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Ron Paul Rips into Bernanke's Ridiculous Fed Press Conference

Politics / Central Banks Apr 28, 2011 - 06:44 AM GMT

By: Dr_Ron_Paul

Politics

"Chairman Bernanke's press conference today was unprecedented, and it demonstrates that Federal Reserve officials are very concerned about growing public criticism of Fed policies. Although Mr. Bernanke predictably provided no substantive information, the American people want real answers about Fed bailouts, lending to foreign banks, and most of all inflation. Mr. Bernanke continues to ignore his culpability for the inflation all Americans suffer due to the Fed's relentless monetary expansion. Rising prices are the direct result of Fed devaluation of our dollar. Yet rather than addressing the Fed's loose dollar policy, Mr. Bernanke continues to assure us that inflation is not a problem.


Without the Federal Reserve's relentless expansion of credit throughout the 1990s and early 2000s, there could have been no excessive borrowing or explosion of subprime lending. Through easy credit, the Fed initiated the economic boom that created the dot-com bubble. When that bubble burst the Fed pumped additional liquidity into the system, which led to a new boom that created the housing bubble. Commodity prices have risen rapidly, producer prices have followed suit and consumers are already seeing the beginning of massive price increases passed on to them. And now the Fed's additional trillions of dollars in monetary pumping is creating yet another bubble. This is the exact opposite of stability in the marketplace and has nothing to do with free markets. It is central economic planning at its worst. And the end result may be hyperinflation and the destruction of our currency.

Now Americans are waking up to the dangers of the Fed's inflationary monetary policy, and they want it to stop. Today's staged press conference will not be enough to stop the growing demand for real Fed transparency, and I hope to build on that grassroots demand by passing legislation that will result in a true audit of the Fed's activities.

Support from my colleagues was vital in the last Congress in making progress towards Fed transparency, and I hope to build on that support in this Congress. It is well past time that we begin to rein in the Fed."

Dr. Ron Paul
Project Freedom

Congressman Ron Paul of Texas enjoys a national reputation as the premier advocate for liberty in politics today. Dr. Paul is the leading spokesman in Washington for limited constitutional government, low taxes, free markets, and a return to sound monetary policies based on commodity-backed currency. He is known among both his colleagues in Congress and his constituents for his consistent voting record in the House of Representatives: Dr. Paul never votes for legislation unless the proposed measure is expressly authorized by the Constitution. In the words of former Treasury Secretary William Simon, Dr. Paul is the "one exception to the Gang of 535" on Capitol Hill.

Dr. Ron Paul Archive

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Comments

Jerry
28 Apr 11, 16:41
Ron Paul Rips into Bernanke's Press Conference

If you really want to be elected, do something instead of all the talk about tranparency. Congress has the power to change/get rid of the Fed and you are not only a member of the Congress but head of the finacial sub committee!


Mike
28 Apr 11, 20:27
Ron Paul Rips into Bernanke's Press Conference

to Jerry: notice how he says support from his colleagues was vital in gaining more transparency? its not as if just being a member of congress and head of the financial sub committee means he can change anything he wants to, not without support from other members of congress.


Paul_B
29 Apr 11, 08:59
Dollar Death

I keep watching the ratio of $US v. Gold and it's creeping me out, to be honest. Looks like the dollar is going down the drain. The thing about reflationary policies is, it's hard as hell to know how far to go to bring about the desired result without unwittingly sliding into hyperinflationary territory. Something really stinks. It's not surprising there's a capital flight into PMs. I would not want to be holding dollar-denominated assets right now. Anyone who is is should be looking at getting wiped out before very long. Seriously. :(


gAnton
29 Apr 11, 22:00
Bernanke--Diversity Personified

Bernanke's actions have had a large number of unintended side effects--some good, and some bad, depending on your your point of view. For example, Bernanke has been criticized for not creating jobs, but that charge is not completely accurate. The following quote is from article "American Hellholes" which I encountered on the websites MarketOricleUK and theeconomiccollapseblog.com:

"Gangs have stepped into the gaping void left by industry. In Camden today, drugs and prostitution are two of the only viable businesses left - especially for those who cannot find employment anywhere else. The following is how Hedges describes the current state of affairs....

'There are perhaps a hundred open-air drug markets, most run by gangs like the Bloods, the Latin Kings, Los Nietos and MS-13. Knots of young men in black leather jackets and baggy sweatshirts sell weed and crack to clients, many of whom drive in from the suburbs. The drug trade is one of the city's few thriving businesses. A weapon, police say, is never more than a few feet away, usually stashed behind a trash can, in the grass or on a porch.'

But before we all start judging Camden (NJ) for being such a horrible place to live, it is important to realize that this is happening in communities from coast to coast."

So many people who are unhappy and depressed because they lost there house and job and perhaps their family can escape their ennui in the arms of a prostitute and/or with narcotics. So in some areas employment are retailing are picking up and is providing services and products to make very really unhappy people feel good.

Another area that I find interesting is the rapidly expanding expatriation of well-off Americans to evade taxes, protect their wealth, or because they are just feed-up with the declining standard of life in the USA. The IRS is expanding its foreign operations, but I don't think it will do much good as the first thing these people will do is put their wealth out of the knowledge and reach of the IRS. In my opinion, these people should meticulously prepare their tax forms and file them on time, but simply not pay. If the IRS can locate them, they can reject any additional request for information by pleading the fifth.

Of course, Ben Bernanke will deny credit for the above and countless other side effects of his actions, but that is because he's a very humble person.


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