Ron Paul chair of FED Oversight committee?

[blazespinnaker]

http://www.politico.com/blogs/glennt...oversight.html

Here's a little irony in the House GOP sweep: The next chairman of the monetary policy subcommittee -- overseeing the Federal Reserve?

None other than Ron Paul (R-Texas), who'd just as soon abolish the Fed.

Paul is the ranking member of the Subcommittee on Domestic Monetary Policy and Technology on the Financial Services , which oversees the Federal Reserve, the U.S. Mint and American involvement with international development groups like the World Bank. Unless someone bumps him, he's next in line for the subcommittee gavel.

So, let's see how much influence the Tea Party actually has with the GOP.

[jiimbergin]

Re: Ron Paul chair of FED Oversight committee?

http://www.politico.com/blogs/glennt...oversight.html



So, let's see how much influence the Tea Party actually has with the GOP.

I am not sure what you mean? With or without the Tea Party movement Ron Paul has been going after the Fed.

[WDCRob]

Re: Ron Paul chair of FED Oversight committee?

Tea Party vs FIRE Industry?

I know which side my (rapidly devaluing) dollars are going on.

[blazespinnaker]

Re: Ron Paul chair of FED Oversight committee?

I am not sure what you mean? With or without the Tea Party movement Ron Paul has been going after the Fed.

Yeah, but will Ron get the chairmanship. That's the question.

[jiimbergin]

Re: Ron Paul chair of FED Oversight committee?

I personally have no doubt.

[ASH]

Re: Ron Paul chair of FED Oversight committee?

Yeah, but will Ron get the chairmanship. That's the question.

I think that's an excellent question. The Republican leadership have been carrying FIRE's water over financial regulatory reform (and opposition to same). But the Fed is vital to FIRE's interests, and I cannot imagine FIRE wants Ron Paul in charge of congressional oversight of the Fed. So, we know what should happen by the usual rules of seniority; but if Paul doesn't get the chairmanship, we will have a measure of FIRE's hold over the Republicans.

[ThePythonicCow]

Re: Ron Paul chair of FED Oversight committee?

But the Fed is vital to FIRE's interests

That might not be the most accurate way to look at this.

The U.S. is getting taken down a peg or two (or five .)

At some point not far off, I figure that the Fed, the U.S. Treasury and the big New York banks will have to eat some humble pie. They will have to submit Americans to the yolks of debt peonage and themselves to such global governance as the Basel III Accords.

There's a head of steam building up of American anger (though we're doing a wimpy job of it compared to the French or Greeks.) This public outrage will be directed towards the Fed, the Treasury and the big Banks. The resulting crisis will be found quite useful to those reshaping the world power structure in their own vision.

[Chris Coles]

Re: Ron Paul chair of FED Oversight committee?

Surely, if Paul shuts off the Fed's QE, you will get a second dip?

[ThePythonicCow]

Re: Ron Paul chair of FED Oversight committee?

Surely, if Paul shuts off the Fed's QE, you will get a second dip?

For sure - hell yes - a second and a third and a fourth dip.

Can anyone look at what the Financial Powers That Be have been doing to the U.S. economy the last few decades and imagine that their goal is lasting American prosperity?

[ThePythonicCow]

Re: Ron Paul chair of FED Oversight committee?

There's a head of steam building up of American anger (though we're doing a wimpy job of it compared to the French or Greeks.) This public outrage will be directed towards the Fed, the Treasury and the big Banks. The resulting crisis will be found quite useful to those reshaping the world power structure in their own vision.

I wrote the above before listening to a YouTube video of an interview with David Stockman that kriden posted on iTulip at Stockman on Bloomberg TV.

David Stockman was the Director of the Office of Management and Budget under Reagan in the years 1981-1984. He played an important supporting role in setting up the previous transition from public dismay over a sour economy, into a 30 year rising long Treasury bond market. He knows exactly how this game plan works, and he's the kind of guy, with the right kind of credentials, to have out front helping to setup the public "understanding" of what is happening.

This video of Stockman is exactly what I would expect, given my prediction above.

P.S. -- Stockman states unequivocally that Ron Paul will be the chair of the Fed oversight committee.

[ThePythonicCow]

Re: Ron Paul chair of FED Oversight committee?

This is from Reuters Ron Paul vows renewed Fed audit push next year:

U.S. Republican Representative Ron Paul on Thursday said he will push to examine the Federal Reserve's monetary policy decisions if he takes control of the congressional subcommittee that oversees the central bank as expected in January.

