You're watching...
Judge Andrew Napolitano on Representative Ron Paul's last opportunity to face off against Federal Reserve chief Ben Bernanke.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
Ladies and right and on Capitol Hill moments ago congressman Ron Paul going after Federal Reserve chief Ben Bernanke.
This congress ought to get a backbone.
They ought to say we deserve to know we have a right to know we have an obligation to know because we have an obligation to defend our currency.
It's the destruction of the currency disputes that destroys -- middle class.
There is a principal and free market thinking this is.
If you destroy the value of currency through inflation you transfer the wealth from the middle class in -- gravitate to the very wealthy.
Our first guest job markets now surely watching this confrontation.
Very closely there's the judge Ron Paul vs Ben Bernanke -- the last time with congressman Paul retiring what do you make what was said.
Well a congressman Paul has been making this argument for 35 years and when he first made the argument and in a nutshell it is.
We have the right to know what the Fed does what it owns it right basically audited.
Because what it does profoundly effects our savings in the value of our homes and everything we have and everything we -- We started make that argument 35 years ago he was a lone wolf yes he persuaded Ronald Reagan to accept that argument.
The last time legislation was introduced in the house and the senate more than half the members of the house of more than half the members of the senate co sign the legislation.
It still didn't pass so this is his last opportunity.
As a sitting member of the house not only to remind the congress and the public that we have a right to know what the Fed is doing but he's also remind -- of the harm that has caused when we don't know what the Fed is -- But about cost Ron -- rather not have a Central Bank what do not and you definitely -- it doesn't want the -- and congressman Paul is of the view a view that I share.
But the constitution mandates that only eight -- commodities silver or gold.
Could that could be our currency.
And other currencies value should -- by supply and demand like anything else stated apparently it shouldn't be regulated by bureaucrats to suit their needs.
I always go back to rather than debate -- these reality of it because I will fail at that deserved what he thought that thought you go back to what was our country like prior to having the Federal Reserve System and it was panic after panic after panic rises a bank.
For banks and for bankers but it was panics and runaway inflation to.
Before.
We had the Federal Reserve and the value of the dollar essentially remain the same from 1787.
To 1913.
Since the Federal Reserve the value of the dollar has gone down by ninety to pursue all.
Currencies but on all of that island nation nations have central banks an alternative is have fallen.
As well also it's not like you can't hold -- yeah.
How -- I was just even those who don't share that view of even those who don't agree with you Yorkers agree with congressman Paul would say hey we need a more transparent fed.
But don't we haven't been getting one hasn't had been having some success of mean what are not as much secrecy -- -- reservists are you let me tell you something.
Fox Business Network and the lead plaintiff there -- was Kevin -- the case is called -- In federal court here in New York.
To get documents the Fed did not want again involving a TARP and some of the stimulus packages -- gonna get rid it was a little -- that was a little bit of the crack in the ice and what we saw what was happening.
As a result of that litigation.
I think that members of congress who like the Fed decided you know what I want to know what they're doing right there are Democrats.
Liberals Republicans conservatives and libertarians.
Who sign on to that legislation.
But it still doesn't pass because the president has threatened -- and the Fed has very very deep.
Tentacles into congress to keep itself in the dock we know more about the CIA than we do about them.
But in some ways that we do want the congress.
And our lawmakers to keep -- tentacles.
Out of our Central Bank do we not that book called the cause again you open it up to manipulation by those lawmakers and they would use it as we've seen OK -- -- -- their own devices.
You are giving me -- hobson's choice and they did this year than the choice is between a Federal Reserve above private bankers -- can do what they want.
Or -- Federal Reserve run by politicians my argument would be.
About free market whether a value of currency floats like everything else and we have Bankrate next.
Multiple bank panics -- the recently let it -- it again if you go back what the eighteen hundreds of our what budgets -- what one more one more from the judge on this.
Panics -- -- price that you pay for the free market.
But not everybody suffered impacts those who -- the most lost the most those organs were conservative we tend to be continued guess what -- great.
Yeah pleasure guys all right well we're gonna stay honest.
