Ron Paul to Hold Hearing on CPI Lies and Fed Inflation Creation;
Jim Grant to Testify
by Tyler Durden
This will be
Ron Paul, Chairman of the Domestic Monetary Policy and Technology
subcommittee, announced that the subcommittee will hold a hearing
to examine the relationship between monetary policy and rising prices
(with a particular focus on food and energy prices).
is scheduled for Thursday, March 17th at 10:00 AM, in room 2128
of the Rayburn House office building.
unconscionable that published government statistics mislead Americans
regarding the true rate of price inflation, which is much higher
than commonly-reported CPI numbers, Paul stated. It
is also unconscionable that Federal Reserve Bank officials continue
to deny the effects of their monetary expansion on consumer prices.
Inflation, properly understood, is a monetary phenomenon. The price
inflation Americans suffer today is largely the direct result of
relentless monetary expansion by the Federal Reserve over the past
decade. Our witnesses will explore how current monetary policy,
including QE2, directly impacts the standard of living of Americans
in ways that are not reflected in official government data.
Walter Jones, vice chairman of the subcommittee, stated, The
Fed has attempted to convince the public that its money printing
campaign is necessary to stimulate Americas economic recovery.
Instead of recovery, the real effect of the Feds money printing
has been monetization of Americas exploding fiscal deficits,
devaluation of the dollar, and creation of inflation in asset prices
across the board. As a result, working people in places like Eastern
North Carolina are being squeezed at the gas pump and the grocery
store as they struggle to make ends meet in a world in which their
salaries have no chance of keeping up with Mr. Bernankes printing
Joseph Salerno, Chair of the Economics Graduate Program at
Grant, Noted commentator and publisher of Grants
Interest Rate Observer
Lehrman, Author, investment banker
with permission from ZeroHedge.
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