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Wednesday, July 13, 2011

Ron Paul Makes Bernanke Look Foolish

I asked last week where we can find an American counterpart to Nigel Farage. When Nigel takes the floor of the European parliament, he harpoons all those knuckle-draggers that are blatantly causing the downward economic spiral in the E.U.

Much like watching an old John Wayne movie, Farage tells the bad guys exactly what he thinks of them and that they'll get what's coming to them. Bad guys never win in the long run...at least not in a John Wayne movie. I'd like to see the same outcome for the malaligned governments and crooked bankers of the world. But who is going to take them down?

Well, today's tongue lashing came from none other than our own Repulican from Texas Ron Paul. In a monetary progress report to Congress, Bernanke attempted his usual diatribe regarding how profitable the Federal Reserve has been in the past two years ($125 billion in profits) and how the Fed doesn't "spend" money, it "loans" money. Sounds like "the rich get richer" to me.

Paul points out from the onset that consumer spending makes up 2/3rds of the American GDP but yet the Fed keeps printing money and giving it to the "too big to fail" companies. This doesn't help consumer spending at all. It simply puts more profits back into the pocket of big business (again, rich getting richer).





Paul even points out that if the Fed had wanted to boost consumer spending and spur the economy, the $5 trillion that went to big business could have been giving directly to the citizens of our country to the tune of $17,000 PER CITIZEN. Who in their right mind would argue that the citizens woulnd't have spent the $17k on consumer goods and services? That would have been a HUGE boost for the economy. Instead, we saw minimal job creation and massive bonus increases to CEOs (who also didn't pay corporate taxes: hello General Electric?).

Bernanke, clearly taken aback by Paul's comments as noted by his long pause of silence, let's it be known that he doesn't think gold is money. Really? Perhaps this gives an insight into what Ben thinks money is. Since he can't double or triple the gold supply, therefore devaluing everyone else's gold while causing inflation and printing more gold for himself...gold can't be money...at least in his world.

So I'd like to thank Senator Paul for not only interupting Bernanke at least four times and making Ben look like an ass, but for also standing up to these cretons and letting them know that we are all aware of the shenanigans they are pulling and that their time is coming. I will be donating to Paul's campaign today as a thank you for his efforts.

The answer to 1984...Pilgrim...is 1776.

~OJD


If you just came out from under a rock, here's a quick comical tutorial on our government:



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