NY Fed President Dudley to Appear at Hearing on Eurozone Aid

[Matt Collins]

March 22, 2012

NY Fed President Dudley to Appear at Hearing on Eurozone Aid

WASHINGTON-The Domestic Monetary Policy and Technology Subcommittee, chaired by Rep. Ron Paul, will hold a hearing on Tuesday to examine the Federal Reserve’s assistance to the Eurozone and the impact that assistance has on the U.S. monetary system and the dollar.

New York Federal Reserve President and CEO William Dudley and Steven B. Kamin, the Federal Reserve’s director of international finance, will appear before the Subcommittee to describe all the assistance provided by the Federal Reserve to mitigate the financial crisis in Europe as well as the outcome of this assistance on the financial markets and the domestic monetary system.

“The Federal Reserve has been creating money out of thin air for 40 years now,” Chairman Paul stated, “and they’ve ramped up the printing presses during these five years of crisis—all in the name of economic stability. But there are consequences to massive amounts of money creation, consequences when central banks print money, consequences when they loan it, and consequences when banks get this money and create even more money and credit through fractional reserve banking. Indeed, these Fed actions helped cause the very crisis we’re suffering from today.”

Congressman Paul continued, “It is important for Congress to acknowledge this and to hold the Fed accountable for its actions, since they affect the value of the dollars in our wallets. This isn’t just about the Fed trying to bailout Europe; there is a fundamental question here, about what fiat money does to the economy. I am pleased that President Dudley, a permanent voting member on the FOMC, will be appearing before the Subcommittee so we can ask some important questions about the Fed’s involvement in Europe and what that means for the dollar and our fiat monetary regime.”

The hearing, entitled “Federal Reserve Aid to the Eurozone: Its Impact on the U.S. and the Dollar,” will be held on Tuesday, March 27, at 10:00 a.m. in Room 2128 of the Rayburn House Office Building.

[kill the banks]

go get them Ron !

[sailingaway]

There was a thread posted on this yesterday by people who are timely with the news....

[tsai3904]

Hearing entitled “Federal Reserve Aid to the Eurozone: Its Impact on the U.S. and the Dollar”

Tuesday, March 27, 2012 10:00 AM ET

Witness includes William Dudley, President of the Federal Reserve Bank of New York

Link to live webcast:
http://mfile.akamai.com/65722/live/r...p=36167&prop=n

[bluesc]

Hearing entitled “Federal Reserve Aid to the Eurozone: Its Impact on the U.S. and the Dollar”

Tuesday, March 27, 2012 10:00 AM ET

Witness includes William Dudley, President of the Federal Reserve Bank of New York

Link to live webcast:
http://mfile.akamai.com/65722/live/r...p=36167&prop=n

Thanks for the link! Not allowed to give you any more rep for now.

[Tyler_Durden]

Thanks for the link! Not allowed to give you any more rep for now.

So I had read somewhere that we needed to keep a close look on Greece and the rest of the EU after March 20 because this was the date Greek bonds would be due. Last night I was reading that Italy and Spain face a crisis similar to Greece.

Is there going to be a catastrophic domino effect soon or is there reason to still remain optimistic?

[bluesc]

So I had read somewhere that we needed to keep a close look on Greece and the rest of the EU after March 20 because this was the date Greek bonds would be due. Last night I was reading that Italy and Spain face a crisis similar to Greece.

Is there going to be a catastrophic domino effect soon or is there reason to still remain optimistic?

Hey! I'm just a lowly programmer/poker player/reserve officer/future physicist! I think you may have me mixed up with someone, Ben .

If the crisis hits the UK, I'll be sure to let you know !

[Tyler_Durden]

Reminder bump!!

the Doctor is on NOW!