Bernanke testimony | Helicopter Ben vs. Ron Paul
Was America the sole recipient of the bailout?
Ben Bernanke’s testimony to Congress continued, including a heated exchange between Bernanke and Rep. Ron Paul (R-Texas), part of which was an allegation of lending to Greece to aid in the financial turmoil there. Decide for yourself whether Greece should be allowed to borrow money from the Federal Reserve.
Bernanke flatly denied Mr. Paul’s allegation, calling them “bizarre.”
Is it truly that bizarre?
Is the Federal Reserve about to bailout Greece? Have they done the same with foreign nations in the past? Greece is still a question mark, irrespective of Bernanke’s testimony. The writing may already be on the wall.
Put in “Texas Straight Talk”
In a recent weekly column at House.gov, Ron Paul wrote about Greece’s economic crisis. The government is close to defaulting on public debt, as the Treasury is almost dry. The debt level, claims Paul, is “about 120 percent of their gross domestic product,” so the public sector soaks up “what amounts to 40 percent of GDP.” This has European investors running scared, needless to say. The European Central Bank seems suspiciously calm.
Why would that be? Outsiders aren’t sure. Is it possible that the Federal Reserve is going to perform a Greece bailout? We don’t know, says Paul, partly because the Federal Reserve’s distribution of bailout dollars hasn’t been as transparent as promised, but also because if they were aiding a foreign central bank, by law they don’t have to disclose that fact and it is exempt from audit. Considering that Greece isn’t the only European country in trouble – and that many of those countries in trouble have some sort of tie to Goldman Sachs – we wonder whether these countries will also be deemed “too big to fail” by the U.S. banking concerns. Who will be liable if that is the case? It would be the taxpayers at a time when unemployment is incredibly high.
Fiat currency and garish disregard for caution in its use
Our government buys into the idea of fiat currency. They create money for whatever purpose they see fit – a check that no one has the actual capital to cash.The US Government and the Federal Reserve seem content to keep the status quo, with no concern to the burden it puts on future generations. Ron Paul has upheld that the people deserve to know if they are “going to be left holding the bag” by the Federal Reserve spending money they don’t really have!
Evidence log for your consideration
- Federal Reserve money supported Saddam Hussein and the Iraq military
- Federal Reserve money was involved in Watergate
- Here’s the Senate Watergate Report for more on Watergate.
Bernanke testimony does not inspire confidence
This is exactly why Ron Paul would like laws to be changed so that we can audit the Federal Reserve. Fast cash going from our pockets to other countries isn’t something that can perpetuate when our own is in trouble. We need to know what’s happening. Americans deserve transparency from their governmental institutions.