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| Time | Text |
|---|---|
| Most people still lack the courage to realize that capitalism, real, free, uncontrolled, | |
| unregulated, laissez-faire capitalism, not the mongrel mixed economy we have today, was | |
| the ideal social system which mankind had almost achieved, then lost. | |
| Thank you. | |
| They still lack the courage to realize That if justice, progress, abundance, peace, safety, and goodwill are their social goals, then capitalism is the ideal to live, work, and fight for. | |
| The truth which I refuse to face and to admit is that the world conflict of today is the last stage of the struggle between capitalism and socialism, and that the whole world knows it. | |
| The most helplessly ignorant shopkeeper on any corner of any street on earth knows it. | |
| Alan Greenspan, a stalwart of this basic reality, was a full-blown laissez-faire capitalist. | |
| A direct disciple of Ayn Rand's objectivist fundamental philosophy, he was very close with Rand, even inviting her to his swearing-in to Gerald Ford's Council of Economic Advisers. | |
| Raindrops kept falling on their heads as Gerald and Betty Ford arrived in Austria. | |
| President Ford kept falling on his head first in Salzburg in front of Austrian Chancellor Kresge. | |
| Under the Ford administration, Vice President Nelson Rockefeller and the Rockefeller Foundation were wielding catastrophic policies at home and abroad, seizing control of international banking, Latin America, world food production, and dominating the United Nations. | |
| The country went from bad to worse as we entered the steepest recession since World War II in a world of stagflation, greenspan, Ayn Rand's economic Jedi quietly joined the dark side. | |
| The circle is now complete. | |
| When I left you, I was but a learner. | |
| Now I am the master. | |
| Only a master of evil does. | |
| His oversight on tax cuts and social security privatization were largely blamed as the catalyst that created the subprime mortgage crisis. | |
| But my suggestion is it's not so much that we should anticipate a problem, that the problem is already created by all the inflation of the past 12 years. | |
| And that we have generated this financial bubble worldwide, and that we have to anticipate that. | |
| And when this comes back, we're going to have a big problem and you're going to have to deal with it. | |
| It's by no means clear. | |
| For example, that one can trace the increase in money supply, which presumably has not reflected itself in CPI, into stock values. | |
| I mean, a lot of people say it's happening, and a lot of people assume that's what it is. | |
| is. The evidence is not clear by any means. | |
| But you said the Enron decline is an effective illustration of the vulnerability of a firm | |
| whose market value largely rests on capitalized reputation with very little, if no, physical | |
| That's exactly what our monetary system is all about. | |
| And that's why I believe the dollar is vulnerable. | |
| We in Congress do not have a responsibility to run Enron. | |
| Some other government has a responsibility to deal with fraud. | |
| We have a responsibility to the dollar. | |
| And I think that's what we fail so often to address around here. | |
| What I was mentioning in the speech that you were referring to is the fact that there is some evidence that We're learning that lesson, learning how to manage a fiat currency. | |
| I've always had some considerable skepticism about whether that in the long run can succeed, but I must say to you the evidence of recent decades is that it has been succeeding. | |
| Whether that continues is a forecast which I can't really project on. | |
| Where we need to be transparent and indicate what we are doing, we do so and we do so except in those areas where it, as I mentioned to you previously, inhibits the ability to actually function as a central bank. | |
| In 2004, Greenspan gave the U.S. | |
| taxpayer the false impression the Fed is beholden to Congress. | |
| The power that we have is all granted by you. | |
| We don't have any capability whatsoever to do anything without the agreement or even the acquiescence of the Congress of the United States. | |
| We recognize that and one of the reasons I'm here today is to endeavor to can convey why we are doing what we are doing and I will continue to do that and I'm sure that all of my colleagues are fully aware of the responsibility that the Congress | |
| Four years later, after he left the Fed, he admitted that the Fed calls all the shots. | |
| Constitution of the United States more so than | |
| ordinarily do and I agree with you the responsibilities here in the Congress. | |
| Four years later after he left the Fed he admitted that the Fed calls all the shots. | |
| First of all the Federal Reserve is an independent agency and that means basically that | |
| there is no other agency of government which can overrule actions that we take. | |
| So long as that is in place and there is no evidence that the administration or the Congress or anybody else His replacement, Ben Bernanke, echoed this sentiment and its campaign of worthless paper versus the invulnerable commodity, gold. | |
| You know, the price of gold today is $1,580. | |
| The dollar during these last three years was devalued almost 50%. | |
| His replacement, Ben Bernanke, echoed this sentiment and its campaign of worthless paper | |
| versus the invulnerable commodity, gold. | |
| You know the price of gold today is $1,580. | |
| The dollar during these last three years was devalued almost 50%. | |
| When you wake up in the morning, do you care about the price of gold? | |
| Well, I pay attention to the price of gold, but I think it reflects a lot of things. | |
| It reflects global uncertainties. | |
| The reason people hold gold is as a protection against what we call tail risk, really, really bad outcomes. | |
| And to the extent that the last few years have made people more worried about the potential of a major crisis, then they have gold as a protection. | |
| Do you think gold is money? | |
| No. | |
| It's not money. | |
| It's a precious metal. | |
| Even if it had been money for 6,000 years, somebody reversed that and eliminated that economic law. | |
| Well, it's an asset. | |
| I mean, it's the same, would you say treasury bills are money? | |
| I don't think they're money either, but they're a financial asset. | |
| Why do central banks hold it? | |
| Well, it's the former reserves. | |
| Why don't they hold diamonds? | |
| Well, it's tradition. | |
| Long-term tradition. | |
| Some people still think it's money. | |
| I yield back. | |
| My time is up. | |
| Thank you. | |
| Ben Bernanke's successor, Janet Yellen, Federal Reserve boss, has plunked herself down as the face of the private cartel of banksters masquerading as a federal government agency. | |
| Are we still a capitalist democracy or have we gone over into an oligarchic form of society in which incredible economic And political power now rests with the billionaire class. | |
| I don't know what to call our system or how to... I prefer not to give labels, but there's no question that we've had a trend toward growing inequality. | |
| We're still in a position where we can't argue that we're extremely overvalued in the marketplace. | |
| If we get leveraged types of toxic acids. | |
| We have a very serious problem as 2008 And 1929 showed us. | |
| Now the Wall Street Journal reports the Federal Reserve Bank of New York, once the most feared banking regulator on Wall Street, has lost power in a behind-the-scenes reorganization at the nation's central bank. | |
| The Fed's center of regulatory authority is now a little-known committee run by Fed Governor Daniel Tarullo, which is calling the shots in oversight of banking titans such as Goldman Sachs Group and Citigroup. | |
| The new structure was enshrined in a previously undisclosed paper written in 2010 known as the Triangle Document. | |
| Under the new system, Washington is at the center of bank supervision, exercising control over the Fed's 12 reserve banks. | |
| Much as the State Department exerts control over embassies, the power shift initiated after the financial crisis and slowly put in place over the past five years is more than a bureaucratic change. | |
| It influences how the biggest banks on Wall Street are overseen and has begun to affect regulation in unanticipated ways across the Fed system. | |
| John Bowne for InfoWars.com Thanks for watching. Please subscribe. | |
| Yeah! | |
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