Paul Blasts Bernanke: “Federal Reserve Delivered This Crisis

[iggys-amsoil]

Fed chairman attempts to redefine inflation, suggests after the fact audit would hinder daily monetary decisions

Steve Watson
Infowars.net
Wednesday, July 22, 2009

Related: Bernanke: “I Don’t Know” Which Foreign Banks Were Given Half a Trillion

Texas Congressman Ron Paul yesterday slammed Ben Bernanke, the chairman of the Federal Reserve, directly blaming the Fed for creating the financial crisis and systematically compounding the problems with its ongoing policies.

Paul’s opening statement to Bernanke at the House Financial Services Committee hearing contained a fierce flurry of facts, figures and statements that hit the Fed head with a ferocity of boxing champion’s knock out blow.

The Congressman did not mince his words, opening with the following immutable statement:

“The Federal Reserve in collaboration with the giant banks has created the greatest financial crisis the world has ever seen.”

Paul then delivered a two and a half minute barrage of truth, succinctly encapsulating the Fed’s complicity in the financial collapse of America.

“The foolish notion that unlimited amounts of money and credit created out of thin air can provide sustainable economic growth has delivered this crisis to us.” The Congressman blasted.

“Instead of economic growth and stable prices, (The Fed) has given us a system of government and finance that now threatens the world financial and political institutions.”

“Pursuing the same policy of excessive spending, debt expansion and monetary inflation can only compound the problems that prevent the required corrections.” Paul continued

“Doubling the money supply didn’t work, quadrupling it won’t work either.” he said bluntly, glaring at Bernanke and shaking his head.

The Congressman implored that the only way out of a debt crisis is to pay off or liquidate the debt, “we are doing neither” he concluded.

“Buying up the bad debt of privileged institutions and dumping worthless assets on the American people is morally wrong and economically futile.” Paul counseled.

Watch the Congressman’s opening statement in full below:

Ron Paul-blasts-bernanke-federal-reserve-delivered-this-crisis-to-us

[DesertCR]

Paul is one of a handful of politicians that are true Americans. The Fed Res and govt created this crisis, just look at Iceland, now wanting to join the EU becasue the financial crisis almost took them completely under. Now we have less banks but more much more power to the survivors. Its a game of consolidating power, these greedy bastards want more.

[CR500R7]

NO! they want it ALL! the LOT! EVERYTHING!