Gary North on current economic affairs and investment marketsGary North -- Specific Answers
HomeContact MeTell a FriendText SizeSearchMember Area
Gain immediate access to all of our current articles, the question-and-answer forums, dozens of free books, and article archives. Click here for details on how to join.

About This Site
Academic Gaps
Articles
Capitalism and the Bible
Clichés of Protectionism
College Finances
Debt Management
Ellen Brown: Critique
Federal Reserve Charts
Gary North's Free Books
Get Published Here!
Gold Price & My Report
Keynes Project
Price Index (U.S.A.)
Questions for Jim Wallis
Remnant Review
Social Security/Medicare
Sustained Revival
Tea Party Economist
U.S. Debt Clock
Yield Curve
Your YouTube Channel
Gary North's Miscellany
Advertising
Blogging
Budgeting for Wealth
Business Start-Up
Career Advancement
Digital Tools
Education That Works
Evernote: Free Notes
Federal Reserve Policy
Fireproof Your Job
Goal-Setting for Success
Great Default
Inheritance Strategies
Insurance
International Investing
Investment Basics
Job and Calling
Keynesian Economics
Leadership
Marketing Case Studies
Obamanomics
Precious Metals
Real Estate
Retirement
Safe Places
State of the Economy
Stocks and Bonds
Study Habits
Video Channel Profits
War With Iran
Members' Free Manuals
Our Products
Contact Me
Help
Tell a Friend
Text Size
Your Account
My 100% Guarantee
Privacy Policy
Terms of Use


This site powered by MemberGate

Bernanke's Strategy: Suffer Paul Ryan Instead of Ron Paul.

Gary North
Printer-Friendly Format

Feb. 11, 2011

Ben Bernanke has always been given a free ride, as have all previous Federal Reserve Chairmen.

The last time that the Republicans controlled the House of Representatives, it was in the middle of the financial crisis in late 2008. Then the dominant player was ex-Goldman Sachs CEO Hank Paulson. Bernanke was close to invisible.

The Democrats took over the House in 2007. Barney Frank protected the FED from Ron Paul's call to audit the FED, even though it received a majority of the House as co-sponsors.

Now Ron Paul is the chairman of the House subcommittee on monetary policy. Not since 1975, the year before Paul was elected, has there been any committee chairman as hostile to the FED. Then, Wright Patman, the populist, was chairman of the banking committee. He was overthrown in a coup by House Democrats. Henry Reuss, a pro-FED member, was made chairman.

Now it's Paul's turn. Or maybe not. The question is this: Will Bernanke show up at any hearing? If the House refuses to compel him to appear, he may escape a direct confrontation. Can he do this for two or more years?

Then there is Paul Ryan, a critic of the FED, but not as outspoken as Ron Paul. He is chairman of the Budget Committee. He opposes QE 2.

Lew Rockwell explained in advance what happened on January 9. (Rockwell was Paul's Administrative Assistant in the early 1980s.)

The historic first hearing of Chairman Ron Paul's monetary committee, to expose the Federal Reserve as the prime creator of unemployment and so much human suffering, will take place at: 10:00AM on Wednesday, February 9, 2011, in Room 2128 of the Rayburn House Office Building, which is the main hearing room of the Financial Services Committee. Rayburn is across the street from the US Capitol at Independence Ave. and South Capitol St., Washington, DC 20003. The witnesses include the eloquent Austro-free-market stars Thomas DiLorenzo of Loyola University Maryland and Richard Vedder of Ohio University. This great event is open to the public.

The Fed itself, and at least three big banks, lobbied against Ron's chairmanship. Republicans who share their fear of the truth worked with Paul Ryan, chairman of the "Budget" Committee, to schedule hearings with Bernanke at the exact same time as Ron's this Wednesday, to try to diminish the significance of Ron's. Ryan, btw, is the fair-haired boy of the Republican leadership who gave the boring response to Obama's boring State of the Empire Sermon. Like the Republican leadership, Ryan talks about cutting spending, but that is only a ruse. He is a big-government neocon, and so naturally supported TARP, Bush's prescription drug welfare, his wars, and the empire in general.

I don't believe this insider trick will work against Ron, because his support comes not from the regime or the Republican leadership, but from the grassroots. I think the Paulians will pack Ron's hearings, and not only to show their support for him against the power elite. These hearings will have huge significance in the fight against the Fed, the fractional-reserve banksters, and other destroyers of our prosperity and freedom. It will also be a huge amount of fun!

http://www.lewrockwell.com/blog/lewrw/archives/77492.html

Never before have two chairmen been this hostile to the FED during the same Congressional term. So, Bernanke is forced to deal with a soft-core critic. Before 2008, there were only Ron Paul and Senator Bunning.

Here is what we have seen so far.

He was not alone.

Bernanke is likely to face increasing hostility when the economy fails to produce jobs. He will not be able to explain this. Keynesianism says that the job market should be expanding. Instead, there are no more jobs today than there were in 1999.

