Video: Ron Paul: Congressional Hearing On The Federal Reserve And Rising Food & Energy Prices

Congressional Video - Mar. 17, 2011

"It is unconscionable that published government statistics mislead Americans regarding the true rate of price inflation, which is much higher than commonly-reported CPI numbers," Paul stated. "It is also unconscionable that Federal Reserve Bank officials continue to deny the effects of their monetary expansion on consumer prices. Inflation, properly understood, is a monetary phenomenon. The price inflation Americans suffer today is largely the direct result of relentless monetary expansion by the Federal Reserve over the past decade. Our witnesses will explore how current monetary policy, including QE2, directly impacts the standard of living of Americans in ways that are not reflected in official government data."

Congressman Walter Jones, vice chairman of the subcommittee, stated, "The Fed has attempted to convince the public that its money printing campaign is necessary to stimulate America's economic recovery. Instead of recovery, the real effect of the Fed's money printing has been monetization of America's exploding fiscal deficits, devaluation of the dollar, and creation of inflation in asset prices across the board. As a result, working people in places like Eastern North Carolina are being squeezed at the gas pump and the grocery store as they struggle to make ends meet in a world in which their salaries have no chance of keeping up with Mr. Bernanke's printing presses."

http://paul.house.gov

Witnesses:

• Prof. Joseph Salerno, Chair of the Economics Graduate Program at Pace University
• James Grant, Noted commentator and publisher of Grant's Interest Rate Observer
• Lewis Lehrman, Author, investment banker and former member of President Reagan's Gold Commission

Comments

[DailyBail]

A Crisis That Markets Can’t Grasp

http://www.nytimes.com/2011/03/20/business/20risk.html?_r=4&ref=business

[DailyBail]

Citigroup Announces Reverse Stock Split

Intends to Reinstate Common Stock Dividend of $0.01 per Share

http://finance.yahoo.com/news/Citigroup-Announces-Reverse-bw-610733129.html?x=0&.v=1

[Joseph Washburn]

I cannot thank you and the fellow Congressmen and Senators that are determined to hold the line on this Gov spending. As always there are many that want to continue to do the OPM (Other Peoples Money) scheme of operating. I know it hurts to make cuts that we have become accustom to having (retired on mil pay and ssan) but I am wiling to accept that if we can turn this nation around and put it on a diet of operating expenses. Congress seems to be Hell bent on wanting the American tax payers to foot the bill regardless of what they authorize to spend and exempt themselves from these rigors of life. I fully support getting this line of thinking out of Congress. We knew that Pres Obama was the most liberal Senator before becoming President and yet we were foolish enough to elect him. Now do we continue be blindly lead down the road of complete destruction or will we wake up and change before jumping off the cliff. Continue to help America wake up and see if we can avoid this disaster. Other countries will soon stop buying this BS and then we will certainly be in a tailspin of no where to go.

[Wil Martindale]

Ahh brother Washburn, how true, how true. But ... Big Brother knows exactly where we go from here, and he is gently leading us by the hand to take us there.
http://letthemfail.us/archives/8178