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A we're joined now by an outspoken critic of the Federal Reserve who has been calling for its audit Republican congressman Ron Paul of Texas -- for his take on all of us.
I have to first ask you about this person that your choice -- here's what times that.
Congressman Paul they said that he -- he basically didn't just learn from history.
He wrote it himself do you think that he deserved -- -- today.
Oh yes he deserves the honor -- for a completely different reason.
I find -- Bernanke is the greatest kind of hitter in the history of the world.
He isn't he has created two dollars out of thin air more than anybody else and we happened had a reserve currency of the World Cup he was a participant in the -- Bobble.
He's responsible for the crash he did say this this thing isn't even old tour yet so I don't -- He -- as being a savior he's the participant.
And he is a kind of theater and for this reason he is the well -- man hours and more powerful than a process.
I'm a bit like having that time did point out -- that he did it -- -- the famous doesn't have lots of -- liquidity yes but dollars under pressure now that bother you but.
At the same time we did not go into -- another Great Depression.
And we are technically out of a recession now in this country don't want to give him any credit where an event.
Now it's it's temporary and we might be in 193132.
So hold on -- -- and hang on here at.
Because it's not over yet.
And guy he himself you know he was he -- office for over two and a half years.
Before they crunch the back and read all the statements he said everything is going well -- -- -- -- like it did take over the chairmanship and take.
-- you know -- Greenspan inflated too much he created this bubble and we need to protect ourselves and prevent a crash you know he continued to process -- -- the -- to occur.
And then the very cause of the crash he.
Double that effort.
It too much -- of the money supply was the cause to what he did he inflated even more and more he should be called -- there should be a picture on time magazine.
With him flying -- helicopter pushing out money congressman -- you say and that he's helicopter -- I mean.
That would have been a great picture and I would say yes CDs every bit and my colleagues here have a couple of questions -- you telling iPad cannot congressman is Michael Rourke.
You know what what Ben Bernanke did -- judicial Central Bank practices you know.
Alexander Hamilton as the first secretary of the treasury did many of the same things that Ben Bernanke is done.
So I mean I'm taking you have a problem Hamilton as well that.
I'll certainly -- -- -- Jefferson had been arguing Jefferson that ended the first central bank and -- national bank which was Hamilton so.
I guess that it started -- with -- -- That the constitution was still on the side of Jefferson that we -- -- have -- Central -- there is no authority for Central Bank only goldmans over the legal -- we should be running up these -- -- -- This far and we can't even borrowed money -- we print the money it's insane.
I kind -- congressman you are also.
Make -- a pretty startling claim in your weekly column I'm reading it right here in effect used its immense power to help a -- friends.
If he -- and helping homeowners he sure didn't help the people who lost their jobs.
Be sure helped Goldman Sachs and other companies that get bailed out the big bank -- -- Companies -- banks hadn't been bailed out.
Weren't we looking at something that would have badly injured the world economy and cause perhaps.
A Great Depression instead of -- Now you're populated and I I think that there really aren't you -- what we we we prolong the agony -- it don't depends on what economic policy you understand.
But now we're prolonging the agony we're doing exactly the wrong -- business.
It in the depression and it it doesn't solve our problems so so I would say that there has been.
It's like it's like you stated.
Patient constantly -- -- drug addict and there have withdrawal symptoms at all.
No -- I can take care of it here I'll give you rejection and then the patient walks up feeling pretty -- -- like got a problem is still there the problem is still there and that's what we're ended.
Dial up I want to move away from this broke -- -- -- our correspondent Peter Bart is also watching in congress that -- -- Peter.
You know it.
Congressman Paul -- about what he wants more auditing of the bed but mr.
Bernanke even I believe yesterday it was still giving statements.
To the -- -- saying that he believes that the Fed.
Does need more power he wants to protect the power of that that is not correct.
Yeah I'd like to ask congressman Paul why we've got I'm here because let's talk about practical politics here and now the nomination is gonna be have voted out of committee tomorrow by the senate banking committee.
And then we'll go to the full senate for a vote -- probably in January.
And there are several co sponsors in the senate for congressman's Paula just Paul's legislation.
Two require more audits of the Fed including audits of monetary policy.
It would pass in the house tomorrow congressman Paul has 350 some co sponsors in the senate it -- -- -- given much of a chance.
Until now because we have several senators who are threatening to filibuster.
Chairman -- -- -- nomination vote on the full in the full senate.
But and the price of allowing the vote to go forward may be a vote on congressman okay.
Paul's legislation in the senate okay Robert yeah well what's the outlook for what I'll look forward his in the senate -- legislation -- not respond.
Well first office has already passed the house passed committee NC net banking deals the auditing at the end is in right -- -- -- house -- So in the senate know it's a lot a lot more different the senators aren't as responsive to the grass -- this is a grassroots movement.
And this is the way it's been in the past that grass roots usually rebel.
I against that Fiat money and inflation isn't because the people want value and Hermione don't want to lose their jobs.
So they've -- -- ones who have rebelled in the senators aren't that responsive.
I I think Bernanke will end up being that nominee if I -- there I'd vote against him.
But I also make the point that that's not really the discussion sessions -- -- that should we have a secret bank.
Fixing answers right in trying to do central economic planning with no oversight of the congress giving us these financial -- everybody talks about.
We're making what he did.
-- may be softened things a little bit as of the moment but nobody said how did the bubble her -- the housing bubble come from -- -- the NASDAQ bubble -- Where did they stock market bubble coming in nineteen point nine if all the bad.
If that is what we have to direct our attention to otherwise will repeat this over and over again but unfortunately it won't be -- easy to replay this -- Because right now what we're gonna do -- work on the destruction of the dollar and that's another problem and it's much bigger.
And we have a lot of time with people we have a question -- -- her New York congressman.
In principle I but I agree with you on many many issues where is how we got here as far as you -- fast policies in the past.
But going forward is this the correct way -- I think you're risking as someone who.
Do you think any Fed Chairman is a bad Fed Chairman I would say you know basically get on you the -- we talking that you don't want the Fed to be there.
So -- we -- things you know taking the independence of the Fed.
And putting it in the hands of congress yet you know where's you have legislators driving financial policy fiscal policy monetary -- country.
And I guess my point is it in practice are you you know taking your your own beliefs and making the situation worse.
Well that's a total this interpretation of what the bill does and of course that's what Bernanke says it does but it doesn't it excludes any control of the congress over monetary policy.
Otherwise I couldn't be able to get 370.
Co sponsors because I don't want -- I don't want to run monetary policy here and we wouldn't agree on anyway so.
So that is is not the issue the -- the issue really is how much responsibility as the congress have.
-- -- over the Federal Reserve can create money make loans make deals have agreed -- central banks have agreements with other governments.
That that is the whole issue.
All right coming from broker before I let you go very busy day in the house today got a lot of votes that are happening right now particular where are you guys.
-- -- When well right now we're just doing our -- cleaning up we are not yet to be to the medical -- we have to do things like adjournment it's not a few things like that out.
But that now they'll be up and they'll be a lot of votes and I -- we're going to be there late tonight.
All right congressman Ron Paul from Texas congressman olive on -- on Fox Business we have to see you again that they can't.
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