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The liberty power -- is not welcome -- freedom watch a sixty minute injection of raw liberty.
Streaming from a highly acclaimed strategy room on foxnews.com.
I'm your host judge Andrew an apology and -- We'll discuss the issues that profoundly affect your freedom.
-- civil liberties your financial liberties and your right to have a government that stays within the confines of the constitution.
Starting Monday September 14.
You'll have your daily dose of freedom watch the program will be at thirty minute show.
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It is now my great pleasure as usual to introduce one of America's great defenders.
Of freedom and liberty.
In the United States congress and anywhere today congressman Ron Paul.
Joins us live from our nation's capital congressman Paul welcome back to freedom watch.
-- OK I can't hear congressman Paul.
On Friday -- was in a second congressman.
Since since we spoke last.
We do need this.
McCain story story about them congressman sorry about that.
We'll be with -- -- second left here.
And congressman Paul can you hear us.
I hear you very clear.
Well I guess I'm just gonna have to talk I can't hear the good congressman and I don't know if he can hear me.
I can aren't loud and clear sorry about that these little -- gremlins.
Find their way into the equipment then our wonderful engineers are able to attack since -- and I spoke last it now appears.
First of all welcome welcome back.
To -- to Washington welcome back to freedom watch you and I spent a little bit of time together since last we -- on it was very very pleasant time.
I've had a little time off time off for you means visiting with the constituents back in Texas.
But now that you're back in in the capital things have changed a little bit since last we spoke please correct me if I'm wrong has congressman Barney Frank.
Who was the chair of the house financial services committee.
Indicated to you that it is now more likely than not that your bill or a bill which contains language similar similar to yours.
Which would mandate the auditing of the Federal Reserve Bank is likely to be voted on and passed by the House of Representatives.
Yeah they've never been explicitly stated it would be done separately he has always inclined.
It would be probably.
Thrown and you know -- now -- equal aren't.
And the other reforms that they're gonna introduce -- growing up being very favorable.
-- final answer isn't.
Isn't out yet -- I think we still have to work for trying again.
An up or down vote in the House of Representatives -- as a possibility.
I think in his mind without him saying explicitly.
That he intends to put it we had some other.
Other reform packages and other new regulations that I've talked to -- I've been back and nice -- it is our.
How will our meetings still be on and -- -- -- gonna get together so he's well aware of the fact that we're gonna sit down and talk about strategy as well as final wording.
What did that does this mean that what he intends to bring to the floor.
Will be a watered down version of what.
You have proposed and and more well over half that members of the House of Representatives have cosponsored.
-- -- what we're -- awards will be audit if this passes on the president.
The pass the Senate the president signs it will be -- it come about as you intended it to be when you authored this legislation.
Or are they taking the sting out of it.
-- -- -- -- -- I do not believe Barney Frank is done deliberately watered down so that we don't get anymore information if he wants the same information I want.
He wants to know who have benefited hide behind the scenes operation that the reserve which corporations benefit.
I'm I'm really believe that is the case but there are individuals who are adamantly opposed that whole process.
The only thing that we have talked about that we want to clarify.
And -- agreed to is that.
This deal -- itself -- on the bill to take over monetary policy in dated thing and monetary policy and he -- have agreed to that the bill doesn't do that.
I may look at some language to make -- very very clear.
And we're not going to be sitting in and dictate political -- It'll MC meetings in dictate monetary policy.
But we have every right in the world to know what happens.
As a consequence of those means that they allow candidates stand as to what passes -- behind.
What kind of -- Rangers they made overseas.
I do not believe this morning Lester wanted -- already though I've had calls from some senators on her side I do intend to watering down of the and so we have the Senate contend with as well.
You just to refer to the FO MCI assume that you buy that you mean the Federal Open Market Committee and and and correct me if I'm mistaken.
The bill that you have drafted that has things well over 300 co sponsors would audit the Federal Open Market Committee.
As well as the Federal Reserve as well as -- regional banks -- regional Federal Reserve's.
Right it would but he doesn't say it wouldn't any monetary policy that we should -- because.
It under the FOMC.
The Federal Open Market Committee they dictate policies dealing with the discount.
Discount Wendy's thing.
Or corporation gets into trouble they can extend -- -- And these -- department program they just.
Creation -- in air the Andy after the reserve -- -- so now I wouldn't give up one because.
In my suggestion that well that's -- under epilepsy and therefore you don't have a right on it.
Anything that they do when they make deals and -- right.
Should be available to suggest that day to day management.
Setting an interest rates and Amsterdam.
-- setting interest rates -- this deal is not designed to deal with that problem -- -- -- This topic is whatever it's going to happen that is whenever this gets to a committee hearing -- a vote is less likely to happen this year.
Say before the Christmas recess.
I expected to that you're now in in BC can't promise anything.
I believe that's the intent to Barney Frank can bring it up and bring it to the committee.
And that and haven't vote and possibly to the floor.
But if he -- he is dead set -- putting it with a pack heat -- that's not ready before the end of this year.
Then I conceded he would frustrate us all by delaying about it but.
I am I'm working on a with a positive attitude and I think we can get some -- -- vote before the end of this year.
All right switching gears a bit since you returned.
To Washington to you sense any different attitude amongst members of congress with respect to the president's.
Health care proposal.
My my own view from my vantage point here and in in the northeast and and that Fox News and all the emails that we get -- polls that we see.
