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Posted at 11:25 AM ET, 02/ 9/2011

Ron Paul holds first hearing on Federal Reserve

By Felicia Sonmez

Updated: 11:25 a.m.

Texas Republican Rep. Ron Paul, one of the most outspoken opponents of the Federal Reserve, is hosting his first subcommittee hearing Wednesday as chairman of a House subcommittee overseeing the central bank.

The new chairman of the House Domestic Monetary Policy and Technology Subcommittee has called the hearing to examine the impact of the Fed's policies on job creation and the unemployment rate.

The roster of witnesses called to testify includes Thomas J. DiLorenzo, professor of economics at Loyola University's Sellinger School of Business; Dr. Richard Vedder, professor of economics at Ohio University; and Dr. Josh Bivens of the Economic Policy Institute.

No administration officials are testifying. Elsewhere on Capitol Hill, Fed Chairman Ben Bernanke appeared at a House Budget Committee hearing.

Paul, who has advocated for measures that would audit the Federal Reserve or abolish it altogether, was tapped in December to serve as chairman of the monetary policy subcommittee.

While most of the testimony centered on complex issues such as quantitative easing, the meeting was not without spectacle.

At one point, when Paul opened up the hearing to questions from committee members, Rep. Lacy Clay (D-Mo.) directly took on DiLorenzo for his membership in the League of the South, an organization that has been designated by the Southern Poverty Law Center as a "neo-Confederate" hate group advocating for Southern secession.

Clay then rattled off a list of some of DiLorenzo's articles, including "More Lies about the Civil War," "In Defense of Sedition," and "The First Dictator-President," which examines "how Lincoln's myth has corrupted America."

"After reviewing your work and the so-called methods you employ, I still cannot understand you being invited to testify today on the unemployment crisis, but I do know that I have no questions for you," Clay concluded.

The Paul hearing is taking place in the House Rayburn building. Live video of the hearing is available here.

By Felicia Sonmez  | February 9, 2011; 11:25 AM ET
Categories:  44 The Obama Presidency  
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Comments

Hey Ron Paul ... no matter what you think ... there is not enough gold in the world to back all currencies which is why Nixon took the U.S. off the gold standard and why gold is so high as a commodity.
If gold was as plentiful as copper ... well you get the picture.

Posted by: knjincvc | February 10, 2011 5:10 PM | Report abuse

@Fascist_Soup
I didn't post their site because I was responding to an attack on the SPLC. I posted the SPLC site that debunked the claim that the SPLC made a "indiscriminate accusations" against LotS. They did not, SPLC always provides justification for their rankings.

I also see only marginal utility in posting the LotS site for two reasons.
1) it's easy enough to look up.
2) It's their Best Face and there's been a long history of racist groups becoming less overtly racist, even when they are more than happy to 'let it all hang out' when they think no one is looking (like at their conferences). The LotS site is their propaganda.. I think it's more enlightening to see how the people associated actually act 'out in the wild'.

That all said, I did go there for kicks and it only took me a couple minutes to find the racist dog-whistle language. Guess who they're talking about here.. "government-sponsored victim groups"?
I also did a quick search on a group which the LotS claims as inspiration for choosing the LotS name. They're apparently very fond of The League of United Southerners, founded in the Jim Crow south. Here's how the Encyclopedia Britianica describes the motivations of the founder
"a movement backing his uncompromising proslavery states’ rights"

Posted by: ffakr | February 10, 2011 11:48 AM | Report abuse

For more info on the Southern Poverty Law Center, Google these search terms:

"SPLC — 2011– Forty Years of White Supremacy"

"The Southern Poverty Law Center - A Special Report"

"Morris Dees divorce papers"

Posted by: getjiggly1 | February 10, 2011 11:35 AM | Report abuse

Ron Paul is another one of those soothsayers that advocates that if you want to build a road or school, etc., you don't have to pay for it. That's someone elses problem.
It's the same old conservative elixir, just warmed over for the new suckers.

As far as this 'southern philosophy' is concerned, someone once said, 'The Old South shall rise again-----------like sewage in a flood'.

Posted by: kacameron | February 9, 2011 8:55 PM | Report abuse

@ ffakr

Why not just post the LotS website?

This way people can decide for themselves if they are a racist hate organization.

http://dixienet.org/rights/index.shtml

Of course, they are not.

They are a Christian group that favors using the Tenth Amendment and nullification of unconstitutional federal laws.

Posted by: Fascist_Soup | February 9, 2011 7:19 PM | Report abuse

@ JBaustian
The SPLC isn't unbiased.. their mission is to document right-wing hate groups

However, you're completely incorrect when you claim that they make indiscriminate accusations.

if you'd have taken 60 seconds to check their site, as I have, you'd have seen exactly why the SPLC classifies the League of the South as a hate group.

http://www.splcenter.org/get-informed/intelligence-files/groups/league-of-the-south

I see a lot of similarities between their rhetoric and the Klan.

