Thursday, September 22, 2011

Ron Paul Reacts to Fed Action

September 22, 2011 12:33 PM Eastern Daylight Time

LAKE JACKSON, Texas -- Today, Ron Paul 2012 Presidential Campaign Chairman Jesse Benton responded to Federal Reserve Chairman Ben Bernanke’s announcement of new actions meant to spur the U.S. economy. See statement below.

“It was just a year ago that the economy was in almost exactly the same position: slow job and output growth, fears about another financial shock from Europe’s debt crisis, and warnings of a double-dip recession. And a year ago, Ben Bernanke and the Fed were attempting a ‘stimulus’ in efforts to spur the economy.

“A year later, we all know how that turned out. The 'stimulus' has failed. Instead of improving the economy, they've saddled us with more debt, and there are no jobs to show for it. Despite the overwhelming evidence of just how fruitless these actions by the Fed are, they insist on ignoring the obvious and continuing with the same game plan—further weakening an economy on the brink.

“The Federal Reserve has maintained artificially low interest rates and pumped trillions of dollars created out of thin air into the economy, yet it remains stagnant. This very strategy of Fed-based stimulus and interest rate manipulation is what pushed our economy to this point to begin with, but Mr. Bernanke, the Obama administration, and proponents of the status quo see absolutely nothing wrong with continuing down this destructive path.

“Fifty years ago, the same sort of thinking led the U.S. to begin moving away from the gold standard and toward something less secure: the paper dollar standard. The consequences have turned out to be terrible for average Americans. Yet now, as these actions are default Fed procedure, and we no longer have an American paper dollar to move to, what will be the next move? The Europeans are in the same boat, and the whole world is experiencing a crisis of confidence in our economic stability.

“This belief that central economic planning and federal intervention in the markets will somehow create prosperity is what will ultimately sink our great nation. Our economic policies must rely on the solid constitutional principles of limited government, sound money, and the free market. As president, that is the path Ron Paul will follow.”

TAGS: Ron Paul U.S.A, Ron Paul Reaction, Tea Party

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