Posts tagged chairman
By Ron Paul
New Fed Boss Same as the Old Boss
The news that Janet Yellen was nominated to become the next Chairman of the Board of Governors of the Federal Reserve System was greeted with joy by financial markets and the financial press. Wall Street saw Yellen’s nomination as a harbinger of continued easy money. Contrast this with the hand-wringing that took place when Larry Summers’ name was still in the running. Pundits worried that Summers would be too cautious, too hawkish on inflation, or too close to big banks.
The reality is that there wouldn’t have been a dime’s worth of difference between Yellen’s and Summers’ monetary policy. No matter who is at the top, the conduct of monetary policy will be largely unchanged: large-scale money printing to bail out big banks. There may be some fiddling around the edges, but any monetary policy changes will be in style only, not in substance.
Yellen, like Bernanke, Summers, and everyone else within the Fed’s orbit, believes in Keynesian economics. To economists of Yellen’s persuasion, the solution to recession is to stimulate spending by creating more money. Wall Street need not worry about tapering of the Fed’s massive program of quantitative easing under Yellen’s reign. If anything, the Fed’s trillion dollars of yearly money creation may even increase.
What is obvious to most people not captured by the system is that the Fed’s loose monetary policy was the root cause of the current financial crisis. Just like the Great Depression, the stagflation of the 1970s, and every other recession of the past century, the current crisis resulted from the creation of money and credit by the Federal Reserve, which led to unsustainable economic booms.
Rather than allowing the malinvestments and bad debts caused by its money creation to liquidate, the Fed continually tries to prop them up. It pumps more and more money into the system, piling debt on top of debt on top of debt. Yellen will continue along those lines, and she might even end up being Ben Bernanke on steroids.
To Yellen, the booms and bust of the business cycle are random, unforeseen events that take place just because. The possibility that the Fed itself could be responsible for the booms and busts of the business cycle would never enter her head. Nor would such thoughts cross the minds of the hundreds of economists employed by the Fed. They will continue to think the same way they have for decades, interpreting economic data and market performance through the same distorted Keynesian lens, and advocating for the same flawed policies over and over.
As a result, the American people will continue to suffer decreases in the purchasing power of the dollar and a diminished standard of living. The phony recovery we find ourselves in is only due to the Fed’s easy money policies. But the Fed cannot continue to purchase trillions of dollars of assets forever. Quantitative easing must end sometime, and at that point the economy will face the prospect of rising interest rates, mountains of bad debt and malinvested resources, and a Federal Reserve which holds several trillion dollars of worthless bonds.
The future of the US economy with Chairman Yellen at the helm is grim indeed, which provides all the more reason to end our system of central economic planning by getting rid of the Federal Reserve entirely. Ripping off the bandage may hurt some in the short run, but in the long term everyone will be better off. Anyway, most of this pain will be borne by the politicians, big banks, and other special interests who profit from the current system. Ending this current system of crony capitalism and moving to sound money and free markets is the only way to return to economic prosperity and a vibrant middle class.
Also adding a note by RPI Staff
Dr. Paul also publishes a monthly “Freedom Report” through his FREE Foundation. This printed report consists mostly of Dr. Paul’s collected weekly columns with quotes and other items of interest as well. You can have a look at the online version of the October Freedom Report here. Also, if you would like to have Dr. Paul’s weekly column e-mailed to you directly each week, you can sign up here.
Obama accepts Summers withdrawal from Fed race
President Obama has accepted the decision of the Former US Treasury Secretary Larry Summers to withdraw his name from consideration for the position of Federal Reserve chairman.
Summers called the US President on Sunday to notify him that he will not be running for Federal Reserve race, the Wall Street Journal reports. A letter was also sent to the Administration.
“I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interest of the Federal Reserve, the Administration or, ultimately, the interests of the nation’s ongoing economic recovery,” Summers was quoted by the publication.
President Obama said he has accepted Summers’ withdrawal, “earlier today, I spoke with Larry Summers and accepted his decision to withdraw his name from consideration for Chairman of the Federal Reserve.”
Praising Summers’ efforts in restoring the US economy following the 2009 financial meltdown the President added, “Larry was a critical member of my team as we faced down the worst economic crisis since the Great Depression, and it was in no small part because of his expertise, wisdom, and leadership that we wrestled the economy back to growth and made the kind of progress we are seeing today.”
Summers and Federal Vice Chair Janet Yellen were the frontrunners for Ben Bernanke’s job.