We shouldn't be surprised though, this isn't the first time Paul has associated with the racist right.

http://articles.cnn.com/2008-01-10/politics/paul.newsletters_1_newsletters-blacks-whites?_s=PM:POLITICS

Posted by: ffakr | February 9, 2011 6:56 PM | Report abuse

hahaha That's so awesome she listed off his papers. I hope everyone looks them up and reads them. They are all free online.

DiLorenzo freaking tears down the myth of Lincoln like no other.

On top of being an awesome economist, he is one of the greatest historians around.

Posted by: Fascist_Soup | February 9, 2011 6:50 PM | Report abuse

"...DiLorenzo's articles, including "More Lies about the Civil War," "In Defense of Sedition," and "The First Dictator-President," which examines "how Lincoln's myth has corrupted America."

The titles certainly identify DiLorenzo as being of a rather extreme wing of the Right.

Posted by: bystander3 | February 9, 2011 4:37 PM | Report abuse

Clay, whose wife and children found out that he had filed for divorce in the media and whose campaign payments to his sister have raised eyebrows, should have just said, "Pass", rather than draw more attention to himself.

Posted by: coffic | February 9, 2011 4:14 PM | Report abuse

Audit the Fed, Ron Paul knows the Federal reserve is non-transparent just like the Obama administration is and that can only spell trouble. The Federal reserve is the root of our problems, secret deals and a puppet for Obama.

Posted by: Richie5 | February 9, 2011 4:07 PM | Report abuse

The Southern Poverty Law Center is hardly an unbiased arbiter of what is a hate group and what is not. Indiscriminate accusations of racism have diminished the power of that word. The group is hypocritical as well, since it never speaks out against left-wing attacks on black conservatives, like calls for the lynching of Justice Clarence Thomas at a Common Cause/SEIU rally.

Posted by: JBaustian | February 9, 2011 4:02 PM | Report abuse

actually I meant that Clay is the finding a target.

Posted by: commiss | February 9, 2011 2:50 PM | Report abuse

Clay is just another target by someone who thinks we should listen them like they know something.

Posted by: commiss | February 9, 2011 2:47 PM | Report abuse

Bankalchemist comments would be funny if they were not so silly and ill informed. I can't think of a way to get of of fiat money or even if its advisable, Paul has never said that you actual coinage gold coinage, bars of gold or even dust to pay your bills. The contention that Texans thought the seventies banking cris was a conspiracy is not true , never heard it and I just retired from banking in Texas. Being a regulator and CEO I thought Ihad heard it all!!!!! Kennedy incident pay back - humor that can come only from a joker. I would have to think long and hard before I would vote for Paul, but he makes more sense that the commentor.

Posted by: commiss | February 9, 2011 2:42 PM | Report abuse

Bam, a triple post. apologies the internet at work is so slow it seems as though it must be broken at times.

Posted by: brooks5000 | February 9, 2011 2:41 PM | Report abuse

Clay had nothing constructive to add to the discussion, so he insults all our intelligence by accusing DiLorenzo of being a racist.

He cannot understand why he (DiLorenzo) was invited to testify? He's a preofessor of economics and he added a point of view to the debate. Clay, on the other hand, added nothing but low class character attacks.

I cannot understand why Clay is even on this subcommittee.

Posted by: brooks5000 | February 9, 2011 2:38 PM | Report abuse

Clay had nothing constructive to add to the discussion, so he insults all our intelligence by accusing DiLorenzo of being a racist.

He cannot understand why he (DiLorenzo) was invited to testify? He's a preofessor of economics and he added a point of view to the debate. Clay, on the other hand, added nothing but low class character attacks.

I cannot understand why Clay is even on this subcommittee.

Posted by: brooks5000 | February 9, 2011 2:38 PM | Report abuse

Clay had nothing constructive to add to the discussion, so he insults all our intelligence by accusing DiLorenzo of being a racist.

He cannot understand why he (DiLorenzo) was invited to testify? He's a preofessor of economics and he added a point of view to the debate. Clay, on the other hand, added nothing but low class character attacks.

I cannot understand why Clay is even on this subcommittee.

Posted by: brooks5000 | February 9, 2011 2:37 PM | Report abuse

This is just more of the same Rant that the Fed is a conspiracy and no one ask me to play. (or I watch to many Oliver Stone flicks) The Texans have since the gov shut down their Banks in the late 70ies and early 80ies always believed it was a conspiracy against them to gain control over oil and banking in retaliation for the Kennedy incident. Get your gold out if these guys take over, www.nubank.com/gold/invest-in-gold.pdf was Ben Franklins solution some 200 years ago. So if you take your wife or significant other out for dinner it will not work to use your AMEX Gold Card but you will need a cheese grater and a gold bar. bankalchemist.

Posted by: bankalchemist | February 9, 2011 12:27 PM | Report abuse

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