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It's been called the most secretive organization and America.
No not the CIA but the Federal Reserve of the United States.
But this week Fed Chairman Ben Bernanke announced that he will begin holding quarterly and those conferences with the press.
Does this mark the end of an era for the super secretive back.
Joining me now -- economist and central banking expert Robert Murphy.
From the recent since the troop Roberts a pleasure welcome back to freedom watch what will you make of this do you think that it has anything to do.
With the victory of fox business and a couple of other media entities.
In federal court here in New York forcing Bernanke and company to cough up the documents from TARP and other bank bailout.
Programs in 2008.
We I think it does I think it's the Fed is doing the bare -- it's just trickling out things is trying to.
To do you keep the dogs at -- as it were just trying to get through well can maintain this public image -- Ono were being forthcoming we're disclosing what what more you guys want.
When in fact what they're trying to do -- -- as much as possible -- -- get away with do you think they'll let you in any of these press conferences and -- give him personally -- Ben Bernanke.
Well I got my fake mustache -- scenario I can -- in that when they get -- to today -- and -- -- How how realistic -- our hopes -- That we will get closer to an audit or find out what they're really up to.
Where will -- former Princeton professor whose use of the English language is very glib.
And sophisticated just dance around questions and not give a serious answers.
Well of course they're gonna dance and it's got to the point where Jon Stewart on The Daily Show makes fun of Ben Bernanke I mean it's.
In us for sixty minutes interview he's a label printing my the second once and I -- -- putting money what are you talking about and each time.
He gives some real technical definition as to what he meant by those remarks.
But everybody knows that the Bernanke says what he needs to just to get out of the room to defuse the question.
To hide effect of the -- printing money that's -- strategist print more money Bob you are recently wrote.
That the unrest in the Middle East is in large measure due to the Fed can you explain that force.
Or -- -- -- -- that a lot of what happened over there what's sparked these.
Political disturbances upheavals was the fact that the food prices were going to the roof and energy prices and over there it's even more of a concern.
Because the lower standard of living that it is in the United States so the Federal Reserve -- creating trillions of new dollars.
-- speculators to go and they had some cells might bidding up commodity prices so it's in it it's not you don't need to -- -- PG and economics to understand the Fed prints a bunch of money.
And then certain things go up in price it's pretty obvious -- higher on the same page with respect to auditing the Fed you and -- -- on the same page with respect to ending the Fed.
But how would you make the argument.
That Paul Krugman and the others make how could you possibly service a fourteen trillion dollar debt coverage of possibly pay all the federal government's belts.
Without the -- Well I think that's an argument in -- can't judge that the fact that the Fed is there it keeps the interest rate on treasuries artificially low.
And so -- gives an incentive moral hazard if you will for the congress to borrow and spend more to live beyond their means even more than they are you would have so.
The fact that the Fed and gives this illusion that we're able to still run deficits for free.
Is a strike against that that's the reason we shouldn't -- -- have on -- sound money.
So people can know exactly -- our government's taken from us I think that debate between you and Krugman it's getting closer with every tick of the clock Bob Murphy it's a pleasure thanks for joining us.
-- threatening what the bankrupt government did.
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