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Ron Paul: End the Fed

Monday, January 11, 2010 4:19

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Ron Paul, forbes, fed, federal reserve, bernanke

Ron Paul: End the Fed

Steve Forbes: What precisely will your bill on auditing the Fed do and not do? Let’s just clear that up.

Paul: As a matter of fact, it’s a pretty weak bill when you think about it

Forbes: It seems pretty mild.

Paul: But from their viewpoint it is horrendous because we know what they’ve been doing. You know? And they don’t want us to know what they’ve been doing. The big argument has always been they don’t want transparency because they’ll lose their independence. And independence means secrecy. If they lose their secrecy then the people and the Congress won’t know what they’ve been doing. Who gets bailed out at what price? … I put an explicit statement in there that we have no intention of monitoring monetary policy even though I have different views. But, you know, when you think of it, Bernie Sanders was a cosponsor in the Senate. He and I don’t see eye to eye on the market. But we see eye to eye on transparency. So we wouldn’t agree on monetary policy, but we agreed on this bill. But in order to clarify that Bernanke would say, “Well what we don’t need is Congress coming in the day after we have a FOMC meeting and finding out who said what and why because everybody would be hesitant.” And one of the arguments is, “If Congress had anything to do with this, they’d keep interest rates too low too long.”

Forbes: About 1%. Correct?

Paul: Yeah. Well, isn’t that the problem? And they say, “Well we don’t want to politicize.” But isn’t it already politicized? I mean when you think certain companies may have access … But the restriction that’s in the bill to make sure that it doesn’t look like we’re going to look over their shoulders is written so that the Congress can’t look at the books at least for six months after they’ve done it. So it’s not going to change tomorrow what they’re going to do–

Forbes: So basically what your bill does is [ask], “Where has the money gone?”

Paul: That is it. Who got it and [what] did they get.

Forbes: What criteria did they use to shovel out this money?

Paul: Yeah. And how about which companies were denied? You know. And whether or not the assets were bought at face value or the market value? You know if they’re illiquid maybe they’re not worth 10 cents or maybe even less. And they get the full value of it? And I understand that some companies got full value and some companies, you know, got partial value. So that is very, very arbitrary. You can see, if they’re playing those games, how hysterical they’d be if we got to open their books and find out.

www.forbes.com/2010/01/08/federal-reserve-value-intelligent-investing-ron-paul.h

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