bobbyw24
10-08-2011, 09:33 AM
Before the US House of Representatives, Committee on Financial Services, Hearing to Receive the Annual Testimony of the Secretary of the Treasury on the Annual Report of the Financial Stability Oversight Council, October 6, 2011
Mr. Chairman, I thank you for holding this hearing with Secretary Geithner to receive the annual report of the Financial Stability Oversight Council (FSOC). FSOC has been given a mandate to identify threats to the American financial system. With all the major financial regulators as members of FSOC, this new organization is like the Plunge Protection Team on steroids, and there is no telling what kind of damage FSOC will end up doing to financial markets.
While our domestic economy continues to suffer as a result of the Federal Reserve's intervention into credit markets, the euro increasingly looks likely to collapse. Here too the federal government has intervened, with the Federal Reserve promising unlimited dollar liquidity support to European central banks, and Secretary Geithner traveling to Europe to castigate the Europeans for moving "too slowly" in addressing their financial crisis. Whether or not the euro's collapse leads to the introduction of a new international monetary regime remains an open question. There is also the newly revived issue of China's currency, in which it appears that Congress may attempt to punish China for the alleged artificial weakness of its currency. The irony of Congress dictating monetary policy to the People's Bank of China when they would not even dare audit, let alone dictate, the Federal Reserve's monetary policy seems to be lost on the neo-mercantilist supporters of the China currency bill.
http://lewrockwell.com/paul/paul771.html
Mr. Chairman, I thank you for holding this hearing with Secretary Geithner to receive the annual report of the Financial Stability Oversight Council (FSOC). FSOC has been given a mandate to identify threats to the American financial system. With all the major financial regulators as members of FSOC, this new organization is like the Plunge Protection Team on steroids, and there is no telling what kind of damage FSOC will end up doing to financial markets.
While our domestic economy continues to suffer as a result of the Federal Reserve's intervention into credit markets, the euro increasingly looks likely to collapse. Here too the federal government has intervened, with the Federal Reserve promising unlimited dollar liquidity support to European central banks, and Secretary Geithner traveling to Europe to castigate the Europeans for moving "too slowly" in addressing their financial crisis. Whether or not the euro's collapse leads to the introduction of a new international monetary regime remains an open question. There is also the newly revived issue of China's currency, in which it appears that Congress may attempt to punish China for the alleged artificial weakness of its currency. The irony of Congress dictating monetary policy to the People's Bank of China when they would not even dare audit, let alone dictate, the Federal Reserve's monetary policy seems to be lost on the neo-mercantilist supporters of the China currency bill.
http://lewrockwell.com/paul/paul771.html