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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There are currently no plans at the Federal Reserve to tighten the credit supply of the nation yet. The Federal Reserve has certain controls over the amount of accessible lending capital in the financial system. Fear of inflation is causing several to think the Fed should reign in the supply of credit. However, the financial institution maintains the economy is too fragile to do that just yet.
More on Securing The Credit Supply Is Not On Federal Reserve Calendar Just Yet
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"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.
More on Ron Paul's Statement on Federal Reserve's Press Conference
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The Federal Reserve enjoys a monopoly over the flow of our money and credit but has never been completely transparent and accountable to Congress since its creation in 1913.
Since 1913, our dollar has lost more than 95% of its purchasing power.
More on HR 1207: Federal Reserve Transparency Act Fact Sheet
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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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For the past three decades, the Federal Reserve has been given a dual mandate: keeping prices stable and maximizing employment. This policy relies not only on the fatal conceit of believing in the wisdom of supposed experts, but also on numerical chicanery.
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Dr. Joseph Mercola interviews Dr. Paul about the Federal Reserve.
Read the complete article, Biggest Scam in World History Exposed.
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Alex Jones talks with physician and Texas Congressman Ron Paul, author of End The Fed and The Revolution: A Manifesto.
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