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Matthew Zak
12-11-2007, 02:34 PM
Average Americans pay the price for the Federal Reserve’s inflationary policies

ARLINGTON, VIRGINIA – Congressman Ron Paul, ranking member of the Subcommittee on Domestic and International Monetary Policy, Trade and Technology, and a nationally recognized expert on monetary policy, issued the following statement regarding the Federal Reserve’s decision to cut interest rates by 25 basis points:

“America ’s economic difficulties, especially the problems in the housing market, are the direct result of the Federal Reserve’s inflationary policies. While prices for gold, oil, and commodities continue to rise, the purchasing power of the dollar for all Americans continues to fall.

“Inflationary monetary policies created the problems in the economy we are seeing, and these problems will be made worse, not better, by more inflation. And today’s action by the Fed is very bad news for American workers and retirees who are about to get hit with yet another jump in prices.

“Make no mistake, the problems faced by the American people are not caused by unscrupulous mortgage brokers or the rising price of oil. These are symptoms of an economic disease caused by a spendthrift Congress enabled by loose monetary policy. Too many pundits praise the weak dollar as benefiting exporters, but they fail to see the harm done to thrifty, hard-working Americans.

“Rather than continuing to pursue a policy of easy credit and increasing debt, we need to return to a sound monetary system.”

yongrel
12-11-2007, 02:36 PM
That Ron Paul fella is a smart guy. He should run for President.

torchbearer
12-11-2007, 02:38 PM
link?

Stealth4
12-11-2007, 02:38 PM
thumbs up.

Those people that say it will increase exports -- perhaps they should take a look at the commodities used to create those exports and see if the are "net imports" If they are, our prices will rise along with those and our increase in exports will not occur.

Fyretrohl
12-11-2007, 02:51 PM
"...and a nationally recognized expert on monetary policy,..."

Oh...GOTTA love that comment.

hellah10
12-11-2007, 02:54 PM
love the response by the good doctor

rory096
12-11-2007, 02:54 PM
They seem to be listening somewhat. Today's cut was only 25 points instead of 50, primarily because of fears of inflation.

ashlux
12-11-2007, 02:55 PM
link?

http://www.ronpaul2008.com/press-releases/71/ron-paul-comments-on-interest-rate-cut

Stealth4
12-11-2007, 02:59 PM
They seem to be listening somewhat. Today's cut was only 25 points instead of 50, primarily because of fears of inflation.

Perhaps, but I think they secretly think like the new president of Argentina who at least openly admits her lack of desire to fight inflation

Interesting (scary to me) discussion near the bottom of this MSM story regarding the new woman president of Argentina - ( http://news.yahoo.com/s/afp/20071210/wl_afp/argentinapoliticspresident )

The part I found interesting - she doesnt want to combat inflation, doesnt think it is important.

"She also stressed her determination to maintain high growth rates, rejecting calls to let the economy slow down in order to slash inflation.
"Every time that has been said, Argentina ended up in recession," she said, stressing that "Chinese-style" growth, which since 2003 has been close to nine percent, has made it possible to reduce poverty in the wake of the disastrous 2002 crisis.

Experts warn that the prosperity that came about during Nestor Kirchner's government is weakened by high inflation rates. The government says inflation is at 10 percent, but a number of economists insist the figure is above 15 percent."

angrydragon
12-11-2007, 03:00 PM
"...and a nationally recognized expert on monetary policy,..."

Oh...GOTTA love that comment.

Yes sir!!

matthylland
12-11-2007, 03:01 PM
That Ron Paul fella is a smart guy. He should run for President.

id give him a couple hundred bucks.....$$

Maximilian American
12-11-2007, 03:33 PM
Blimp

runderwo
12-11-2007, 04:32 PM
thumbs up.

Those people that say it will increase exports -- perhaps they should take a look at the commodities used to create those exports and see if the are "net imports" If they are, our prices will rise along with those and our increase in exports will not occur.

Weak money also comes with an export of capital and ownership of production capacity. Is that good?

Is it good that thanks to inflation nobody can afford making choices of purchases on any criteria besides lowest price?