When he testifies, he never mentions economic theory. He describes the past. He dwells on summaries of events that we all know about. He cites statistics that are public knowledge. But he never mentions economic causation. He never mentions banks that do not lend: why not, what the FED can do about it, and what to expect because of this refusal. It is the elephant in the living room.

Congressmen do not ask these questions. So, he avoids having to deal with them. If he can avoid Ron Paul, he will find it easier to get away with this.

My hope is that Ron Paul can schedule hearings from experts in FED policy. He asks them. Then he posts the videos.

Not to use YouTube to put pressure on Bernanke would be a mistake.


Printer-Friendly Format

 Tip of the Week
Sign up for my free
Tip of the Week
Verification Characters:    Type     D  P  A  3  J     here   


Tip of the week archives
On what this icon
means, and how it
can help you,
click here
 Q & A Forums
General Q&A Forum
Advertising and Resumés
Affiliates
American History Topics
Backyard Food Gardening
Banking and Politics
Blog Sites and Web Sites
Books Worth Reading
Bumper Sticker Slogans
Business Forum
Buying Smart
Christian Service Forum
College -- The Cheap Way
Copywriting
Education Alternatives
Food Storage
For Women Only
Fukushima
GNC Benefits
GNC Testimonials
Gold and Silver
Great Default Forum
Health and Diet
Health Insurance
Homeschooling
Investments Forum
Iran War
Job, Calling, and Career
Leadership Development
Legacy Building
Less Dependent Living
Local Political Action
Non-Retirement Forum
One Good Idea
Police State
Privacy
Public Speaking
Real Estate Forum
Remnant Review Forum
Safe Places Forum
Taxation Policy
Typographical Errors
Video Production Basics

 Archives
Reality Check
 Discussion Forum
Search Discussion


Recent Forum Posts
• Watch Junk Bonds For Early Warnings Of Fin. Crisis
• Where to start?
• investing for the beginner
• PIMCO
• Alibaba IPO
• Two Questions: 401k and Pension
• Investment advice - for a family
• Where To Safely Park A Large Amount Of Cash
• How do you invest in this system.
• Retirement Fund: Advertising budget
• Kotlikoff says SIPC insurance is a fraud
• How to Evaluate A Country's Economic Condition
• Eugene Fama's Dimension Funds
• Financial Management Sites
• Don't Touch Principle Follow Up
• Sister's rental was given 24 hours no cause vacat
• Managers for Rental Property
• GN's article about "a place in the country&q
• GN's article about "a place in the country&q
• Recourse vs. Non-Recourse Loans
• Emergency Preparedness
• Nashville - Smyrna, TN Real Estate Market
• First Time Buyer Hesitations
• condominium's
• condominium's
• Modular Homes
• Another question about screening tenants
• Sell a house or rent it out
• Houston vs San Francisco
• Thanks for suggestions.
• Moving TO the US?
• No City for Old People
• Will you die getting to your bug out location?
• teaching English overseas - some questions
• The state with the most Liberty
• Switzerland and Firearms
• On "Zip Code Searching On The Web"
• Crash Course in becoming an Expat
• Anyone tried Puerto Rico?
• Chattanooga, Tennessee
• Middle Class squeezed out of Chicago
• An Article on Chile
• 5 Amazing, Cheap Places to Live as an Expat
• Oil Field Job Security
• Moving to TriCities Area
• advice on how do I interact with my older parents?
• Do You Sincerely Want to Be Rich? Why?
• Req. For No 401(k)/Other Pensions via Relocatio
• Cashing out 401K to pay student debt?
• SS @ 62 and still working
• Desolation or Prosperity?
• I take it Retirement Armageddon is not available
• Post Retirement Career
• Social Security - when to start collecting
• 401K Risk
• Detroit Retirees Fight 83% Health Care Cut
• Lump Sum Early DROP
• Underfunded pensions
• 401k strategy
• Can I Avoid Medicare Entirely?
• Guilty as Not Charged
• Why are our children being murdered? Why didn't t
• Intellectual Firepower
• Refuting Keynes through crowd research
• The Collapse of The American Dream
• Adjustable Glasses Come to America
• Here's something kinda creepy in the Ebola arena
• Cataracts
• The Insurmountable barrier of the Swiss Gold Ini
• "What is Evidence-based Sentencing?"
• Self driving car
• A challenge to Freedom of Association for business
• US Embassy Baghdad hit by rockets?!?!?!
• Video Editing
• Academic fraud at UNC: And elsewhere?!
• Idea for a reality show--"Do That Job!"
• Dun & Bradstreet information
• Warren Buffett and that other guy.
• Requirements for start-up?
• Apple and/or Android?
• Getting kicked out by the state
• Alexa manipulating internet rankings ?
• Business Idea - Book Summaries for Sale
• Millionaires you've never heard of
• Numismatic seller wants more exposure
• Another email list question.
• Adding people to an email list.
• Business Ideas - Chinese Wife
• Business naming
• Fulfilled By Amazon (FBA) E-Commerce