Paul Ryan Faces Off Against Bernanke: "There Is Nothing More Insidious That A Country Can Do To Its Citizens Than Debase Its Currency" (Video)
Video - Bernanke testifies before Paul Ryan and House Budget - Feb. 09, 2011
Bernanke faces off against Paul Ryan
NEW YORK (CNNMoney) -- Facing off against some of his toughest critics on Capitol Hill Wednesday, Federal Reserve Chairman Ben Bernanke told lawmakers they need a "credible program" to reduce the nation's growing deficit.
"Even after economic and financial conditions return to normal, the federal budget will remain on an unsustainable path... unless the Congress enacts significant changes in fiscal programs," Bernanke told the House Committee.
Paul Ryan, a Republican from Wisconsin who heads the committee, has been a vocal opponent of the Fed's recent stimulus policy, which pumps $600 billion into the economy through purchases of long-term Treasuries.
He said he fears the policy, known as quantitative easing, will cause inflation to accelerate rapidly, forming asset bubbles and crushing the dollar.
- "There is nothing more insidious that a country can do to its citizens than debase its currency," Ryan said.
Highlight clip from CNN...
Ryan vs. Bernanke - Inflation Wars
Feb 10, 2011 at 4:20 PM
Reader Comments (7)
NEW YORK (CNNMoney) -- Facing off against some of his toughest critics on Capitol Hill Wednesday, Federal Reserve Chairman Ben Bernanke told lawmakers they need a "credible program" to reduce the nation's growing deficit.
"Even after economic and financial conditions return to normal, the federal budget will remain on an unsustainable path... unless the Congress enacts significant changes in fiscal programs," Bernanke told the House Budget Committee.
Paul Ryan, a Republican from Wisconsin who heads the committee, has been a vocal opponent of the Fed's recent stimulus policy, which pumps $600 billion into the economy through purchases of long-term Treasuries.
He said he fears the policy, known as quantitative easing, will cause inflation to accelerate rapidly, forming asset bubbles and crushing the dollar.
"There is nothing more insidious that a country can do to its citizens than debase its currency," Ryan said.
http://money.cnn.com/2011/02/09/news/economy/bernanke_paul_ryan/index.htm
http://www.haaretz.com/news/international/saudi-king-told-obama-he-d-fund-mubarak-if-u-s-halted-egypt-aid-1.342462
This story is starting to circulate.....
Saudi Arabia denies rumors of king's death as oil prices rise
http://en.rian.ru/world/20110210/162538374.html
Might be just a rumor. Either way oil is going up........
Just in time for this years planting, if you like food prices now, wait till you see them next year. JTS was right, my tractor can run on alcohol. Many could back in the day.
Seed is up, Fuel is rising, now all we need is bad weather for the trifecta. Plus agri businesses will begin fueling the 2012 elections this fall as well.
In case you did not realize it, they pass that on to you as well.
http://stopforeclosurefraud.com/2011/02/09/bob-filner-jpmorgan-responsible-for-homicide-of-soldiers/
Note: I would suggest Involuntary Manslaughter/Wrongful Death charges/suits be brought against banks and others where illegally foreclosed on individuals or those going through the process perished for any reason.
Alleged violations of service members Civil Relief Act.
http://stopforeclosurefraud.com/2011/02/09/us-house-committee-on-veterans-affairs-hearing-today-alleged-violations-of-the-servicemembers-civil-relief-act-scra/
Note: Mr. Bernanke, who did you say to pay first? China?
Freddie Macs COO suddenly resigns...and will not get termination benefits.
http://stopforeclosurefraud.com/2011/02/09/freddie-macs-chief-operating-officer-bruce-witherell-resigns/