Ron Paul on Watergate, Saddam Hussein and the Federal Reserve
Rep. Ron Paul (R., Texas), the chief critic of the Federal Reserve on Capitol Hill, used his five minutes at a House Financial Services Committee hearing this morning to explore the central bank’s role in Saddam Hussein’s reign and Watergate.
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| Rep. Ron Paul (R., Texas). (Getty Metaphors) |
That’s right — Watergate and Saddam Hussein. Rep. Paul was expression allegations that the Federal Reserve has been used to funnel money for various nefarious causes. That’s why the Fed needs wider audits by Congress, Mr. Paul said. His bill to audit the central bank’s monetary plot — a measure the Fed opposes — would include a lag of six months. Today, he sought to win a commitment to audit the Fed after 10 or 15 years. “Why couldn’t we open the books up 10 years back and find out the truth of these matters?” Mr. Paul questioned.
Mr. Bernanke, in response, called the allegations about Watergate and Saddam Hussein “unquestionably bizarre.” He prominent that the central bank releases transcripts of its Federal Open Market Committee meetings after five years. And he seemed to agree with Mr. Paul’s request to review every loan made to foreign governments.
Next, Mr. Paul wanted to know if the Fed has “talked with any international groups about us participating in a bailout of Greece.”
“I have not,” Mr. Bernanke said. “We have no plans whatsoever to be involved in any foreign bailouts or whatever business of that sort.”