 a.m. in Room 2128 of the Rayburn House Office Building and was titled, "The Price of Money: Consequences of the Federal Reserve's Zero Interest Rate Policy."
Witnesses:
§ Mr. James Grant, Editor, Grant's Interest Rate Observer
Congressman Paul explains in this lecture the Federal Reserve's role as the enabler of big government. Through purchases of government debt, the Fed allows the government to spend beyond its means and contributes to the growth of the welfare-warfare state. If leviathan government is to be countered, understanding monetary policy and the fundamental role it plays in the relentless growth of government is a necessary first step.
Other lectures in the Fed series:
Pt. 1: Why Was the Fed Created? -- http://www.youtube.com/watch?v=JeIljifA8Ls
Pt. 2: What Does the Fed Do? -- http://www.youtube.com/watch?v=pRipVd5wxhI
Pt. 3: What Is the Fed's Future? -- http://www.youtube.com/watch?v=IdX60JgPTmA
Related: Ron Paul Money Lecture Series
Pt. 1: "What is Money" -- http://www.youtube.com/watch?v=vowbrq_g5NM
Pt. 2: "What is Constitutional Money?" http://www.youtube.com/watch?v=k6gMkKmQSW4
Pt. 3: "What About Money Causes Economic Crises?" -- http://www.youtube.com/watch?v=npJ0CUT8d_Y
Dr. Garrison's lecture describes how the economic precepts on which the Fed operates are fundamentally flawed, making it only a matter of time before the Fed is the creator of its own demise. By contrasting the Keynesian macroeconomic theory upon which the Fed is based with the Austrian macroeconomic theory, what Garrison calls the capital-based framework, Dr. Garrison illustrates the market-distorting effects of the Fed's actions on the structure of production. Using this comparison, Professor Garrison provides a simple yet comprehensive explanation of how the Fed's monetary policy actions created the housing bubble and the subsequent financial crisis. He concludes by highlighting the bleak future for the Fed's ability to manage the economy, and emphasizes the necessity of decentralized banking.
Other lectures in the Fed series:
Pt. 1: "Why Was the Fed Created?" -- http://www.youtube.com/watch?v=JeIljifA8Ls
Pt. 2: "What Does the Fed Do?" -- http://www.youtube.com/watch?v=pRipVd5wxhI
Related: Ron Paul Money Lecture Series
Pt. 1: "What Is Money?" -- http://www.youtube.com/watch?v=vowbrq_g5NM
Pt. 2: "What Is Constitutional Money?" -- http://www.youtube.com/watch?v=k6gMkKmQSW4
Pt. 3: "What About Money Causes Economic Crises?" -- http://www.youtube.com/watch?v=npJ0CUT8d_Y
The hearing was held on Thursday, August 2, 2012, at 10 a.m. in Room 2128 of the Rayburn House Office Building and was titled, "Sound Money: Parallel Currencies and the Roadmap to Monetary Freedom."
Witnesses:
§ Dr. Richard Ebeling, Professor of Economics, Northwood University
§ Mr. Nathan Lewis, Principal, Kiku Capital Management LLC
§ Mr. Rob Gray, Executive Director, The American Open Currency Standard
The hearing was held on Wednesday, July 18, 2012, at 10 a.m. in Room 2128 of the Rayburn House Office Building and was titled, "Monetary Policy and the State of the Economy."
The hearing was held on Thursday, June 28, 2012, at 2 p.m. in Room 2128 of the Rayburn House Office Building and was titled, "Fractional Reserve Banking and the Federal Reserve: The Economic Consequences of High-Powered Money."
Witnesses:
§ Dr. John Cochran, Emeritus Professor of Economics and Emeritus Dean, School of Business, Metropolitan State College of Denver
§ Dr. Joseph Salerno, Professor of Economics, Lubin School of Business, Pace University
§ Dr. Lawrence H. White, Professor of Economics, George Mason University
"Fractional reserve banking underpins the entire banking system, yet its effects on society are completely ignored. Our financial system consists of vast amounts of credit pyramided on top of very small amounts of real savings--all backstopped by explicit and implicit government guarantees. This poses significant risks to the stability of the economy and monetary system, which ought to give pause to any serious observer of financial markets. Hopefully this hearing will create a greater understanding among the American people about the nature of the banking system, and begin the movement towards serious systematic reform. The American people deserve a financial system that is stable and efficient; one that operates without taxpayer subsidies and bailouts." - Congressman Ron Paul
Full text:
When Will We Attack Syria?
Plans, rumors, and war propaganda for attacking Syria and deposing Assad have been around for many months.
