Who pays the price for the U.S. government’s lack of fiscal responsibility?
*Texas Straight Talk, by Presidential Candidate Ron Paul, September 23, 2007
“Yes, the money has to come from somewhere, but we are running out of sources to tap.
Printing more money is the Fed’s typical answer, but we are on the verge of runaway inflation. We have printed so many dollars now that we are at parity with the Canadian dollar for the first time since 1976. Since the Fed stopped publishing M3, which tracks the total supply of dollars in the economy, we can’t even be sure how many dollars they are creating. Reported inflation is around 2%, but the method for calculating inflation changed in the 1980’s, largely at Mr. Greenspan’s urging. Private economists using the original method find actual inflation to be over 10%, which matches more closely the pain consumers in the real economy feel.
The reality is that this type of manipulation of the markets masks where resources, or money, ultimately comes from. It comes from the taxpayer.”
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