Ron Paul on Why He Should Be President

Ron Paul on CNBC 05/31/11

Presenting Ron Paul to the Cuyahoga Valley Republicans

Matt Brakey showcasing why Republicans should vote for Ron Paul in the 2012 Ohio Republican Primary.

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Presenting Ron Paul to the Cuyahoga Valley Republicans PART (1)


Presenting Ron Paul to the Cuyahoga Valley Republicans PART (2)

Rep. Paul to Fed: Tell Us Everything, or Else

The chairman of the House subcommittee that oversees the Federal Reserve demanded Tuesday that the Fed fully disclose details of billions -- perhaps trillions -- in secret emergency loans it made to almost every major bank in the U.S. and overseas during the financial crisis or face a congressional subpoena for the information.

In an interview with Fox Business, Rep. Ron Paul (R-Texas), chairman of the House Financial Services subcommittee on domestic monetary policy, said he wants to know “how much, when, where and why” from Fed officials when they testify about the loans at a subcommittee hearing Wednesday.

“We’re going to get to the bottom of what the Fed did during the big bailout a couple of years ago,” Paul said. “We have some precise questions. I imagine we won’t get all of them answered tomorrow because they’ll do a little bit of stonewalling, I’m sure.”

“If they don’t answer, they’ll hear from us,” he said. “We can use the subpoena power and say, ‘Look, you have to bring us the records.’ ”

The big loans started in 2007 and were disclosed in April under Freedom of Information Act requests by FOX Business and Bloomberg News after a two-year legal battle with the Fed and banks by the news organizations.

The loans came through the Fed's nearly 100-year-old confidential emergency lending program called the "discount window," in which the central bank provides funds to banks as the financial system's "lender of last resort" when firms can't borrow from each other or elsewhere.

“The most astounding thing we see in these documents is so much of it went to foreign banks—the whole system was bailing out foreign banks,” Paul said. “It’s a bit shocking on how big a deal this is and how much money was involved…The shenanigans are very international.”

Paul, a longtime Fed critic and a 2012 Republican presidential candidate, said he would wait until he knows more about the loans before he considers proposing any new legislation to expand audits of Fed operations or to force greater Fed disclosure about such lending--or even future limits on it.

“It’s ripe for reform, but I think transparency is the first step,” he said. “The (Fed’s responses to) written questions are going to be very important, the follow up’s going to be very important, so this is really just the beginning.”

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EUROPE REVOLUTION INCOMING

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European Revolution

Mobius Says Fresh Financial Crisis Around Corner Amid Volatile Derivatives

Mark Mobius, executive chairman of Templeton Asset Management’s emerging markets group, said another financial crisis is inevitable because the causes of the previous one haven’t been resolved.

“There is definitely going to be another financial crisis around the corner because we haven’t solved any of the things that caused the previous crisis,” Mobius said at the Foreign Correspondents’ Club of Japan in Tokyo today in response to a question about price swings. “Are the derivatives regulated? No. Are you still getting growth in derivatives? Yes.”

The total value of derivatives in the world exceeds total global gross domestic product by a factor of 10, said Mobius, who oversees more than $50 billion. With that volume of bets in different directions, volatility and equity market crises will occur, he said.

The global financial crisis three years ago was caused in part by the proliferation of derivative products tied to U.S. home loans that ceased performing, triggering hundreds of billions of dollars in writedowns and leading to the collapse of Lehman Brothers Holdings Inc. in September 2008. The MSCI AC World Index of developed and emerging market stocks tumbled 46 percent between Lehman’s downfall and the market bottom on March 9, 2009.

“With every crisis comes great opportunity,” said Mobius. When markets are crashing, “that’s when we’re going to be able to invest and do a good job,” he said.

The freezing of global credit markets caused governments from Washington to Beijing to London to pump more than $3 trillion into the financial system to shore up the global economy. The MSCI AC World gauge surged 99 percent from its March 2009 low through May 27.

Continue reading - Bloomberg - Mobius Says Fresh Financial Crisis Around Corner Amid Volatile Derivatives

U.N. sees risk of crisis of confidence in dollar

The United Nations warned on Wednesday of a possible crisis of confidence in, and even a "collapse" of, the U.S. dollar if its value against other currencies continued to decline.

In a mid-year review of the world economy, the U.N. economic division said such a development, stemming from the falling value of foreign dollar holdings, would imperil the global financial system.

The report, an update of the U.N. "World Economic Situation and Prospects 2011" report first issued in December, noted that the dollar exchange rate against a basket of other key currencies had reached its lowest level since the 1970s.

This trend, it said, had recently been driven in part by interest rate differentials between the United States and other major economies and growing concern about the sustainability of the U.S. public debt, half of which is held by foreigners.

"As a result, further (expected) losses of the book value of the vast foreign reserve holdings could trigger a crisis of confidence in the reserve currency, which would put the entire global financial system at risk," it said.

Continue reading - Reuters - U.N. sees risk of crisis of confidence in dollar

SPAIN REVOLT - Extended Photogallery From A Violent Barcelona

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BARCELONA — Spanish police fired rubber bullets and swung truncheons to disperse anti-crisis protesters in a Barcelona square Friday as cleaning crews cleared their tent camp.

Catalan police in anti-riot gear moved in after about 50 protesters sat down on the street to block a convoy of cleaning trucks leaving the Plaza de Cataluna square with remnants of the encampment.

Police, some with plastic shields, were shown on television dragging protesters along the street and swiping with truncheons at activists, who had been chanting: "They shall not pass."

An AFP reporter at the scene saw rubber bullets fired.

The protest blockade was broken up within minutes but about 100 protesters regrouped in the square. They were surrounded by two police cordons blocking hundreds more people from entering from nearby roads.

Demonstrators chanted: "The people, united, will never be defeated!" and "No to violence!"

Cleaning crews with 10 lorries dismantled the last of the tents under police surveillance. Later, police left the square and let thousands of demonstrators flood in.

By the evening, at least 5,000 people were in the square protesting against the police intervention, some having put up tents. A dozen police vehicles were in streets leading to the square.

"What happened today was awful but it is a warning" for the country's leadership, said Ramon Deltran, 50, a psychiatrist.

"This is what police brutality achieves, that much more people protest. But also it is the fault of the politicians who don't listen to us," said Maite Loureiro, 30, an unemployed designer.

Continue reading - Police fire rubber bullets at protesters in Barcelona

Spanish Revolution


Carga policial en Acampada BCN