"I think they're way too independent. They just shouldn't have this power," Paul, a longtime Fed critic, said in an interview with Reuters. "Up until recently it has been modest but now it's totally out of control."

Paul is currently the top Republican on the House of Representatives subcommittee that oversees domestic monetary policy, and is likely to head the panel when Republicans take control of the chamber in January.

Click the link above to read more of this article.

[blazespinnaker]

Re: Ron Paul chair of FED Oversight committee?

Another possibility is that he gets the chair but then the subcommittee is sidelined.

[BigBagel]

Re: Ron Paul chair of FED Oversight committee?

Surely, if Paul shuts off the Fed's QE, you will get a second dip?

I don't know how Paul could stop QE. He's doesn't have the power.
The Fed must be happy Grayson lost in Florida.
I can't see Paul as the committee chair. There just has to be a fix in the works on that one.

This will serve as a great indicator of the current power of FIRE.

[ThePythonicCow]

Re: Ron Paul chair of FED Oversight committee?

This will serve as a great indicator of the current power of FIRE.

FIRE will be split, into good (or at least still mostly hidden) and bad (to receive the brunt of American anger.)

See for example the David Stockman interview I linked above, setting up a replay of the long Treasury bond crash of the early 1980's by attacking big banks.

Consider also the suits being brought against the top bullion brokers JPMorgan and HSBC for manipulating gold and silver.

Consider also Mortgage-Gate, which will have major investors and banks infighting over trillions of dollars of toxic paper and rampant fraud, while seriously angering many Americans, for good reasons.

Consider also the increasingly negative attention that the Federal Reserve's QE2 and other such activities is getting.

Consider also some other investigations, besides Ron Paul's, likely to start in the House of Representatives, such as Lamar Smith, the new chair of the Judiciary Committee, investigating illegal immigration across the border with Mexico. A fairly conservative Smith will be replacing a quite liberal John Conyers at that chair.

Unless we have another false flag event like the Murray Building bombing in Oklahoma City, or worse, that successfully puts renewed legs under Obama, I expect that one or more of Obama's numerous hidden vulnerabilities (much has been hidden from the public about that man) will be flaunted before the public and used to justify taking him down, likely by means of impeachment, threat of impeachment and resignation (ala Nixon), removal from the ticket in the 2012 election or at least a major loss in his re-election campaign (ala Carter.) See GOP's First 4 Potential Investigations of Obama for some of the more benign (in my view) areas of potential investigation.

The objective, I claim, is to continue to weaken America. The next phase of this will be against portions of FIRE. The powers that be will create a public spectacle, carving off and destroying elements of itself, quite intentionally.

[Starving Steve]

Re: Ron Paul chair of FED Oversight committee?

That might not be the most accurate way to look at this.

The U.S. is getting taken down a peg or two (or five .)

At some point not far off, I figure that the Fed, the U.S. Treasury and the big New York banks will have to eat some humble pie. They will have to submit Americans to the yolks of debt peonage and themselves to such global governance as the Basel III Accords.

There's a head of steam building up of American anger (though we're doing a wimpy job of it compared to the French or Greeks.) This public outrage will be directed towards the Fed, the Treasury and the big Banks. The resulting crisis will be found quite useful to those reshaping the world power structure in their own vision.

What is wrong with global DISCIPLINE on banks, everywhere? What is meant by this term you used, so-called U.S. "debt-peonage"? The terms of Basel III are so easy and vague that they hardly seem like discipline to me, especially when money is at negative real interest rates and being helicoptered-in from central banks? A gold standard would imply discipline, not Basel III, but what do I know?

Back to the term, "U.S. debt-peonage", I would think that the Americans have had a huge party and that they have expected the world to pay for their consumption. So what right do Americans have to be angry at the world for the mess they are in now?

Why should mortgage debt be deductible from income tax? Why should interest rates be negative in real terms? Why more stimulus when the U.S. is drunk with debt?

Being a globalist, I strongly support global solutions, and the best solution would be a gold standard for the entire world. And I wouldn't give the protesters screaming "debt peonage" the time of day. Debts are going to be paid-back in full. Basel III should be about a gold-backed currency for the entire world, and the currency would be redeemable in gold, at any time by the workers of the world.

If there isn't enough gold for a gold standard to be practical, why not use energy-------- REAL ENERGY, like kilowatt-hour credits on your electric bill, and NOW, not at some hypothetical time in the future?