Ron Paul/Judge Napoliano Slam the Federal Reserve’s New Dictatorial Powers

More unconstitutional authority given to the Federal Reserve:

Article 1 section 8:

“The Congress shall have Power To lay and collect Taxes……..To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;” (nothing in the Constitution about private banks like the Federal Reserve which isn’t federal at all.)

Ron Paul/Judge Napoliano  Slam the  Federal Reserve’s New Dictatorial Powers

Congressman Ron Paul tells MSNBC  that the very entity responsible for the economic crisis is now more powerful than Congress..

“They’re giving a tremendous amount of more power to the Federal Reserve – the very institution that created our problem. That’s about the way Washington works,” said the Congressman.

“Too much regulations to begin with, so they give it more. The Federal Reserve creates the problem, so we give them more power. It’s fiat money that’s the problem, so we allow them to double the money supply – you can’t solve the problems that way. That’s like saying you can take care of a drug addict by just giving them more drugs,” concluded Paul, adding that the lack of understanding about how the Federal Reserve created the problem and how the free market ought to work was the root of the crisis.

Responding to the Obama administration’s new regulatory reform plan, which will officially hand the Federal Reserve complete dictatorial control over the U.S. economy.Paul emphasized that no amount of regulation could compensate for a financial system created and controlled by the Federal Reserve that was completely unstable to begin with.

“The regulations should be on the Federal Reserve. We should have transparency of the Federal Reserve. They can create trillions of dollars to bail out their friends, and we don’t even have any transparency of this. They’re more powerful than the Congress,” said Paul.

As the LA Times reports, the government, in conjunction with the private Federal Reserve, would effectively have the clout to simply seize and take over any company it desires or considers a threat to the economy. Take over like General Motors?

In order to appease those opposed to the plan, such as Sen. Christopher J. Dodd, chairman of the Committee on Banking, Housing and Urban Affairs, the Obama administration has agreed to create a “watchdog” council of regulators to “advise the Fed”.

However, as former chairman Alan Greenspan has most recently pointed out, given that the Fed is an independent entity, and therefore accountable to no one, it will have the power to simply reject and overrule any advice it is offered.