Submitted by bartc88
Dedicated to restoring Constitutional government to the United States of America
Courthouse News Service: More Delegates Want to Join Repub Revolt
Friday, June 15, 2012
“SANTA ANA, Calif. (CN) – In a revolt against Romney, at least 40 more national convention delegates asked to join 123 previous plaintiffs in a lawsuit against the Republican National Committee, and their attorney said hundreds more may soon follow suit. The first 123 delegates, all from the 9th Circuit, sued the RNC, its Chairman Rince Priebus, and every state party chairman in the 9th Circuit in Federal Court on Monday, demanding the right to vote for the candidate of their choice on every ballot at the Republican National Convention, including the first.
The delegates claim the party violated federal law by forcing them to sign loyalty affidavits, under threat of perjury, to vote for Mitt Romney, though he is not yet the official nominee. They also claimed that state party chairmen are fixing elections at state conventions and changing ballots so that all votes cast count for Romney.
“When nominating someone for a federal office, all delegates must be free to vote their conscience,” Richard Gilbert, of Gilbert & Marlowe, attorney for the delegates, told Courthouse News in an interview Thursday. “They don’t want to be bound to any candidate, or even be forced to vote for the nominee,” Gilbert said. “To have a real convention, the delegates must have free will so that when they meet, they can persuade each other and then decide who to vote for.”
Courthouse News Service is a nationwide news service for lawyers and the news media. Based in Pasadena, California, Courthouse News focuses on civil litigation, from the date of filing through the appellate level. Unlike other Internet-based publishers that simply aggregate information prepared by other content providers, Courthouse News publishes its own original news content prepared by its staff of reporters and editors based across the country.
By Hamdan Azhar
Ron Paul Delegates Arrested As They Win a Majority at Louisiana GOP Convention
“I’m handicapped! I need a doctor!” “Sir, this is the chairman!” The Louisiana State Republican Convention descended into chaos Saturday morning, with several delegates being arrested and the convention chairman being thrown to the ground by police. Sources report that state party officials panicked when it became clear that Ron Paul delegates commanded a decisive majority of the delegates on the floor – at least 111 of 180 (62%).
The convention began peacefully with a prayer and invocation. Roger Villere, Chairman of the Louisiana Republican Party, then attempted to recognize the former Chair of the Convention’s Rules Committee who had been ousted from his position last night. When Alex Helwig, the newly elected Rules Committee chair, rose to address the delegation, Mr. Villere ordered him removed from the floor. Video footage shows Shreveport police dragging Mr. Helwig out of the room despite his protests that he was a duly elected delegate.
At this point, a motion was made to elect a new convention chairman. Henry Herford, Jr., was elected by an overwhelming majority. Nevertheless, Mr. Villere – who had appointed himself the convention chairman – refused to relinquish control of the gathering. As the delegates began turning their chairs around, Mr. Herford, the newly elected chairman, rose to call the convention to order. Sources report that, in an act of desperation, Mr. Villere and state party officials then ordered police to attack Mr. Herford.
Video footage shows an older gentleman in a blue shirt being violently dragged away by police and then shoved to the ground. When Mr. Herford protests that he is handicapped and would like to press charges for assault against the police officers, a Shreveport police officer is seen smirking in response. Sources report that Mr. Herford, 57, has a prosthetic hip that was dislocated during the assault.
[CIM} Watch the three videos which are include at the end of Doug Wead’s post below.
By Doug Wead
War Breaks out in GOP: Broken bones
“In yet another instance, Ron Paul supporter Alex Helwig, Chairman of the Rules Committee who made the motion to remove the chair, was arrested by Shreveport police and released. During his brief detainment, some of his fingers were broken and when he returned to the event he was walking with aid of a cane.”
Join the discussion at Doug Wead
This report from inside the Ron Paul campaign gives you a glimpse of the resistance from establishment Republican Party operatives as they seek to hold power. Meanwhile, the GOP continues to experience its transformation. Ron Paul supporters are enduring false arrests, detainment, broken bones and slander as they simply exercise their constitutional rights of voting and participating in party politics. Keep in mind, the final outcome, as explained to me, was a good one. And in spite of brutal tactics from some in the establishment who are trying to cling to power, the Republicans of Louisiana will be represented in Tampa. Most of them will be supporters of Ron Paul, cheering on the GOP nominee.
Here is the report:
“Louisiana GOP officials ignored the vast majority of duly elected delegates and attempted to use illegally adopted rules to deny Ron Paul supporters an opportunity to attend the Republican National Convention in Tampa. Louisiana has 46 delegates. Five were pledged to Mitt Romney based on the March 23rd primary result and Rick Santorum received 10, meaning most delegates were contestable at the state convention.
