All Episodes
Previous Next
Sept. 10, 2019 - Ron Paul Liberty Report
03:58
Weekly Update --- Bill Dudley's Noble Lie

Is anyone surprised anymore that the Federal Reserve has its eyes on US politics?

|

Time Text
Dudley's Noble Lie 00:03:55
Hello everybody and thank you for tuning in to the weekly report, Bill Dudley's Noble Lie.
Former Federal Reserve official Bill Dudley's recent op-ed calling for the Federal Reserve to implement policies that will damage President Trump's re-election campaign says that such action would be unprecedented.
Dudley claims the Federal Reserve bases its policy solely on an objective evaluation of economic conditions.
This is an example of a so-called noble lie, a fiction told by elites to the masses supposedly for the people's own good, but really designed to maintain popular support for policies that benefit the elites.
Dudley's noble lie is designed to bolster a rapidly and deservedly eroding trust in the Federal Reserve.
The truth is the Federal Reserve has always been influenced by and has always tried to influence politics.
President George H.W. Bush and other members of his administration blamed his 1992 defeat on then Federal Reserve Chairman Alan Greenspan's refusal to reduce interest rates.
Greenspan was more cooperative with Bush's successor, Bill Clinton.
Lloyd Benson, Clinton's first Treasury Secretary, wrote in his autobiography that the Clinton administration and the Federal Reserve had a gentleman's agreement regarding support for each other's policies.
Greenspan also boosted President George W. Bush's ownership society agenda by lowering interest rates after 9-11 and the collapse of the tech bubble, thus creating a housing bubble.
Ben Bernanke, Greenspan's successor, facilitated both Bush W. and Bush and Barack Obama's bailouts, stimulus spending, and massive welfare warfare spending with record low interest rates and quantitative easing.
Speculation that the Fed was keeping interest rates low during the 2016 presidential campaign in order to help Hillary Clinton was fueled by the revelation that a Federal Reserve governor donated to Clinton's campaign.
Presidents have always tried to influence the Fed, usually pushing for lower rates to temporarily boost the economy.
President Richard Nixon was recorded joking with then Fed Chairman Arthur Burns about Fed independence.
President Lyndon Johnson shoved Federal Chairman William Martin against the wall after an interest rate increased.
Johnson's frustration may have been because he realized that the success or failure of his guns and butter policies was largely out of Johnson's control.
The success or failure of presidents' agendas is often determined by a secreted central bank's manipulation of the money supply.
No wonder presidents spend so much time trying to influence the Fed.
The Fed's history of influencing and being influenced by President is one more reason why Congress should pass the Audit the Fed bill.
Auditing the Fed is supported by almost 75% of the American people across the political spectrum, including such leading progressives as Bernie Sanders and Tulsi Gabbert.
My campaign for liberty is leading a major push to get a majority of Congress members to co-sponsor Audit the Fed in order to pressure House and Senate leadership to hold a vote on this bill.
The American people have had enough of noble lies about the Federal Reserve.
It's time for truth.
It's time to audit the Fed.
Export Selection