This past week however, it was reported that the Pentagon indeed has finalized plans to do just that. In my opinion, all the evidence to justify this attack is bogus. It is no more credible than the pretext given for the 2003 invasion of Iraq or the 2011 attack on Libya.
The total waste of those wars should cause us to pause before this all-out effort at occupation and regime change is initiated against Syria.
There are no national security concerns that require such a foolish escalation of violence in the Middle East. There should be no doubt that our security interests are best served by completely staying out of the internal strife now raging in Syria.
We are already too much involved in supporting the forces within Syria anxious to overthrow the current government. Without outside interference, the strife—now characterized as a civil war—would likely be non-existent.
Whether or not we attack yet another country, occupying it and setting up a new regime that we hope we can control poses a serious Constitutional question: From where does a president get such authority?
Since World War II the proper authority to go to war has been ignored. It has been replaced by international entities like the United Nations and NATO, or the President himself, while ignoring the Congress. And sadly, the people don't object.
Our recent presidents explicitly maintain that the authority to go to war is not the U.S. Congress. This has been the case since 1950 when we were taken into war in Korea under UN Resolution and without Congressional approval.
And once again, we are about to engage in military action against Syria and at the same time irresponsibly reactivating the Cold War with Russia. We're now engaged in a game of "chicken" with Russia which presents a much greater threat to our security than does Syria.
How would we tolerate Russia in Mexico demanding a humanitarian solution to the violence on the U.S.-Mexican border? We would consider that a legitimate concern for us. But, for us to be engaged in Syria, where the Russian have a legal naval base, is equivalent to the Russians being in our backyard in Mexico.
We are hypocritical when we condemn Russian for protecting their neighborhood interests for exactly what we have been doing ourselves, thousands of miles away from our shores. There's no benefit for us to be picking sides, secretly providing assistance and encouraging civil strife in an effort to effect regime change in Syria.
Falsely charging the Russians with supplying military helicopters to Assad is an unnecessary provocation. Falsely blaming the Assad government for a so-called massacre perpetrated by a violent warring rebel faction is nothing more than war propaganda.
Most knowledgeable people now recognize that the planned war against Syria is merely the next step to take on the Iranian government, something the neo-cons openly admit.
Controlling Iranian oil, just as we have done in Saudi Arabia and are attempting to do in Iraq, is the real goal of the neo-conservatives who have been in charge of our foreign policy for the past couple of decades.
War is inevitable without a significant change in our foreign policy, and soon. Disagreements between our two political parties are minor. Both agree the sequestration of any war funds must be canceled. Neither side wants to abandon our aggressive and growing presence in the Middle East and South Asia.
This crisis building can easily get out of control and become a much bigger war than just another routine occupation and regime change that the American people have grown to accept or ignore.
It's time the United States tried a policy of diplomacy, seeking peace, trade, and friendship. We must abandon our military effort to promote and secure an American empire.
Besides, we're broke, we can't afford it, and worst of all, we're fulfilling the strategy laid out by Osama bin Laden whose goal had always been to bog us down in the Middle East and bring on our bankruptcy here at home.
It's time to bring our troops home and establish a non-interventionist foreign policy, which is the only road to peace and prosperity.
This week I am introducing legislation to prohibit the Administration, absent a declaration of war by Congress, from supporting -- directly or indirectly -- any military or paramilitary operations in Syria. I hope my colleagues will join me in this effort.
§ H.R. 245, To amend the Federal Reserve Act to remove the mandate on the Board of Governors of the Federal Reserve System and the Federal Open Market Committee to focus on maximum employment, introduced by Rep. Mike Pence;
§ H.R. 1094, Federal Reserve Board Abolition Act, introduced by Rep. Ron Paul;
§ H.R. 1401, Democratizing the Federal Reserve System Act of 2011, introduced by Rep. Marcy Kaptur;
§ H.R. 2990, National Emergency Employment Defense Act of 2011, introduced by Rep. Dennis Kucinich;
§ H.R. 3428, To amend the Federal Reserve Act to replace the Federal Open Market Committee members representing the Federal Reserve banks with additional members appointed by the President, and for other purposes, introduced by Rep. Barney Frank; and
§ H.R. 4180, Sound Dollar Act of 2012, introduced by Rep. Kevin Brady.
The hearing was held on Tuesday, May 8, 2012, at 10 a.m. in Room 2128 of the Rayburn House Office Building.
