By SPRINGFIELD, Virginia – Ron Paul, Campaign for Liberty
Chairman, and former Chairman of the House Financial Services
Subcommittee on Monetary Policy, issued the following statement today
regarding Federal Reserve Chairman Ben Bernanke’s testimony before the
House Committee on Financial Services:
“Chairman Bernanke’s statement today before Congress and the American
people that he hopes to devalue our currency at a rate of 2 percent a
year is an insult to the millions of Americans who are struggling to pay
higher prices each and every day. Though the debasement is already much
greater than 2 percent, 2 percent inflation is still immoral theft and
is economically foolhardy.
“Despite what Chairman Bernanke said today, central economic planning with currency inflation and interest rate manipulation does not help the poor and middle class; it merely enriches Wall Street and the politically connected. It hurts those who dare save their money to plan for their own retirement or pay for their children’s education. Inflating the money supply in secret to serve special interests and feed the government’s overspending must end if we ever expect to get a handle on the serious problems facing our nation.
“Considering the impact the Federal Reserve’s policies have on every American’s standard of living, it is in the interest of all Americans to join Campaign for Liberty in demanding Senate Majority Leader Harry Reid bring Senator Rand Paul’s Audit the Fed (S.209) legislation to the Senate floor for a vote this Congress.”
ZeroPoint2013: Bernanke was forced to sit down and listen as Ron Paul scolded him for
"debasing" the currency and "destroying" the wealth of millions of
Americans.
Ron Paul first asked Bernanke if he did his own grocery shopping, to which the Fed Chairman responded with a "yes." Paul immediately said "no one believes the 2% inflation rate," claiming it was actually closer to 9%. "Someone is stealing wealth," said Ron Paul.
He then pulled out a silver eagle, a silver coin that has nominal face value of one dollar that is legal tender. Ron Paul told Bernanke that in 2006, as he took the top spot at the Federal Reserve, an ounce of silver bought about 4 gallons of gas. Today, said Paul, it buys about 11.
"That's preservation of value," said Ron Paul, before accusing Bernanke of loving paper money and ask him to "legalize competing currencies." Bernanke responded by explaining that anyone can hold whatever currency they want, and told Paul he'd gladly help him figure out how to hold euros, yen, or whatever he pleases.
Paul told Bernanke "the record of what you've done is destroy the currency," before saying he still can't pay his bills or taxes with silver eagles.
As usual, Ron Paul put the focus on what he considers to be the illusory essence of fiat or paper money...
“Despite what Chairman Bernanke said today, central economic planning with currency inflation and interest rate manipulation does not help the poor and middle class; it merely enriches Wall Street and the politically connected. It hurts those who dare save their money to plan for their own retirement or pay for their children’s education. Inflating the money supply in secret to serve special interests and feed the government’s overspending must end if we ever expect to get a handle on the serious problems facing our nation.
“Considering the impact the Federal Reserve’s policies have on every American’s standard of living, it is in the interest of all Americans to join Campaign for Liberty in demanding Senate Majority Leader Harry Reid bring Senator Rand Paul’s Audit the Fed (S.209) legislation to the Senate floor for a vote this Congress.”
Ron Paul first asked Bernanke if he did his own grocery shopping, to which the Fed Chairman responded with a "yes." Paul immediately said "no one believes the 2% inflation rate," claiming it was actually closer to 9%. "Someone is stealing wealth," said Ron Paul.
He then pulled out a silver eagle, a silver coin that has nominal face value of one dollar that is legal tender. Ron Paul told Bernanke that in 2006, as he took the top spot at the Federal Reserve, an ounce of silver bought about 4 gallons of gas. Today, said Paul, it buys about 11.
"That's preservation of value," said Ron Paul, before accusing Bernanke of loving paper money and ask him to "legalize competing currencies." Bernanke responded by explaining that anyone can hold whatever currency they want, and told Paul he'd gladly help him figure out how to hold euros, yen, or whatever he pleases.
Paul told Bernanke "the record of what you've done is destroy the currency," before saying he still can't pay his bills or taxes with silver eagles.
As usual, Ron Paul put the focus on what he considers to be the illusory essence of fiat or paper money...
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