GOP contenders' knives out for 9, 9, & 9 manIt happened last week in the GOP presidential debate. Predictably, Ron Paul skewered Herman Cain over his role as a former Kansas City Federal Reserve Bank board member.
Audits Mr. Paul has been calling for over the years show that the Fed secretly bailed out foreign governments, big banks and certain manufacturers while monetizing America's war debt through "quantitative easing."
Fuzzy math is part of the picture, too. Economists have come forward to say that taxing corporate profits at 9%, personal income at 9% and imposing a national sales tax on everything that's for sale would actually cause a family of 4 with an annual income of $50,000 to pay $5,000 more in federal taxes.
“Mr. Cain, in the past you have been rather critical of any of us who would want to audit the Fed. You have said — you’ve used pretty strong terms, that we were ignorant and that we didn’t know what we are doing, and therefore, there was no need for an audit anyway, because if you had one, you’re not going to find out anything, because everybody knows everything about the Fed,” Paul said.
“But now that we have found and we have gotten an audit, we have found out an awful lot on how special businesses get bailed out — Wall Street, the banks, and special companies, foreign governments. And you said that you advise those of us who were concerned, and you belittled — you say call up the Federal Reserve and just ask them. … Do you still stick by this, that that this is frivolous, or do you think it’s very important? Sixty-four percent of the American people want a full audit of the Fed on a regular basis.”
Here is what Herman Cain had to say about the situation:
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