Wednesday, November 30, 2011

Ron Paul: "...on the Fed's Continued Euro Bailout"

"...Under current law
Congress cannot examine these types of agreements.

Those who would argue that auditing the Fed or these agreements
...harms the Fed's independence
should reevaluate ...when the Fed bails out Europe
so soon after President Obama promised US assistance
in resolving the Euro 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.

...instead of bailing out politically well-connected too-big-to-fail firms
it is bailing out profligate government spending...

Congress should not permit this type of open-ended 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.

...Fiat money caused this European crisis
and the financial crisis before it.

More fiat money is not the cure."


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