Bernanke testimony | Helicopter Ben vs. Ron Paul
Was America the sole recipient of the bailout?
Ben Bernanke’s testimony before Congress continued today, punctuated by a very entertaining exchange between Bernanke and Rep. Ron Paul (R-Texas). Check out video footage below, then peruse the suggested evidentiary sources offered by commenters here. Decide for yourself whether Greece should be allowed to borrow money from the Federal Reserve.
For the record, Bernanke denies all of Mr. Paul’s allegation, labeling them “bizarre.”
Is it so bizarre, though?
Is the Federal Reserve going to perform a Greece bailout? Have they done the same with foreign nations in the past? As to Greece, it remains to be seen, despite what Ben Bernanke testimony indicates. The writing may already be on the wall. Here’s the exchange between Ben Bernanke and Ron Paul:
Written in “Texas Straight Talk”
In a recent weekly column at House.gov, Ron Paul wrote about Greece’s economic crisis (See: http://www.house.gov/htbin/blog_inc?BLOG,tx14_paul,blog,999,All,Item%20not%20found,ID=100216_3645,TEMPLATE=postingdetail.shtml). The government is defaulting on their public debt, as their treasury cupboards are nearly bare. The debt level, claims Paul, is “about 120 percent of their gross domestic product,” so the public sector soaks up “what amounts to 40 percent of GDP.” This has European investors running scared, needless to say. However, the European Central Bank seems calm.
Why is that? Outsiders aren’t sure. Is it possible that the Federal Reserve is going to perform a Greece bailout? We don’t know, says Paul, partly because the Federal Reserve’s distribution of bailout dollars hasn’t been as transparent as promised, but also because if they were aiding a foreign central bank, by law they don’t have to disclose that fact and it is exempt from audit. Considering that Greece isn’t the only European country in trouble – and that many of those countries in trouble have some sort of tie to Goldman Sachs – we wonder whether these countries will also be deemed “too big to fail” by the U.S. banking cartel. And who will be on the hook if such is the case? It would be American taxpayers, at a time when the real unemployment rate is still staggeringly high.
Creating fiat currency and shoveling it around with impunity
Our government buys into the idea of fiat currency. It’s creating money for whatever purpose they like; it’s a check the bank doesn’t have the actual capital to cash. America’s government and the Federal Reserve are obviously happy to keep such a system in place, with no thought of the debt burden it will place of future generations. Ron Paul suggests that Americans deserve to know if they are “going to be left holding the bag” as the Federal Reserve throws around money they don’t actually have – it’s imaginary!
Evidence log for your consideration
1) Federal Reserve money supported Saddam Hussein and the Iraq military
2) Federal Reserve money was involved in Watergate
3) Here’s the Senate Watergate Report for more on Watergate. Also here.
Bernanke testimony does not inspire confidence
This is exactly why Ron Paul would like laws to be changed so that we can audit the Federal Reserve. Fast cash from our pockets to other nations cannot continue when our nation bears this burden of its own. We need to know what’s happening. That’s the kind of transparency American taxpayers deserve.
(Photo Credit: http://www.flickr.com/photos/twistedlens/ / CC BY 2.0)