sailingaway
09-21-2012, 09:27 AM
Ron Paul Holds Special Anti QE3 Sub Committee Meeting LIVE: “The Price of Money: Consequences of the Federal Reserve’s Zero Interest Rate Policy"
1610
Ron Paul will try and batter down QE3 today. And he’s on a mission.
The Texas congressman, who is a fierce critic of the government’s hand in the free markets … and by default the Federal Reserve and any decision it makes …, announced that as the chairman of the Domestic Monetary Policy and Technology Subcommittee, his subcommittee would hold a hearing to examine the effects of the Federal Reserve’s interest rate policy on the American people.
In typical flamboyant Ron Paul fashion the hearing is entitled “The Price of Money: Consequences of the Federal Reserve’s Zero Interest Rate Policy.” It will be held on Friday at 9:30 a.m.
Witnesses scheduled to testify include James Grant, editor at Grant’s Interest Rate Observer, and Lewis E. Lehrman, the senior partner of L.E. Lehrman & Co.
Paul has previously said that Quantitative Easing ... also known as QE ... is a "detachment from reality" and that the Fed plan won't work.
The Federal Open Market Committee last week announced the Federal Reserve will purchase $40 billion a month in mortgage-backed securities indefinitely (MBS) from financial institutions, will keep interest rates at zero percent until at least 2015, will make additional purchases if the employment picture doesn't improve, and in general will maintain a stimulative policy for a "considerable time."
The announcement sent stock and commodities prices soaring, and the U.S. dollar plummetting, as the Fed gave a clear indication that ZIRP (zero-interest rate policies) and monetary stimulus will be the new normal going forward.
Although the announcement would seem to fall short of the expectations many had — that the Fed would make asset purchases totaling upwards of $400 billion over the coming months — the open-ended nature of the Fed's latest action makes it clear that more monetary stimulus is not only possible, but probable.
more (and internal links) at link: http://www.policymic.com/articles/15146/ron-paul-holds-special-anti-qe3-sub-committee-meeting-live-the-price-of-money-consequences-of-the-federal-reserve-s-zero-interest-rate-policy
1610
Ron Paul will try and batter down QE3 today. And he’s on a mission.
The Texas congressman, who is a fierce critic of the government’s hand in the free markets … and by default the Federal Reserve and any decision it makes …, announced that as the chairman of the Domestic Monetary Policy and Technology Subcommittee, his subcommittee would hold a hearing to examine the effects of the Federal Reserve’s interest rate policy on the American people.
In typical flamboyant Ron Paul fashion the hearing is entitled “The Price of Money: Consequences of the Federal Reserve’s Zero Interest Rate Policy.” It will be held on Friday at 9:30 a.m.
Witnesses scheduled to testify include James Grant, editor at Grant’s Interest Rate Observer, and Lewis E. Lehrman, the senior partner of L.E. Lehrman & Co.
Paul has previously said that Quantitative Easing ... also known as QE ... is a "detachment from reality" and that the Fed plan won't work.
The Federal Open Market Committee last week announced the Federal Reserve will purchase $40 billion a month in mortgage-backed securities indefinitely (MBS) from financial institutions, will keep interest rates at zero percent until at least 2015, will make additional purchases if the employment picture doesn't improve, and in general will maintain a stimulative policy for a "considerable time."
The announcement sent stock and commodities prices soaring, and the U.S. dollar plummetting, as the Fed gave a clear indication that ZIRP (zero-interest rate policies) and monetary stimulus will be the new normal going forward.
Although the announcement would seem to fall short of the expectations many had — that the Fed would make asset purchases totaling upwards of $400 billion over the coming months — the open-ended nature of the Fed's latest action makes it clear that more monetary stimulus is not only possible, but probable.
more (and internal links) at link: http://www.policymic.com/articles/15146/ron-paul-holds-special-anti-qe3-sub-committee-meeting-live-the-price-of-money-consequences-of-the-federal-reserve-s-zero-interest-rate-policy