Is the dollar doomed to the political agenda?
*Texas Straight Talk, by Congressman Ron Paul, August 31, 2009:
"Early this week, it was announced that President Obama intends to
reappoint Fed Chairman Ben Bernanke to a second term in January,
signaling a vote of confidence in him. Bernanke seems to be popular
with the administration and with Wall Street, and with good reason. His
lending policies have left big banks flush with newly created cash that
covers up old mistakes and allows for new ones. By buying up mountains
of Treasury debt he has also enabled spending to soar to ridiculous
levels that should startle any responsible economist, and scare any
American concerned about the value of the dollar. However, these highly
sensitive decisions about our money are not made by economists, they
are made by politicians. Bernanke, like most of his predecessors, is
the politician’s best friend. However, there is no reason to believe
any other central planner would behave any differently, considering the
immense political pressure on the Fed.
Fed policies have been as bad for the economy as they are good for politicians and bankers, as the recently released numbers on the debt and deficit demonstrate."
*This information is solely a highlight of the opinion of a third-party publication and is incomplete. Please subscribe to this publication for the full and timely opinion of the author and call a Monex Account Representative for any additional up-to-date information. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.
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