“Delegates to the state convention were chosen at caucus meetings on April 28th. Ron Paul slates won four of six congressional district contests. Of the approximately 180 delegates attending the state convention, 113 voted to remove the LAGOP chairman when he failed to respond to requests for information and other motions from delegates. Nearly two-thirds of the delegates began physically moving their chairs, literally turning their back on the GOP chair appointed by the party hierarchy.
“In another instance, State Central Committeeman and Ron Paul supporter Henry Herford Jr. of Franklin Parrish was attacked by some security officials who didn’t realize that the body had voted out the previous chairman. Mr. Herford has a prosthetic hip and according to a doctor at the scene it appears as though the prosthetic was dislocated and may require replacement. The injury occurred as he was beginning to call to order the newly re-formed convention.
“In yet another instance, Ron Paul supporter Alex Helwig, Chairman of the Rules Committee who made the motion to remove the chair, was arrested by Shreveport police and released. During his brief detainment, some of his fingers were broken and when he returned to the event he was walking with aid of a cane.
The Associated Press
Posted May 06, 2012, at 10:39 a.m.
Last modified May 06, 2012, at 11:06 a.m.
AUGUSTA, Maine — With Ron Paul forces in control, the Maine Republican Convention has elected a majority slate supporting the Texas congressman to the GOP national convention.
The names of 15 at-large delegates from Maine to the Tampa, Fla., convention were posted Sunday morning as the state convention entered its second day. Ron Paul supporters essentially took over the convention Saturday after electing a convention chairman. Maine has a total of 24 delegates.
Paul finished a close second behind Mitt Romney in Maine’s presidential caucuses but those results were nonbinding.
Charles Cragin, a Romney supporter who lost Saturday’s bid to chair the convention, calls the turn of events “bizarre.” He says the Paul-led delegation may not be seated at the national convention because of violations of rules of procedure this weekend in Augusta.
One day before the NY GOP Presidential primary, Vincent Reda, the First Vice Chairman of the NY Republican Party, made robo calls to voters declaring that all other candidates had dropped out of the race except Mitt Romney.
…It is imperative that us [sic] Republicans get out to vote and support Mitt Romney for President. Even though the other candidates have dropped out of the race, it is imperative that we show we are united behind the one man that can beat Barrack Obama in November. So please get your familes and friends and fellow Republicans out to vote and support for Mitt Romney for President…
Although most sources report that Mitt Romney has so far won an overwhelming majority of delegates, many of the delegates have not actually been committed yet. It is unclear just how big of a lead Romney has over Ron Paul.
Rachel Maddow lays out some of the evidence of fraud that robbed Dr. Paul of the official win in Maine.
Paul Iowa campaign vice-chairman to lead state party
LAKE JACKSON, Texas – Today the Republican Party of Iowa elected Ron Paul Campaign Iowa Vice-chair A.J. Spiker to be its new state chairman.
Spiker, a small business owner from Ames, is a former Chairman, Co-Chairman, and Treasurer of the Story County Republican party. He has been a delegate to several county, district, and state GOP conventions and served on his district Executive, Rules, and Organization committees. Mr. Spiker also served as the 4th Congressional District State Central Committee member.
Ron Paul 2012 Campaign Chairman Jesse Benton congratulated Mr. Spiker on the news:
“A.J. Spiker is an excellent choice to lead the state party; I congratulate him and wish him good luck in his new role. He has been an extremely valuable member of our campaign team in Iowa and played an important role in our success in the state. I have no doubt he will do a wonderful job as he works to elect more Republicans in Iowa in 2012.”
Now more than every we need the Champion of the Constitution!
Please visit Ron Paul’s official campaign site by following the link below and donate today!
Hawkeye State Sen. Kent Sorenson jumps to the Texan’s camp hours after he attended an event in Indianola to support the MN Congresswoman.
Sorenson: “When the Republican establishment is going to be coming after Ron Paul, I thought it is my duty to come to his aid.”
Read the release below.
Iowa State Sen. Kent Sorenson Endorses Ron Paul for President
Former Iowa chairman for U.S. Rep. Michele Bachmann pivots to Paul camp citing, “Ron Paul has established himself as the clear choice.”
ANKENY, Iowa – 2012 Republican Presidential candidate Ron Paul was endorsed today by Iowa State Senator Kent Sorenson (R-Indianola) in a major pivot that promises to give Paul extra momentum in the run-up to the January 3, 2012 Iowa Caucus.
In making his endorsement Sen. Sorenson is leaving his post as Iowa chairman for U.S. Rep. Michele Bachmann’s presidential campaign here. The resignation and endorsement take effect immediately.
“Congressman Paul is delighted to accept the endorsement of Senator Kent Sorenson, whose blessing and assistance carry a great deal weight in Iowa. The fact that he doesn’t take this decision lightly tells a great deal about the Senator and Ron Paul. This endorsement is a rare find and we hope it pushes us nearer to our goal of a strong top-three finish at the January caucus,” said Ron Paul 2012 National Campaign Chairman Jesse Benton.
Kent Sorenson was elected to the Iowa Senate in 2011 and represents District 37 after serving in the Iowa House of Representatives from 2009 to 2011, representing District 74. The senator is a member of several committees including the Judiciary, Natural Resources and Environment, and State Government committees. He is also the ranking member of both the Senate and Joint Oversight Committees and a member of the Advisory Council for Agricultural Education, the Family Development and Self-Sufficiency Council, and the Human Rights Board.
Senator Sorenson has been leader in the fight in defense of traditional family values, the sanctity of life, and a restoration of Second Amendment rights.
The full endorsement statement from Senator Sorenson follows.
The decision I am making today is one of the most difficult I have made in my life. But given what’s at stake for our country, I have decided I must take this action.
Today, I am switching my support from Michele Bachmann to Ron Paul for the 2012 Iowa Caucuses and the presidency of the United States.
I still maintain an immense amount of respect for Michele. The reasons are many. She’s never betrayed conservatives on issues like taxes, the Right to Life, and the Second Amendment. So over the past few months, I have been saddened at the dismissive way she’s been treated among some conservatives especially after winning the Iowa Straw Poll.
But the fact is, there is a clear top tier in the race for the Republican nomination for President, both here in Iowa and nationally. Ron Paul is easily the most conservative of this group.
The truth is, it was an excruciatingly difficult decision for me to decide between supporting Michele Bachmann and Ron Paul at the beginning of this campaign. Dr. Paul and his supporters were a major help in my successful campaigns for Iowa House and Senate even when I couldn’t count on the support of the Republican establishment here in Iowa.
Of course, battling the establishment is nothing new for Dr. Paul or for myself. During my time in the General Assembly, I’ve established myself as a leader in the fights for traditional marriage, the Right to Life, and the protection of the Second Amendment – sometimes even against the wishes of my own party.
Since my election, I’ve learned that doing the right thing isn’t always easy. It’s easy to see why so many legislators “sell out” once elected. The pressure to do so is immense.
But what America needs now is a President who will not just “go along to get along.” Instead, we must send someone who puts doing what is right above all else to the White House. That candidate is Ron Paul.
Ron Paul is the only candidate to predict the current mess we find ourselves in economically, and he’s the only candidate to offer a true plan to cut spending and balance our budget.
He’s also consistently spoken out against government spending, assaults on individual liberties, and unnecessary trillion-dollar military adventurism for over 30 years. Polls show he is the Republican candidate that can take on and defeat President Obama in November 2012.
Like all true conservatives, I wholeheartedly agree with Ron Paul that government is too big, and both parties share in the blame. We agree that it is immoral to print money and pass on mounds of debt to the next generation. We agree that life begins at conception and must be protected. We both believe that the Second Amendment must be defended unwaveringly, and that there are too many wars being fought with no end in sight and no obvious path to a defined victory.
Of course, as a state legislator, I recognize that Dr. Paul’s strong views on the 10th Amendment will enable me to fight for what I believe in right in my own backyard instead of having to constantly wait on one-size-fits-all “solutions” from Washington, D.C.
With the entire Republican establishment intent on smearing Ron Paul and his dedicated supporters, I understand this decision could impact the way people see me and my entire political career. But this is the right decision, and one in which I proudly stand behind.
To the truly wonderful people I met on the Bachmann campaign, I look forward to working with them in the future as we further the fights for the Right to Life, traditional marriage, and the restoration of our Second Amendment rights here in Iowa. I personally wish her all the best as she continues to battle in Congress.
As for conservatives who are rightly concerned with defeating establishment Republicans Mitt Romney, Newt Gingrich and – even more importantly – Barack Obama in 2012, Ron Paul has established himself as the clear choice.
If you are as frustrated as I am with what’s been done by the ruling class, I urge you to join me in supporting Dr. Paul. We can send the national big government political establishment a message they will never forget by voting for Ron Paul for President in the January 3 Iowa Caucuses.
Now more than every we need the Champion of the Constitution!
Please visit Ron Paul’s official campaign site and donate today!