Is that -- the tide of public opinion has turned decidedly against the concept of Medicare.
For people under 65 the so called.
How do you see this a few hours before the president makes this -- address to a joint session of congress.
I haven't talked a lot Democrats don't really funny in -- inside information about Democrats can't talk to us and Republican colleagues and one thing I think are more optimistic now than they were six weeks ago.
They're optimistic dad they're more on the offense and Anthony -- -- Obama.
-- -- we can stop this strange towards socialized medicine.
-- -- I don't think they're gonna slow -- I think they're gonna have to give up some and there regional.
If they're gonna work very hard to get the government more involved not less -- well.
It's just make -- cost -- -- it's destined to frustrate more patients and -- doctors never.
I can see no real benefit coming out -- this day.
And I need and with one -- -- favorite topic somewhat of yours too which is the constitution I interviewed one of your colleagues yesterday.
On my radio show Brian and The Judge congressman Jim Cliburn Democrat of South Carolina.
-- the number three ranking.
Democrat in the house and I said to him where in the constitution.
Is there federal power is there any authorization.
For the federal government to manage health -- you know he sent -- any judge.
Most of what we do in congress is not authorized by the constitution.
I was sort of startled -- this rather candid admission.
That they don't care what the constitution says they'll write whatever laws they want and just let that courts worry about it.
Honest -- -- and I think yeah.
I don't know but that is the general attitude must -- -- a little -- different.
Yeah they they say oh well.
The general welfare clause is -- interstate commerce clause I guess is that.
People are Andy on it is necessary and proper.
Use that phrase that's usually what they say that.
To say that.
-- we almost everything we do here is on constitution he's absolutely correct.
This attitude differences I mean they do it on international -- as well as domestic affairs.
-- that we and I way our government a lot smaller and Cleveland and he.
Ornery taxes and -- we have to have inflation.
Depending on they had -- funny name is Leo -- we have to worry about -- -- the -- because the Fed wouldn't exist by the way congratulations.
On your new book.
End -- the Fed which we'll talk to about hopefully when we start as a daily show next week congressman Paul always a pleasure thanks for joining us and freedom watch.
-- -- -- My next guest Peter Schiff a regular and freedom watch the president -- bureau.
Pacific Capital One of the brightest people I know in understanding.
The economy -- domestic and national Peter welcome back good to be with you.
I I I IE I saw something you wrote or heard something you said.
Which started that you are concerned about the value of the dollar.
And about the way the Chinese Government views the dollar can you explain please.
Well I mean obviously view -- as an albatross that they -- taking you know get off Barbara and her neck but.
No we stopped them without monetary policy we exported Alan Greenspan and Ben Bernanke's you reckless monetary policy to China.
-- China recently commented that they want to raise interest rates but they can't.
They have to wait -- we raise rates meanwhile they're creating a lot of inflation.
They're pretty too much money that's why the Chinese Government has now advised their own citizens to go up by -- over.
Because they realize how destructive their monetary policies are to their currency and they know the dollars did collapse.
Is that Chinese Government selling bonds meaning if the Chinese Government the government.
Borrowing money from Chinese banks and Chinese individuals.
We'll try that they're just gonna start to do that but you know they don't -- -- the Chinese Government operating and it got so much cash that they didn't have that they don't.
They don't need to get them they they don't need to borrow money they're lending us money they're buying up all our debt -- our biggest creditor.
You know that is their main problem right now the problem for the average Chinese citizen.
Is how much of his wealth is being confiscated in order to support some American that he doesn't even know.
We are living off the backs of Chinese labor they're working hard they're producing the stuff that we consume and then they're letting -- the -- to buy it.
It would you buy or would you recommend that your clients by.
Bonds of the Chinese Government is a -- -- and that's about it -- I -- in the I got him I.
Mean I think if there -- -- denominated currencies -- rise.
Yeah I prefer to buy Chinese shares idly by a lot of Chinese utilities but I would much rather.
I'll lend money in R&B to the Chinese Government that -- dollars for the US government -- if your not gonna -- -- -- -- for spears sure what you mean by our and he must've read -- or the yeah that's the currency or the Chinese you want -- occurred today use.
And eventually that currencies and in the way out.
-- when you're a lender when you lend somebody money.
You wanna be paid back in the equivalent purchasing power that you loans something the US government -- -- -- you're never gonna get that and a lot of people you know they look at the price of gold going up.
And they say well but there's no inflation look at the bond market.
The bond markets got it wrong and the reason bond markets got it wrong as -- manipulated because you have foreign central banks and the Fed.
Buying treasuries nobody is putting their own money -- about you but I wouldn't buy a ten year US government -- -- thirty year government bond for four and a half percent coupon.
I don't know anybody who would do that except that isn't that number higher than it's been in the recent past.
And yes so why Peter it's it's a little bit higher is -- higher because the government.
Needs to offer more of return in order to get people to loan it money well I don't think people are allowing them but I get I think it's government I think it's central banks taking taxpayer money -- -- -- to the US government.
Maybe there's some hedge funds and there maybe there's some people arbitrage -- spreading off these bonds but I don't think there's any real investor demand I don't think anybody.
Can sit back and look at.
Can't a trillion dollar a year deficits year after year -- year as far as the eye can see and think that the US government is not gonna inflate does that away okay.
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