Witnesses:
Panel I
§ The Honorable Kevin Brady (R-TX)
§ The Honorable Barney Frank (D-MA)
Panel II
§ Dr. Jeffrey M. Herbener, Chairman, Economics Department, Grove City College
§ Dr. Peter G. Klein, Associate Professor, Applied Social Sciences and Director, McQuinn Center for Entrepreneurial Leadership, University of Missouri
§ Dr. John B. Taylor, Mary and Robert Raymond Professor of Economics, Stanford University and George P. Schultz Senior Fellow in Economics, Hoover Institution
§ Dr. James K. Galbraith, Lloyd M. Bentsen, Jr. Chair in Government/Business Relations, LBJ School of Public Affairs, University of Texas at Austin
§ Dr. Alice Rivlin, Senior Fellow, Economic Studies, The Brookings Institution, and former Vice Chair, Federal Reserve Board of Governors
"More and more people are beginning to understand just how destructive the Federal Reserve's monetary policy has been. I hope that this hearing will kickstart a serious discussion on the need to rein in the Fed. One hundred years is far too long for Congress to have taken a hands-off approach. The Fed continues to reward Wall Street banks while destroying the dollar's purchasing power and driving up the cost of living for average Americans. This reckless behavior must come to an end." --Congressman Ron Paul
Part 1 available at http://www.youtube.com/watch?v=GXRaJRQVPSk
§ H.R. 245, To amend the Federal Reserve Act to remove the mandate on the Board of Governors of the Federal Reserve System and the Federal Open Market Committee to focus on maximum employment, introduced by Rep. Mike Pence;
§ H.R. 1094, Federal Reserve Board Abolition Act, introduced by Rep. Ron Paul;
§ H.R. 1401, Democratizing the Federal Reserve System Act of 2011, introduced by Rep. Marcy Kaptur;
§ H.R. 2990, National Emergency Employment Defense Act of 2011, introduced by Rep. Dennis Kucinich;
§ H.R. 3428, To amend the Federal Reserve Act to replace the Federal Open Market Committee members representing the Federal Reserve banks with additional members appointed by the President, and for other purposes, introduced by Rep. Barney Frank; and
§ H.R. 4180, Sound Dollar Act of 2012, introduced by Rep. Kevin Brady.
The hearing was held on Tuesday, May 8, 2012, at 10 a.m. in Room 2128 of the Rayburn House Office Building.
Witnesses:
Panel I
§ The Honorable Kevin Brady (R-TX)
§ The Honorable Barney Frank (D-MA)
Panel II
§ Dr. Jeffrey M. Herbener, Chairman, Economics Department, Grove City College
§ Dr. Peter G. Klein, Associate Professor, Applied Social Sciences and Director, McQuinn Center for Entrepreneurial Leadership, University of Missouri
§ Dr. John B. Taylor, Mary and Robert Raymond Professor of Economics, Stanford University and George P. Schultz Senior Fellow in Economics, Hoover Institution
§ Dr. James K. Galbraith, Lloyd M. Bentsen, Jr. Chair in Government/Business Relations, LBJ School of Public Affairs, University of Texas at Austin
§ Dr. Alice Rivlin, Senior Fellow, Economic Studies, The Brookings Institution, and former Vice Chair, Federal Reserve Board of Governors
"More and more people are beginning to understand just how destructive the Federal Reserve's monetary policy has been. I hope that this hearing will kickstart a serious discussion on the need to rein in the Fed. One hundred years is far too long for Congress to have taken a hands-off approach. The Fed continues to reward Wall Street banks while destroying the dollar's purchasing power and driving up the cost of living for average Americans. This reckless behavior must come to an end." --Congressman Ron Paul
Part 2 available at http://www.youtube.com/watch?v=eU3ygeQUv_4
The hearing was held on Tuesday, March 27, 2012, at 10 a.m. in Room 2128 of the Rayburn House Office Building and was titled, "Federal Reserve Aid to the Eurozone: Its Impact on the U.S. and the Dollar."
Witnesses:
§ William C. Dudley, President and Chief Executive Officer, Federal Reserve Bank of New York
§ Steven B. Kamin, Director, Division of International Finance, Board of Governors of the Federal Reserve System
Mr. Grant's lecture summarizes the methods the Federal Reserve uses in its attempt to manage the economy through the conduct of monetary policy, dissecting the euphemistic language behind the Fed's actions and describing in detail the problems with the Fed's endeavor to be an "economic seer." Mr. Grant also bridges the gap between the lectures on the pre-Fed era and the Fed's future by describing the evolution of the Fed over its one hundred year history.
