Sep 20, 2007

Ron Paul Blasts Fed's Manipulation--Devaluing Dollar for Market Bailouts is Immoral;Hurts Poor and Middle Class

"Today we may apply the apostle's words first to those rulers who without cogent cause inflict exorbitant taxes upon the people, or by changing and devaluating the currency, rob them, while at the same time they accuse their subjects of being greedy and avaracious."

-- Martin Luther, Commentary on Romans

Devaluating of currency is theft and robbery, and this is what the Fed does. But you will not hear a word on this from the cowardly "establishment" republicans or democrats, who do not understand America's fiscal crisis, or care, because they are the elite. Only one candidate is addressing the disastrous issue of the Fed's policy of creating and expanding printed money, and manipulating interest rates, like gods, out of thin air. WAKE UP--THIS EFFECTS EVERYONE, AND AMERICA IS HEADED, AS THE U.S. COMPTROLLER HAS ALSO WARNED, FOR A MAJOR ECONOMIC CRISIS, UNPARALLED IN HISTORY. Even network news tonight, finally, had articles that the dollars value is now--for the first time ever--equal with a Canadian dollar, while a few years ago, one American dollar was worth 1.50 in Canadian currency. WHAT A LOSS OF VALUE! (Some are predicting sharp drop in stock market Friday).

Purchasing Power of U.S. Dollar Since Fed Creation
(click to enlarge)

Ron Paul Slams Bernanke For Dollar Meltdown

Paul Joseph Watson
Prison Planet
Thursday, September 20, 2007

Ron Paul has slammed Federal Reserve Chairman Ben Bernanke for deliberately depreciating the value of the dollar to artificially bail out Wall Street while poor and middle class people lose their homes and have their living standards lowered.

During a Banking Committee hearing on Capitol Hill today, the Texas Congressman confronted Bernanke and accused the Fed of trying to solve the problem of inflation with more inflation by creating artificially low interest rates that have no effect because of the dollar's weakness.

Watch the video.

Paul questioned how it could ever be morally justifiable to deliberately depreciate the dollar and pointed out the fact that the dollar collapse was a deliberate policy on behalf of the Fed.

Bernanke, Treasury Secretary Henry Paulson and Alan Greenspan have all been busy bad-mouthing the dollar over the past few weeks even as major players like China and Saudi Arabia consider dumping US treasuries, a move that would immediately trigger a dollar meltdown.

Ron Paul identifies the true culprits of the planned economic implosion while the establishment media and the yuppies celebrate the hollow "solution" of an interest rate cut that has no substantive benefit and only increases the risk of another depression by sinking the dollar to historic lows and ensuring foreign holders of US debt run for the door at breakneck speed.