“The greatest threat facing America today is not terrorism, or foreign
economic competition, or illegal immigration. The greatest threat
facing America today is the disastrous fiscal policies of our own
government, marked by shameless deficit spending and Federal Reserve
currency devaluation. It is this one-two punch -Congress spending
more than it can tax or borrow, and the Fed printing money to make up
the difference -that threatens to impoverish us by further destroying
the value of our dollars.”
“Unfortunately no one in Washington, especially those who defend the
poor and the middle class, cares about this subject. Instead, all we
hear is that tax cuts for the rich are the source of every economic
ill in the country. Anyone truly concerned about the middle class
suffering from falling real wages, under-employment, a rising cost of
living, and a decreasing standard of living should pay a lot more
attention to monetary policy.”
-Texas Congressman Ron Paul, M.D., April 10, 2007
People have hope:
“The official national debt figure, now approaching $9 trillion,
reflects only what the federal government owes in current debts on
money already borrowed…It does not reflect what the federal
government has promised to pay millions of Americans in entitlement
benefits down the road…Those future obligations put our real debt
figure at roughly fifty trillion dollars -a staggering sum that is
about as large as the total household net worth of the entire United
States…Your share of this fifty trillion amounts to about $175,000.”
-Texas Congressman Ron Paul, M.D. March 6, 2007
CNNMoney (See original article here.) By Brian O’Keefe, senior editor, quoting Jim Rogers on the US economy right now:
“Conceivably we could have just had recession, hard times, sliding dollar, inflation, etc., but I’m afraid it’s going to be much worse,” he says. “Bernanke is printing huge amounts of money. He’s out of control and the Fed is out of control. We are probably going to have one of the worst recessions we’ve had since the Second World War. It’s not a good scene.”
(The central bank’s second interest rate cut in a week raises the risk of inflation and bails out the banks.)
(Interest rate cut=increased money supply=inflation=hard times for poor and working families)
Rogers looks at the Fed’s willingness to add liquidity to an already inflationary environment and sees the history of the 1970s repeating itself. Does that mean stagflation? “It is a real danger and, in fact, a probability.”
Filed under: Alexander Hamilton, Andrew Jackson, Barack Obama, Congressional spending, debasement of currency, debasing the currency, delivers babies, depression, devaluation of US dollar, Election 2008, George Washington, Hillary Clinton, inflation, Jim Rogers, John McCain, Medical Doctor, middle class wiped out, Mike Huckabee, recession, ron paul, Ronald Reagan, stagflation, stop printing money, Texas Congressman, Thomas Jefferson, US economy, US recession | 3 Comments »
