Has The Fed eliminated the stabilizing forces of real money?
*Texas Straight Talk, by Congressman Ron Paul, January 25, 2010:
'Much has been made recently about the supposed economic
recovery. A few blips in a few statistics and many believe our
troubles are all over. Of course, they have to redefine recovery
as 'jobless' to account for the lack of improvement on Main
Street. But the banks have money, Wall Street is chugging along,
and the administration would like to get on with other agendae.
They have even set up a commission to investigate the crisis as if it
were all in the past.
The truth is that Americans are still losing jobs, the Fed is still
inflating, and more regulations are in the works that will prevent jobs
and productivity from coming back. We are on this trajectory for
the long haul. The claim has been made many times that this
administration has only had a year to clean up the mess of the last
administration. I wish they would at least get started!
Instead of reversing course, they are maintaining Bush’s policies full
speed ahead. They are even keeping the Bush-appointee in charge
of the Federal Reserve! They are not even making token efforts at
change in economic policy. And for all the talk of transparency,
we hear that some powerful senators will do all they can to block a
simple audit of the powerful and secretive Federal Reserve.
We have been on a disastrous course for a long time. The money
supply has doubled in the last year, our debt is unsustainable, the
value of the dollar is going to continue its drop, and those Americans
who understand where we are headed feel helpless and held hostage by
foolish policy makers in Washington. When the bills finally come
due and the dollar stops working we are in for some real social,
economic and political chaos. That is, unless we take some major
steps now to allow for a peaceful transition in the future.''
*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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