Republican presidential candidate Ron Paul issued a statement strongly opposing a proposed deal on the debt-ceiling that is rumored to be in the works between the Obama administration and Republican House leaders. See statement below.
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Paul: Do you think gold is money?
Bernanke: No.
It's not money?
It's a precious metal.
Even if it has been money for 6,000 years, somebody reversed that and eliminated that economic law?
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Every month, the federal government produces a study on consumer saving and spending rates. The figures are often seen as indicators for how well the economy is doing. Some lawmakers are calling the investing report a poll on how Americans feel about the payroll tax cut. Source for this article – Consumer spending report shows improved savings rate by MoneyBlogNewz.
More on Jan Report Says That Americans Are Saving More And Spending Less
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Last week, the subcommittee which I chair held a hearing on monetary policy and rising prices. Whether we consider food, gasoline, or clothing, the cost of living is increasing significantly. True inflation is defined as an increase in the money supply. All other things being equal, an increase in the money supply leads to a rise in prices. Inflation’s destructive effects have ruined societies from the Roman Empire to Weimar Germany to modern-day Zimbabwe.
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Last week, the Financial Crisis Inquiry Commission (FCIC) presented its results to the Financial Services Committee. As with most other politically-appointed commissions, the results of the FCIC's investigation were easy to predict. Established by the same congress that gave us national healthcare and with a majority of its members appointed by those who seek to solve every problem with more government intervention, it was no surprise that the commission's findings would favor increased government intervention in the economy. Minority members were not substantively involved in the commission's operations, and the commission attempted to exclude their dissenting views by granting them very limited space to do so.
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Last week's midterm elections have been characterized as a victory for grassroots Americans who are fed up with Washington and the political status quo. In particular, the elections are being touted as a clear indicator that voters demand reductions in federal spending, deficits, and debt.
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Well, to be quite fair Ron Paul said they talked about introducing a bill to end or audit the Fed on their first day in office together. Here is the entire long and excellent interview with David Asman on Fox Business channel.
More on Ron Paul talks ending the Fed with help from Senator Rand Paul
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As the current economic downturn shows no signs of lifting, we hear quite a lot of rhetoric from current and potential office-holders about what government can and will do to create more jobs. This is especially disconcerting to those who understand that the best thing government can do for job creation is to simply get out of the way.
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Dr. Paul addresses the currency war and other economic issues in this weekly Texas Straight Talk message.
Inflation fears are heating up this week as Fed Chairman Ben Bernanke gave a speech in Boston on Friday, causing further frantic flight into gold by those fearful of the coming “quantitative easing” the Fed is set to deliver in November. Others who view gold as a short term investment engaged in immediate profit-taking after Bernanke’s speech.
More on Currency Wars: A Race to the Bottom of the Inflationary Barrel
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Do you have any food reserves stock piled to guard against…
• Poor economic times
• Famines
• Droughts
• Disasters
• Shift in politics
• Unforeseen hardships
• Other peoples rules
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