Ron Paul Speaks On The Bank Bailout
Posted by Brewskie on October 4, 2008 : 08:10am (241 views)
Filed Under Communism, Economy, Federal Reserve, Markets/Dollar, Political Videos, Politics, Ron Paul, Socialism, Taxes
Ron Paul has been predicting the collapse of the credit markets for a very long time and has even gotten many people to finally wake up to the fact that the Federal Reserve, with it’s fractional reserve system, will eventually destroy the dollar and the markets.
In this video on the House floor Paul lets loose on the causes behind the fiasco and what may happen to the dollar now that the “No Bank Left Behind” bill has passed. And, importantly, he mentions the need for oversight of the Federal Reserve and the President’s “Working Group on Financial Markets”, or as some call it the “”Plunge Protection Team”, to “find out what they’re doing, how much have they been meddling in the markets”.
According to Wikipedia:
“The “Plunge Protection Team” was originally the headline for an article in The Washington Post on February 23, 1997, and has since become a colloquial term used by some mainstream publications to refer to the Working Group. Initially, the term was used to express the opinion that the Working Group was being used to prop up the markets during downturns. Financial writers for British newspapers The Observer and The Daily Telegraph, along with U.S. Congressman Ron Paul and writers Kevin Phillips (who claims “no personal firsthand knowledge” and is “not interested in becoming a conspiracy investigator”) and John Crudele, have charged the Working Group with going beyond their legal mandate. Claims about the Working Group generally include that it is an orchestrated mechanism that attempts to manipulate U.S. stock markets in the event of a market crash by using government funds to buy stocks, or other instruments such as stock index futures—acts which are forbidden by law. However, these articles usually refer to the Working Group using moral suasion to attempt to convince banks to buy stock index futures.”
→ Will the bailout cause the dollar to collapse and start another Great Depression?
→ Will the Government finally audit the Federal Reserve in the daylight?
→ Will the President’s “Working Group on Financial Markets” finally be investigated?
Don’t count on it. The Congress isn’t wanting to know the true causes of the credit collapse, they would rather throw money at it and hope it goes away. While future generations are left to clean up their mess.
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[...] Ron Paul has been predicting the collapse of the credit markets for a very long time and has even gotten many people to finally wake up to the damage that the Federal Reserve with it’s fractional reserve system will eventually do to the …[Continue Reading] [...]