Ron Paul Liberty Report - Weekly Update --- Bill Dudley's Noble Lie
Aired: 2019-09-10
Duration: 03:58


=== Dudley's Noble Lie (03:55) ===

[00:00:03]  Hello everybody and thank you for tuning in to the weekly report, Bill Dudley's Noble Lie.
[00:00:10]  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.
[00:00:26]  Dudley claims the Federal Reserve bases its policy solely on an objective evaluation of economic conditions.
[00:00:33]  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.
[00:00:51]  Dudley's noble lie is designed to bolster a rapidly and deservedly eroding trust in the Federal Reserve.
[00:01:00]  The truth is the Federal Reserve has always been influenced by and has always tried to influence politics.
[00:01:08]  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.
[00:01:22]  Greenspan was more cooperative with Bush's successor, Bill Clinton.
[00:01:26]  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.
[00:01:40]  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.
[00:01:53]  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.
[00:02:10]  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.
[00:02:24]  Presidents have always tried to influence the Fed, usually pushing for lower rates to temporarily boost the economy.
[00:02:32]  President Richard Nixon was recorded joking with then Fed Chairman Arthur Burns about Fed independence.
[00:02:39]  President Lyndon Johnson shoved Federal Chairman William Martin against the wall after an interest rate increased.
[00:02:47]  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.
[00:02:58]  The success or failure of presidents' agendas is often determined by a secreted central bank's manipulation of the money supply.
[00:03:09]  No wonder presidents spend so much time trying to influence the Fed.
[00:03:14]  The Fed's history of influencing and being influenced by President is one more reason why Congress should pass the Audit the Fed bill.
[00:03:23]  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.
[00:03:35]  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.
[00:03:49]  The American people have had enough of noble lies about the Federal Reserve.
[00:03:54]  It's time for truth.
[00:03:56]  It's time to audit the Fed.