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Watch Bernanke Go into Panic Mode Over Congressman Ron Paul's Bill to Audit the Federal Reserve System
July 31, 2009
I have two videos for you: one from 2009 and one from 1933. If you want to see how bad economics has a steady market, watch them both. Then download my free book, The Gold Wars: www.GaryNorth.com/GoldWars.pdf.
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First, Ben Bernanke is in panic mode over Ron Paul's bill to let Congress audit the FED. Watch him stutter and stammer. The video is a delight. Never has the FED been under such scrutiny. This is unique.
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Why the panic? He says the bill is about Congress auditing FED policy. It isn't. It's about letting the public see which crony mega-banks got how much money. That is why he is in panic mode: the mega-bankers are in panic mode. The big banks do not want Congress to see how much they are ripping off the public through the FED's fiat money creation. They are all bordering on bankruptcy.
Barney Frank has the bill bottled up in committee, even though 64% of the House has co-sponsored it.
If the House's members force it to a vote, it will go to the Senate. I think the Senate will back off and vote it down. If it doesn't, then Obama will veto it.
This bill gets closer to exposing the power elite that runs this country than any other bill in history. The Establishment will do whatever is necessary to keep this spotlight from focusing on the FED's accounts.
I don't think we will win this one this time. But it's nice to see the FED exposed in this way. The free ride is over. It will have to lie its way out of an audit from now on.
I hope the bill is introduced every term, or every year. Every time it does not become law, another million people will think this: "What has the Federal Reserve got to hide?" Answer: "Plenty!"
Second, for a list of Bernanke's dead wrong public predictions, year after year, about the economy, click here.
Third, if you want to see a classic 1933 MGM "short" on inflation, and how it will make stocks rise and chase away the Great Depression, watch this. It's an early version of Bernanke's money helicopter speech in 2002. "Inflation is our friend!" (My thanks to Dan Aykroyd's 1980 SNL routine.) Note: the "professor" is wearing a banker's 3-piece suit. (I own a dozen just like it. They never go out of style, since they went out of style no later than 1948.)
Fourth, for a free copy of my book, The Gold Wars, click here: