Audit the Fed -- Rand Paul
Transcript : welcome to you 0:11 fine to audit the Federal Reserve for 0:13 years now 0:15 it's impossible of course under an 0:17 ordinary Republican administration it 0:18 would be pretty unlikely but perhaps you 0:21 can pull it off under President Trump 0:22 who has endorsed the idea better quality 0:25 introduced and audit the Fed bill into 0:27 the Senate is campaigning hard for the 0:29 Republican majority to pass it while 0:31 they can 0:32 Senator Paul joins us here in Washington 0:34 sir thanks for coming on 0:35 absolutely so why would we want to audit 0:38 the Fed why is this of concern to the 0:40 average person who's not a banker i 0:41 think it is your question is why would 0:43 he want to that means about transparency 0:45 it's about knowing what your government 0:46 does the Constitution gives the power to 0:50 Congress to mention point money we sort 0:52 of transfer that power to the Federal 0:54 Reserve in 1913 I think I don't know 0:57 what they're doing the dollars lost 0:58 ninety-six percent of its purchasing 1:00 power what does that mean your prices 1:02 have gone up every year what was once 1:04 more the dollar you know is now takes 1:07 twenty-four dollars to buy what was once 1:09 when that all results policies made at 1:10 the Federal Reserve absolutely they 1:12 printed the mining but it's sort of a 1:13 codependency and this is a dirty little 1:15 secret 1:16 you need to have a federal reserve and 1:18 you have 20 trillion our debt why they 1:20 buy your get but they fired at by 1:22 printing up money you can't have an 1:25 enormous debt if you don't have a 1:26 federal start putting up the money but 1:28 there are ramifications and the 1:30 ramifications are higher prices so a lot 1:32 of senior citizens will say oh gosh I 1:34 tell me there's no inflation and I don't 1:36 get an increase in my Social Security 1:37 check but the price is really are going 1:40 up from the grocery store it all depends 1:42 on how you measure inflation so there's 1:45 a massive amount of wealth floating 1:46 around over the past 10 years but 1:48 famously most of it seems to have 1:49 stopped or is relatively small number of 1:51 people it's one of the factors behind 1:53 selection i think most would agree how 1:55 much of that has to do with fed policy 1:58 the interesting thing is you know 1:59 everybody particularly Democrats talk 2:01 about income inequality but i think the 2:03 federal reserve has a lot to do with it 2:04 because people get richer who already 2:06 have money so you and I might have to go 2:09 out and our mentor if you're a 2:10 schoolteacher you gotta work to earn 2:11 your money but if you have a bunch of 2:13 money and you park at the Fed they pay 2:14 you to keep it there so we actually use 2:17 taxpayer money to pay people just to 2:19 have it sitting at the federal reserve 2:21 was the 2:22 average person get out of that such 2:24 policy you could they get to the 2:26 government borrows an enormous amount of 2:28 money we get stuff we don't pay for but 2:30 we also get something that we don't want 2:32 and that is the recessions and 2:35 depressions that go about their been 2:36 more recessions and depressions bad 2:38 things since we got the best in the 2:40 world before the Fed they gave us the 2:42 president we're gonna have less 2:43 depression for the great depression came 2:45 right after the Fed and all the 2:47 downturns we've had been with the fed in 2:49 existence sweetheart it's been a hundred 2:51 year so it's a long time when you have a 2:53 lot of downturns have happened through 2:54 if you want to look at the most recent 2:56 one the crisis where the banking system 2:58 was teetering on the brink and resonate 3:00 that was caused because the federal 3:02 reserve kept the interest rates low and 3:04 people get building houses instead what 3:06 should happen if a bunch of people are 3:08 building houses and you and I go out 3:09 we're all buying houses the price of 3:11 money the interest rate should go up and 3:14 then the economy will slow down as 3:15 interest rates couple what happened in 3:17 the Federal Reserve keeps