|
Jones asks for hearings on link between fed money printing and rising gas prices
Story Date: 1/17/2011
| |
Source: Press Release, 1/14/11
Today U.S. Representative Walter B. Jones (NC-3) sent a letter to U.S. Congressman Ron Paul (TX-14), who was recently nominated as Chairman of the Domestic Monetary Policy Subcommittee of the House Financial Services Committee, requesting an investigation into the Federal Reserve’s massive money printing and its correlation to the rising price of nearly all commodities, particularly crude oil and gasoline. With crude prices now racing towards $100 a barrel, Jones believes it is time to find out who is responsible for the price hike.
“Working people in 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. Bernanke’s printing presses,” said Jones. “The Federal Reserve must be held accountable for the damage it is creating.”
The Fed has attempted to convince the public that its money printing campaign, known as “quantitative easing” or “QE2”, is necessary to stimulate America’s economic recovery. Instead of recovery, the real effect of the Fed’s money printing has been the monetization of America’s exploding fiscal deficits, devaluation of the dollar and creation of inflation in asset prices across the board. In “QE2”, Chairman Bernanke is printing $600 billion between November 1, 2010 and June 30, 2011. This follows the Fed’s original QE $1.75 trillion money printing operation which began in March, 2009.
|
|
|
|
