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[bacasper]

Did the US Federal Reserve finance Saddam Hussein�s weapon purchases?

Published 27 February, 2010, 18:51


As Congress debates legislation to make the US Federal Reserve less secretive, Republican Ron Paul said the Bank loaned Iraq billions of dollars to buy US weapons in the 1980s.

...

On the rocky road to that elusive goal, Paul appeared this week alongside fellow lawmakers on Capitol Hill where they had the pleasure of putting Chairman of the Federal Reserve Ben Bernanke in the hot seat for a painful Q&A session. Bernanke, incidentally, is the guy who ran the money-printing machines at full speed to bail out the American economy, if not the entire globalization project itself, following the Collapse of 2007.

Paul, who regularly provides the fireworks to otherwise drab Congressional hearings due to his profound knowledge of the issues, slammed the �cozy relationship� that now exists between lawmakers and the Federal Reserve Bank, which creates what the congressman from Texas has labeled the �inflationary tax.�

�There has been a political cozy relationship between Congress and the Federal Reserve,� said Paul, addressing his comments at Bernanke. �The Congress has been derelict in its duties to provide oversight�Congress can keep spending and getting reelected. They don�t have to raise taxes, so the Fed can act as a taxing authority: you print the money, [which] dilutes the value of the money, prices go up, and price inflation is a tax and when people pay a lot more for their medical care than they used to they ought to think about the inflationary tax.�

Paul then discussed the lack of transparency in the Federal Reserve, and how this may have contributed to more than one under-the-table transaction that worked to disrupt US foreign policy.

�I would like to get to more specifics on the �transparency bill� because it has been reported in the past that during the 1980s the Fed actually facilitated a $5.5 billion dollar loan to Saddam Hussein, and then he bought weapons from our military industrial complex,� Paul said, adding that was also the time when the Iraqi dictator invested in a nuclear reactor.

full story at link

[caniff]

The military-industrial complex has to make money same as the next guy.

[T-J]

But Saddam didn't have any weapons....

[catman]

[bacasper]

[jaykimf]

[T-J]

[TheUrbanMyth]

[RufusW]

"WMDs" inferred nuclear weapons.

[TheUrbanMyth]

[Fox]

[RufusW]

I was referring to the inferring that had been done during the lead up to the Iraq war. Nobody was scared of Saddam launching poisonous gas towards Europe.

Anyway, wasn't America's sponsoring of Iraq well known before this?
http://en.wikipedia.org/wiki/Iran%E2%80%93Iraq_War