Other lectures in the Fed series:
Pt. 1: Why Was the Fed Created? -- http://www.youtube.com/watch?v=JeIljifA8Ls
Pt. 3: What is the Fed's Future? -- http://www.youtube.com/watch?v=IdX60JgPTmA
Related: Ron Paul Money Lecture Series
Pt. 1: "What is Money" -- http://www.youtube.com/watch?v=vowbrq_g5NM
Pt. 2: "What is Constitutional Money?" http://www.youtube.com/watch?v=k6gMkKmQSW4
Pt. 3: "What About Money Causes Economic Crises?" -- http://www.youtube.com/watch?v=npJ0CUT8d_Y
Prof. Selgin provides a short but comprehensive explanation of the institutional drawbacks of the United States banking system during the 19th century and how this fueled desire for financial reform. Unfortunately, as Prof. Selgin goes on to describe, the solution of allowing a free market in banking was rejected and instead another layer of government regulation was placed on the banking sector in the form of the Federal Reserve System.
Other lectures in the Fed series to follow:
Pt. 2: What Does the Fed Do? -- http://youtu.be/pRipVd5wxhI
Pt. 3: What is the Fed's Future? -- http://www.youtube.com/watch?v=IdX60JgPTmA
Related: Ron Paul Money Lecture Series
Pt. 1: "What is Money" -- http://www.youtube.com/watch?v=vowbrq_g5NM
Pt. 2: "What is Constitutional Money?" http://www.youtube.com/watch?v=k6gMkKmQSW4
Pt. 3: "What About Money Causes Economic Crises?" -- http://www.youtube.com/watch?v=npJ0CUT8d_Y
The hearing was held on Wednesday, February 29, 2012, at 10 a.m. in Room 2128 of the Rayburn House Office Building and was titled "Monetary Policy and the State of the Economy."
Previous videos in this lecture series can be found here:
Pt. 1: "What is Money?" -- http://www.youtube.com/watch?v=vowbrq_g5NM
Pt. 2: "What Is Constitutional Money?" -- http://www.youtube.com/watch?v=k6gMkKmQSW4
Pt. 1: "What is Money" -- http://www.youtube.com/watch?v=vowbrq_g5NM
Pt. 3: "What About Money Causes Economic Crises?" -- http://www.youtube.com/watch?v=npJ0CUT8d_Y
Pt. 2: "What is Constitutional Money?" http://www.youtube.com/watch?v=k6gMkKmQSW4
Pt. 3 "What About Money Causes Economic Crises?" -- http://www.youtube.com/watch?v=npJ0CUT8d_Y
The hearing was held on Tuesday, October 4, 2011, at 10 a.m. in Room 2128 of the Rayburn House Office Building and was titled, "Audit the Fed: Dodd-Frank, QE3, and Federal Reserve Transparency."
Witnesses:
Panel I:
§ Orice Williams Brown, Managing Director, Financial Markets and Community Investment, U.S. Government Accountability Office
Panel II:
§ Mark A. Calabria, Ph.D., Director of Financial Regulation Studies, Cato Institute
§ Robert D. Auerbach, Ph.D., Professor of Public Affairs, The University of Texas at Austin
The hearing was held on Tuesday, September 13, 2011, at 2 p.m. in Room 2128 of the Rayburn House of Building and was titled, "Road Map to Sound Money: A Legislative Hearing on H.R. 1098 and Restoring the Dollar."
Witnesses:
§ Lawrence M. Parks, Ph.D., Executive Director, Foundation for the Advancement of Monetary Education
§ Lawrence H. White, Ph.D., Professor of Economics, Department of Economics, George Mason University
"For too long the Federal Reserve has exercised a monopoly on currency issuance. The result, predictably, has been an increasingly devalued dollar. We have been experimenting with a pure fiat currency system nationally and internationally for 40 years, and it has been proven unsound and unsustainable. Our fiat system helped create the massive debt crisis we find ourselves in, and has eroded the purchasing power of every American. The American people deserve to have a choice of currencies to protect themselves and their families from the poor decisions of government. Serious monetary reform is needed, and this hearing is the first step towards addressing this crucial issue. I am pleased that the subcommittee will be examining ways to return to sound money." -- Congressman Ron Paul
The hearing was held on Tuesday, July 26, 2011, at 2 p.m. in Room 2128 of the Rayburn House Office Building and was titled, "Impact of Monetary Policy on the Economy: A Regional Fed Perspective."
Witness:
§ Dr. Thomas M. Hoenig, President, Federal Reserve Bank of Kansas City
The hearing was held on Wednesday, July 13, 2011, at 10 a.m. in Room 2128 of the Rayburn House Office Building and was titled, "Monetary Policy and the State of the Economy."
The hearing was held on Thursday, June 23, 2011, at 2 p.m. in Room 2128 of the Rayburn House Office Building and was titled, "Investigating the Gold: H.R. 1495, the Gold Reserve Transparency Act and the Oversight of United States Gold Holdings."
Witnesses:
§ Gary T. Engel, Director of Financial Management and Assurance, Government Accountability Office
§ The Honorable Eric M. Thorson, Inspector General, Department of the Treasury