Establishment favorite and former Federal Reserve insider Herman Cain brazenly lied during last night’s Republican debate when he denied that he had opposed an audit of the Fed, a claim that was proven false within hours by Ron Paul’s campaign team.
Pointing out that the majority of Americans want to see a full audit of the Federal Reserve, Congressman Ron Paul asked Cain if he stood by his position that it would be frivolous to audit the Fed on a regular basis, as well as his characterization of those who are calling for such measures as ignorant.
Cain responded by claiming he never dismissed Ron Paul or his supporters as “ignorant” for asking about the Federal Reserve, and that the error was down to Paul believing what he read on the Internet. Technically Cain is correct, because he didn’t call Ron Paul supporters “ignorant,” worse still, in his own book Cain dismissed them as “stupid” and ludicrously suggested that the Paul campaign was deliberately sending out supporters to harass Cain with questions about the Federal Reserve.
Cain brazenly lied in the next breath when he claimed, “I do not object to the Federal Reserve being audited, I simply said if someone wants to initiate that action go right ahead, it doesn’t bother me,” adding that he had been “misrepresented” and didn’t have a problem with the Fed being audited, before robotically repeating his “9,9,9? tax hike agenda.
Within hours, the Paul campaign responded by pointing out precisely where Cain had expressed his opposition to auditing the Fed, with the aid of the very same Internet that Cain derided as an inaccurate source of information.
Unfortunately for the former Godfather’s Pizza CEO, the world wide web turned out to be very accurate in documenting Cain’s deception.
On December 29, 2010, Cain, former director and chairman at the Kansas City Federal Reserve, said the following.
“Some people say that we ought to audit the Fed. Here’s what I do know. The Federal Reserve already has so many internal audits it’s ridiculous. I don’t know why people think we’re gonna learn this great amount of information by auditing the Federal Reserve. I think a lot of people are calling for this audit of the Federal Reserve because they don’t know enough about it. There’s no hidden secrets going on in the Federal Reserve to my knowledge.”
Not only has Cain been exposed as a liar on prime time television, but the controversy also throws fresh spotlight on his ridiculous claim that the Fed has not acted in secrecy.
As we have since learned, most of the secret $16 trillion in Federal Reserve bailout funds between 2008 and 2010 went to foreign banks in places like Belgium, Japan and Libya.
“The biggest borrowers from the 97-year-old discount window as the program reached its crisis-era peak were foreign banks, accounting for at least 70 percent of the $110.7 billion borrowed during the week in October 2008 when use of the program surged to a record,” reported Bloomberg.
Before the Federal Reserve was legally forced to disclose the details of where the bailout money went, Chairman Ben Bernanke attempted to hide its destination by refusing to tell elected Congressmen like Alan Grayson and Ron Paul which financial institutions received bailout funds.
No “hidden secrets,” then Herman?
Cain’s total disregard for the truth and his transparent efforts to cover-up his sympathies for the Federal Reserve, the very source of America’s economic decline, by lying to the American people on national television, should torpedo any notion that Cain should even be considered as a Republican presidential candidate.
Just like Rick Perry before him, expect Cain’s campaign, backed by his “9,9,9? gimmick, which would increase taxes for middle class Americans, to crash and burn as more spotlight is thrown on his Federal Reserve connections.