Paul Joseph Watson

Prison Planet

Thursday, April 3, 2008

The Federal Reserve’s insistence on rewarding its own failures by granting itself new powers was harshly rebuked by Congressman Ron Paul during yesterday’s Joint Economic Committee meeting, as Paul all but accused Ben Bernanke of contributing economicallly to a broader move towards fascism in America.

"There’s a political philosophy that advocates merging together the interests of business and government at the same time with a loss of civil liberties of the people and I’m afraid we’re moving in that direction," said the Congressman, citing warrantless searches, lack of medical, Internet and financial privacy as well as the loss of habeas corpus since 9/11.

"I see….the proposal by the Treasury as a massive move to a lot closer association of business and government," said Paul, adding that a military-industrial complex, a medical-industrial complex and a media-industrial complex were already in place.

Paul was refering to the Treasury Department’s recent proposal to give the Fed, "Broad new authority to oversee financial market stability, in effect allowing it to send SWAT teams into any corner of the industry or any institution that might pose a risk to the overall system," as the New York Times reported.

"We should be regulating the government – when you think of the authority you as the Chairman of the Federal Reserve can do, it really goes unaudited and very little oversight," said Paul, adding that the creation of the President’s Working Group on Financial Markets meant that "we had really given up on the Republic, freedom, the marketplace and sound money".

"It looks like this is a massive increase in the combination of government and big business," said the Congressman.

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