Opening Statement in Financial Services Hearing

Congressman Paul gives an opening statement at a hearing on Fed bank supervision and monetary policy. Fed Chairman Ben Bernanke and Paul Volcker are in attendance to testify.

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[silversobe]

End the federal Reserve! Ron Paul for president!

[TheVampirella]

End the FED!

Ron Paul / Judge Napolitano 2012

[iannetta11]

END THE FED !!!

[dlucas90]

Central banks + fiat currency = unelected central planners.

[foolcow1976]

@WKaliberr "Inflation creates movement in the economic system." Does this mean that nobody did any work before inflation existed? If so, I cannot fathom why the human race didn't completely starve to death long ago.

[foolcow1976]

@WKaliberr "Investors could keep the cash from year to year without it losing value." This implies that the sole and overriding concern for all investors is to not lose value. If this were true, nobody would ever buy stocks when the interest in a savings account is greater than the inflation rate. But this happens all the time. I'm guessing investors want to increase the value of their portfolios as much as possible.

[foolcow1976]

@WKaliberr Inflation IS printing more. So you're saying we need inflation because we need inflation. That's not an explanation.

If prices are stagnant, that implies the dollar is holding its value, not that it is losing 3% of its value every year. The value of the dollar is the inverse of the general price level, isn't it? So you've lost me there.

[WKaliberr]

@foolcow1976 Its a domino effect. We need inflation because we need to print more. We need to print more partially because of the population growth. If prices were stagnant and the dollar lost 3% of its value every year, like it does now, companies would lose money if they kept the prices low. . Not to mention the fact that there would be no incentive for investors because they could keep the cash from year to year without it losing value. Inflation creates movement in the economic system.

[Constitution2012]

Ron Paul is common sense.

The Fed is Diabolical.

When the fed is gone, the whole of America will feel a weight lifted off its shoulders.

Till then it will only feel heavier and heavier, year after year.

Its called Percentage of tax vs purchasing power of our watered down dollar.

Ron Paul 2012. Stand up for yourself.