Federal Reserve Aid to the Eurozone: Its Impact on the U.S. and the Dollar




Congressman Ron Paul, Chairman of the Domestic Monetary Policy and Technology Subcommittee, announced today that the subcommittee will hold a hearing to examine the Federal Reserve’s assistance to the Eurozone and the impact of that assistance on the U.S. monetary system and the dollar.

“The Federal Reserve has been creating money out of thin air for forty years now,” Chairman Paul stated, “and they’ve ramped up the printing presses during these five years of crisis—all in the name of economic stability. But there are consequences to massive amounts of money creation, consequences when central banks print money, consequences when they loan it, and consequences when banks get this money and create even more money and credit through fractional reserve banking. Indeed, these Fed actions helped cause the very crisis we’re suffering from today.”

Congressman Paul continued, “It is important for Congress to acknowledge this and to hold the Fed accountable for its actions, since they affect the value of the dollars in our wallets. This isn’t just about the Fed trying to bailout Europe; there is a fundamental question here about what fiat money does to the economy. I am pleased that President Dudley, a permanent voting member on the FOMC, will be appearing before the subcommittee so we can ask some important questions about the Fed’s involvement in Europe and what that means for the dollar and our fiat monetary regime.”

The hearing, entitled “Federal Reserve Aid to the Eurozone: Its Impact on the U.S. and the Dollar,” will be held on Tuesday, March 27, at 10:00 a.m. in Room 2128 of the Rayburn House Office Building.

Witnesses scheduled to testify:

  • William Dudley, President & CEO, Federal Reserve Bank of New York
  • Steven B. Kamin, Director, Division of International Finance, Board of Governors of the Federal Reserve System


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592 Comments:

  1. His phone went off!!! LOL LOL

    'That's a shame' You da man Paul.

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  2. So we bail out the Euro banks so they can keep lending to US households and businesses per this testimony. Why these retards can't ask the question 'Why wouldn't US banks just pick up that business?"

    This EU bailout is anticompetitive for US banks.

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  3. you get free net??? get outta here! i want

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  4. youre in luck! debt is a lie, magic, illusion, smoke n mirrors. capisce? theyre printing out pretty paper with nice symbols n junk, $1 is equivalent to $00.06, on a good day a bucks inflation when compared to the late 1700s is just about 6 cents. and if you still wanna have debt, fine! but 95% less than u think

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  5. I watched this video recording because I had gotten honestly worried about the economy and had little idea what direction to go. Money does not necessarily mean anything at all nowadays. So I made a decision to do some exploration and came across Goldiverse. Now i\'m so fortunate, I can change my savings from cash to different currencies, to any precious metal any time I want. The government can go and take a jump for all I care. Just Google and yahoo it Goldiverse.

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  6. I watched this video recording because I had gotten honestly worried about the economy and had little idea what direction to go. Money does not necessarily mean anything at all nowadays. So I made a decision to do some exploration and came across Goldiverse. Now i\'m so fortunate, I can change my savings from cash to different currencies, to any precious metal any time I want. The government can go and take a jump for all I care. Just Google and yahoo it Goldiverse.

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  7. Mr, Dudley is a dud. 15:00 - he declares he's bound by law not to discuss facts. He's testimony is not a testimony, but his own opinion. Ron should have slapped him at this point for wasting the inquiry's time.

    19:00 - Mr. Dudley set up the discussion to convince us that we need credit right down to household level. You can either blame households for their over spending, or, you can blame the price of goods paid for by households.

    Prices can not increase the way they are

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  8. Mr, Dudley is a dud. 15:00 - he declares he's bound by law not to discuss facts. He's testimony is not a testimony, but his own opinion. Ron should have slapped him at this point for wasting the inquiry's time.

    19:00 - Mr. Dudley set up the discussion to convince us that we need credit right down to household level. You can either blame households for their over spending, or, you can blame the price of goods paid for by households.

    Prices can not increase the way they are

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  12. Rome is burning and we are Rome. Both ancient Rome and China experienced what we are experiencing today, and it can be seen in their coinage. The Romans went from gold and silver to brass...then to copper as they could no longer get tin as the empire shrank from Britain.

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    http://www.youtube.com/watch?v=-ZZhmXMHZdA&feature=youtu.be

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