With the right questions now, Paul really might 'End the Fed'

Section:

But first, get that man a few bodyguards.

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Ron Paul, Author of 'End the Fed,' to Lead Panel Overseeing Central Bank

By Phil Mattingly
Bloomberg News
Thursday, December 9, 2010

http://www.bloomberg.com/news/2010-12-09/ron-paul-author-of-end-the-fed-...

WASHINGTON -- Rep. Ron Paul, Texas Republican and author of "End the Fed," will take control of the House subcommittee that oversees the Federal Reserve.

House Financial Services Chairman-elect Spencer Bachus, an Alabama Republican, selected Paul, 75, to lead the panel's domestic monetary policy subcommittee when their party takes the House majority next month, the committee chairman said today.

"This is the leadership team that crafted the first comprehensive financial reform bill to put an end to the bailouts, wind down the taxpayer funding of Fannie Mae and Freddie Mac, and enforce a strong audit of the Federal Reserve," Bachus said in a statement.

Paul, in an interview last week, said he plans a slate of hearings on U.S. monetary policy and will restart his push for a full audit of the Fed's functions.

... Dispatch continues below ...



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Sona Drills 85.4g Gold/Ton Over 4 Metres at Elizabeth Gold Deposit, Extending the Mineralization of the Southwest Vein on the Property

Company Press Release, October 27, 2010

VANCOUVER, British Columbia -- Sona Resources Corp. reports on five drillling holes in the third round of assay results from the recently completed drill program at its 100 percent-owned Elizabeth Gold Deposit Property in the Lillooet Mining District of southern British Columbia. Highlights from the diamond drilling include:

-- Hole E10-66 intersected 17.4g gold/ton over 1.54 metres.

-- Hole E10-67 intersected 96.4g gold/ton over 2.5 metres, including one assay interval of 383g of gold/ton over 0.5 metres.

-- Hole E10-69 intersected 85.4g gold/ton over 4.03 metres, including one assay interval of 230g gold/ton over 1 metre.

Four drill holes, E10-66 to E10-69, targeted the southwestern end of the Southwest Vein, and three of the holes have expanded the mineralized zone in that direction. The Southwest Vein gold mineralization has now been intersected over a strike length of 325 metres, with the deepest hole drilled less than 200 metres from surface.

"The assay results from the Southwest Zone quartz vein continue to be extremely positive," says John P. Thompson, Sona's president and CEO. "We are expanding the Southwest Vein, and this high-grade gold mineralization remains wide open down dip and along strike to the southwest."

For the company's full press release, please visit:

http://sonaresources.com/_resources/news/SONA_NR19_2010.pdf



"We are ready to hit the ground running, and I look forward to continuing our work in the next Congress," Bachus said.

Paul, who has introduced legislation to abolish the Fed, became nationally known during his 2008 presidential campaign. His campaign to audit the Fed picked up steam as the central bank deployed trillions of dollars in emergency loans in the midst of the worst financial crisis since the Great Depression. Paul's bill gained the support of 320 of 435 members of the House and a portion of the measure ended up in the Dodd-Frank financial regulatory overhaul enacted this year.

Paul's assignment comes as the Republican Party has stepped up attacks on Fed Chairman Ben S. Bernanke and the central bank in the wake of the Nov. 3 announcement that it would buy bonds in an attempt to bring down unemployment and prevent inflation.

"Congress must act to rein in Chairman Bernanke and the Fed before they destroy our currency and permanently damage our economy and financial system," Sen. Jim Bunning, a Kentucky Republican, said in his farewell speech on the Senate floor today. "Public awareness of what the Fed is doing is increasing while public opinion of the Fed is falling."

Bunning's views are reflected throughout the country, according to a Bloomberg National Poll that reveals deep skepticism about the Fed.

Americans across the political spectrum say the central bank shouldn't retain its current structure or independence, according to the poll. Asked if the central bank should be more accountable to Congress, left independent, or abolished entirely, 39 percent said it should be held more accountable and 16 percent that it should be abolished. Thirty-seven percent favor the status quo.

Paul, who has been passed up twice before for the subcommittee chairmanship, may cause a problem for Republicans who have traditionally defended the central bank, Rep. Barney Frank, the outgoing chairman of the Financial Services Committee, said today in a Bloomberg Television interview.

"I think you're going to see a significant dispute within the Republican Party," said Frank, who was re-appointed by his party as the senior Democrat on the committee. "I do not believe that Ron Paul's views on the Fed represent the views of most Republicans."

Bachus will keep the senior Republicans on the panel in leadership positions. Rep. Jeb Hensarling of Texas will take over as the panel's vice chairman, replacing fellow Texas Rep. Randy Neugebauer, who moves over to lead the oversight and investigations subcommittee.

Rep. Scott Garrett of New Jersey will become chairman of the capital markets panel, which would oversee any work done on government-owned mortgage companies Fannie Mae and Freddie Mac. Reps. Shelley Moore Capito of West Virginia and Judy Biggert of Illinois will take over the financial institutions and housing subcommittees, respectively. Rep. Gary Miller of California will take over as chairman of the international monetary policy panel.

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Prophecy Drills 71.17 Metres of 0.52% NiEq
(0.310 % Nickel 0.466 g/t PGMs +Au and 0.223% Copper)
from surface at Wellgreen Project in the Yukon

Prophecy Resource Corp. (TSX-V: PCY) reports that it has received additional assays results from its 100-percent-owned Wellgreen PGM Ni-Cu property in the Yukon, Canada. Diamond drill holes WS10-179 to WS10-182 were drilled during the summer of 2010 by Northern Platinum (which merged with Prophecy on September 23, 2010). WS10-183 was drilled by Prophecy in October 2010. Highlights from the newly received assays include 71.17 metres from surface of 0.52 percent NiEq (0.310 percent nickel, 0.466 g/t PGMs + Au, and 0.233 percent copper) and ended in mineralization. For more drill highlights, please visit:

http://prophecyresource.com/news_2010_nov29.php