Ron Paul on The Kudlow Report (11/30/09)

Texas Congressman Ron Paul was on CNBC’s The Kudlow Report Monday night (11/30/09) to debate former ITC chief economist Peter Morici over The Federal Reserve’s role in the economy and the need for greater transparency at the Fed.

Larry Kudlow: “…Article 1 Section 8 of the US Constitution gives an enumerated monetary power to congress and I read, quote “To coin money and regulate the value thereof Mr.Paul. I don’t think the Fed has done a very good job regulating the value thereof, is that behind your thinking sir?”

Ron Paul: “It certainly is but what about their mandate that they had been given in 1913, that was to have full employment and maintain stable prices, look at the monster they’ve created. Certainly the financial crisis that we have today, we shouldn’t be looking to the Fed to give them more power, we should be looking to them for an apology for creating this monster. Not only Bernanke needs to apologize, but I would think Greenspan oughta to apologize as well.”

The part at the end is golden when Ron Paul schools Morici on the relationship between the price of gold and the value of the dollar going down.

Peter Morici: “The price of gold will always be rising over time…and it’ll be very difficult to manage a currency that way.”

Ron Paul: “The price of gold does not go up, the value of the dollar goes down, you gotta understand that point or you’ll never solve our problems.”

Is it time to Audit the Fed?

Of course it is!

Find more information on Ron Paul’s “Audit The Fed” bill – HR 1207: Federal Reserve Transparency Act of 2009 and S. 604: Federal Reserve Sunshine Act of 2009 at www.CampaignForLiberty.com