the interest 3:19 rates low permanently then what happens 3:21 is you get a boom and people are 3:23 building houses like crazy but they 3:24 build too many houses because no one 3:26 told me to stop building 3:27 why did the Federal Reserve keep 3:29 interest rates low to pay for a 20 3:31 trillion-dollar debt if interest rates 3:33 were to go back where they were 3:34 historically five percent or even seven 3:37 percent the government campaign for 3:38 their dad so Kenny Allen who runs the 3:40 Fed is against this she said auditing 3:43 the Fed raha tha size monetary policy 3:46 leaving expenditure why that's bad i 3:49 mean shouldn't elected the others have a 3:50 role in our Omni it seems pretty 3:53 political to me already 3:54 do you think it is well it makes me so 3:56 mad that i introduced further 3:58 legislation to make it illegal for the 4:00 Federal Reserve lobbyists we pay them we 4:02 appointed them and we're supposed to 4:04 oversee them and their lobbying against 4:07 transparency their lobbying against our 4:08 oversight it's insulting the main lobby 4:11 against auditing the bed is the Fed and 4:14 who else I mean you don't have majority 4:15 support moment for this why would rise 4:18 but no that's not true we had 53 votes 4:20 for it we really 51 Republicans and two 4:23 Democrats voted for Bernie Sanders voted 4:25 for it but I know that having 4:26 involvement did and fifty all 51 out of 4:29 50 4:29 three Republican what I've got a little 4:31 initiated i just want to give a fair 4:32 hearing that what they're arguing com 4:34 some see that the Fed paces massive debt 4:38 and they love big government and they 4:39 know that we have to have a big debt 4:41 that big government and have to pay for 4:43 it so I want to mess with the Fed 4:44 because right now it's able to 4:45 accommodate his enormous debt one of the 4:47 reasons i want oversight though is that 4:49 I think a lot of people get hurt in the 4:51 downturn 2008 when the housing market 4:54 would rust I blame that on the Federal 4:56 Reserve and we're right in the middle of 4:58 another boom 4:59 anybody seen the stock market lately it 5:01 is a boom just like the real estate 5:03 people 2008 and it will come to an end 5:06 I wish I knew exactly when so i can give 5:08 you a reviewer some investment advice 5:10 but it will come to an end there will be 5:12 a correction we have a huge bubble 5:15 Indian in the stock market created by 5:18 easy money free money everybody's got 5:20 money Federal Reserve when you do k the 5:23 money but there will be repercussions 5:24 and that'll be the downturn there will 5:27 be a response or reaction to all of this 5:29 extra money so we're looking for all 5:31 that time Elliot Abrams who served in 5:33 the last Bush administration is under 5:35 consideration to become deputy secretary 5:37 state you with this crack the door to 5:39 admit Elliot Abrams and the neo-cons 5:41 will become scurrying in by the hundreds 5:44 yeah I I think someone who's never 5:46 Trumper Abrams with the nevertrump ER he 5:49 was disparaging and said to the 5:51 president of things about the president 5:52 that he would never vote for any said 5:54 that share that Washington and Lincoln's 5:56 at in that Trump wasn't fit to sit in it 5:59 someone who's the nevertrump should 6:00 never be in it from State Department I 6:02 mean for goodness sakes 6:04 but he also represents things that 6:05 Donald Trump doesn't president Trump has 6:07 been different than he said the 6:09 nation-building hasn't worked when he 6:11 said that led a room came forward and 6:13 said he's absolutely wrong nation 6:15 builders what we need to do regime 6:17 change iraq war led a ruse was one of 6:19 the key architects of the Iraq war we 6:22 don't need people with the failed 6:24 policies back in down Trump does 6:26 represent something new and different 6:28 four dollars and i think a welcome 6:30 relief from the neo-cons so I hope he 6:32 doesn't point to me who doesn't really 6:34 agree with him 6:35 I'm baffled by I got 6:36 on several topics like thank you 6:38 appreciate it
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