Ben Bernanke Vs. Ron Paul

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Was the US the sole recipient of bailout money?

Ben Bernankes testimony before Congress continued today, punctuated by a very entertaining 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.

For the record, Bernanke denies all of Mr. Pauls allegation, labeling them bizarre.

Is it truly that bizarre?

Is the Federal Reserve going to perform a Greece bailout? Has that been done for other countries in the past? Greece is still a question mark, irrespective of Bernanke’s testimony. The writing could already be on the wall.

Put in “Texas Straight Talk”

In a recent weekly column at, Ron Paul wrote about Greeces economic crisis. The government is defaulting on their public debt, as their treasury cupboards are nearly bare. The level of debt, according to Paul, sits at 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. However, the European Central Bank seems calm.

Why is that? Outsiders arent sure. Is it possible that the Federal Reserve is going to perform a Greece bailout? We aren’t aware, says Paul, partly due to the Federal Reserve’s distribution of bailout funds hasn’t been disclosed as well as promised, and also because if they had aided a foreign central bank, they don’t have to disclose it by law and it is exempt from audit. Considering Greece isn’t the only European nation in dire straits, many with some tie to Goldman Sachs, one wonders if they will also be deemed “too big to fail” by the U.S. banking concerns. And who will be on the hook if such is the case? It would be the taxpayers at a time when unemployment is incredibly high.

Creating fiat currency and shoveling it around with impunity

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.Americas government and the Federal Reserve are obviously happy to keep such a system in place, with no thought of the debt burden it will place of future generations. Ron Paul suggests that Americans deserve to know if they are going to be left holding the bag as the Federal Reserve throws around money they dont actually have its imaginary!

Evidence log for your consideration

  1. Federal Reserve money supported Saddam Hussein and the Iraq military
  2. Federal Reserve money was involved in Watergate
  3. Heres the Senate Watergate Report for more on Watergate.

Confidence not inspired by Bernanke testimony

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 should know what goes on. Americans deserve transparency from their governmental institutions.

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