Rep. Paul introduces bill to cancel $1.6T in debt held by Federal Reserve

Rep. Paul introduces bill to cancel $1.6T in debt held by Federal Reserve

 

Pete Kasperowicz
The Hill

Rep. Ron Paul on Monday introduced legislation that would lower the federal government’s debt by canceling the roughly $1.6 trillion in debt held by the Federal Reserve.

Paul has argued for the last few weeks that the idea represents a quick way to make the growing fiscal crisis more manageable. Under his bill, H.R. 2768, the $1.6 trillion that the Treasury owes to the Federal Reserve would disappear.

The Federal Reserve began buying Treasury bonds in earnest late last year as part of its effort to keep long-term interest rates down. But Paul has argued that Fed purchases of Treasury debt represent a debt that the government owes to itself, and one that also leads to an unwanted and inflationary increase in the money supply.Paul has also said the Fed is allowing the federal government to continue a spending binge it otherwise would not be able to afford, and is forcing the Fed to print money to keep up.

Paul has also said the Fed is allowing the federal government to continue a spending binge it otherwise would not be able to afford, and is forcing the Fed to print money to keep up.

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

Comment by Alex Daube on August 9, 2011 at 2:19am

Amen!

After that, let's abolish the Federal Reserve!

Comment by Ann Marie Whaley on August 4, 2011 at 6:30pm
I love the way he thinks ~ Ron Paul 2012
Comment by guest_blog on August 3, 2011 at 11:51am

Ron Paul Sounds Alarm on “Disturbing” Super Congress

  • Print The Alex Jones Channel Alex Jones Show podcast Prison Planet TV Infowars.com Twitter Alex Jones' Facebook Infowars store

Congressman warns new all-powerful committee will ram through tax hikes

Paul Joseph Watson
Prison Planet.com
Tuesday, August 2, 2011

Congressman Ron Paul warns that the all-powerful new “Super Congress” created by the vote on the debt ceiling will be used to fast-track tax increases while concentrating more power over the nation’s purse strings in the hands of the Washington elite.

During an appearance on Fox News, Andrew Napolitano warned that the “Super Congress” was an assault on the authority the Constitution gives elected representatives.

As we reported yesterday, the “Super Congress,” which was approved by the House yesterday and is set to be rubber stamped in the Senate today, will establish a new level of unaccountable government, and will strip elected representatives of the right to amend legislation or filibuster on whatever issues it sees fit, not merely limited to the debt situation.

This body will have “extraordinary new powers” to quickly force legislation through both chambers, including gun control, entitlement cuts and tax hikes.

In a statement made yesterday in response to the passage of the Budget Control Act, Congressman Ron Paul expressed his alarm at the establishment of this “disturbing” new committee, and warned that it would be used to ram through tax increases.

“The legislation produced by this commission will be fast-tracked, and Members will not have the opportunity to offer amendments,” said Paul. “Approval of the recommendations of the “Super Congress” is tied to yet another debt ceiling increase. This guarantees that Members will face tremendou

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

Doc Vega posted a blog post

Our Crazy Modern World

I'll be your host tonight in our first episode of "Our Crazy Modern World". Join us now!Apparently…See More
5 hours ago
Burbia commented on cheeki kea's blog post BREAKING: The Epstein Files Illuminate a 20-Year Architecture Behind Pandemics as a Business Model.
"What a bummer. Can't tell thie 'dead' guy to eat shit now."
yesterday
Burbia commented on rlionhearted_3's photo
Thumbnail

2DF36465-A826-443C-A3A8-6638BC1D4FFA

"Venezuela under Chavez had cut ties with the IMF and World Bank. He had suggested that the US had…"
yesterday
Burbia commented on Doc Vega's photo
Thumbnail

G_LrzqtXMAAhT7w

"Derelict of duty should be reason for removal of these judges. That would go against what is in…"
yesterday
Doc Vega posted blog posts
Friday
tjdavis favorited Parrhesia's video
Thursday
tjdavis favorited UnitedWeStand's video
Thursday
tjdavis favorited Sandy's video
Thursday
tjdavis posted a photo
Thursday
Doc Vega commented on rlionhearted_3's photo
Thumbnail

2DF36465-A826-443C-A3A8-6638BC1D4FFA

"You can't subvert a nation that has already been subverted by Marxists and drug cartles who…"
Wednesday
Doc Vega commented on rlionhearted_3's photo
Thumbnail

2DF36465-A826-443C-A3A8-6638BC1D4FFA

"Venezuela was once a thriving nation until the left and Communism infiltrated the government, and…"
Wednesday
tjdavis posted a photo
Wednesday
tjdavis posted a video

Jacob Collier Improvises With Orchestra (Live in San Francisco)

A few months ago, I had the joy of performing with the world's first Audience Symphony Orchestra in San Francisco, a gathering of fans from all over North Am...
Wednesday
Doc Vega posted blog posts
Tuesday
Роман posted a blog post

Архітектура для мегаполісів: виклики та рішення урбаністики

Сучасні мегаполіси — це складні живі організми, де переплітаються економіка, культура, технології…See More
Feb 9
Tori Kovach posted a discussion

Pumpkin Face

Is he dead yet?See More
Feb 8
cheeki kea posted a blog post
Feb 8
cheeki kea commented on Sandy's photo
Thumbnail

FB_IMG_1770501160448

"Thumbs up find. So what ever do we have here then? Revolving doors of corruption and deceit that…"
Feb 8
cheeki kea left a comment for Роман
"Greetings and well wishes to you POMaH, great that you've joined us all here at the site. May…"
Feb 8
Sandy posted photos
Feb 8

© 2026   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted