The Fed’s latest actions in cooperating with foreign central banks to undertake liquidity swaps of dollars for foreign currencies is another reason why Congress needs enhanced power to oversee and audit the Fed. Under current law Congress cannot examine these types of agreements. Those who would argue that auditing the Fed or these agreements with central banks harms the Fed’s independence should reevaluate the Fed’s supposed independence when the Fed bails out Europe so soon after President Obama promised US assistance in resolving the Euro crisis.
Rather than calming markets, these arrangements should indicate just how frightened governments around the world are about the European financial crisis. Central banks are grasping at straws, hoping that flooding the world with money created out of thin air will somehow resolve a crisis caused by uncontrolled government spending and irresponsible debt issuance. Congress should not permit this type of open-ended commitment on the part of the Fed, a commitment which could easily run into the trillions of dollars. These dollar swaps are purely inflationary and will harm American consumers as much as any form of quantitative easing.
Why I Can Vote With a Clear Conscience
This is the one election that in all of our history is a fork in the road that we had better choose wisely.
This next president will appoint several Supreme Court justices.
That alone should be enough to make everyone sit up and take notice.
If HRC is allowed to stack that Supreme Court, the country is gone.
It is that serious. There is no turning back, none.
We will not have the luxury to say, we can hang for another 4 years.
The communist planks are all in place…
...that ball is at the finish line and just needs that last punt over the goal posts and it is game over.
That one issue will have ramifications for decades.
Your children and grandkids will experience the full weight of that one issue alone.
Wednesday, November 30, 2011
Ron Paul: Statement on the Fed’s Continued Euro Bailout