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

592 Responses



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

  1. romesh01

    His phone went off!!! LOL LOL

    ‘That’s a shame’ You da man Paul.

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  2. Chris Mackey

    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. AzzABla

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

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  4. AzzABla

    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. Pikul Hossain

    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. pikulbdjsr

    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. patrolliekaptein .

    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. patrolliekaptein

    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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  11. Kemberly Berkshire

    Into YouTube video embed script you can also specify parameters in accordance to your desire like width, height or even border colors.

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  12. Bill Witaker

    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.

    I find Ron Paul in the most unusual places and thought the following piece particularly interesting!

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

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  13. Oleta Kales

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    What are you indicating, man? I recognize everyones got their own view, but really? Listen, your web site is awesome. I like the effort you put into it, particularly with the vids and the pics. But, come on. Theres gotta be a better way to say this, a way that doesnt make it seem like everyone here is stupid!

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  16. pippipmagrip

    Ron Paul is not a career politician, he is a statesman wanting to secure the Constitutional rights of his fellow Americans. If you Americans lose those, the rest of the world follows.I would rather die on my feet beside American Patriots securing their birthrights than live on my knees waiting for my enslavement.I cannot vote in your country,I have no god but if I do not protect the highest form of human rights yet granted under a legal document then all law becomes pointless.We watch and wait.

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  17. imatruthaddict

    People breed faster than wisdom flourishes….but that is the revolution of the Internet…as soon as the people who don’t USE the Internet die off, as assuming we can keep the Internet free, then the world will experience a massive awakening….I think we are just the tip of the iceberg brother.

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  18. imatruthaddict

    What about South America and Antarctica? What if the terrorists get a moon base? Let’s occupy every single inch of the world, tell people how to run their own countries, tell them how to think, tell them what to believe….that plan sound fool-proof!
    Or maybe it sounds like a plan that proves a fool….

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  19. imatruthaddict

    And how are you going to fund that AND get to a balanced budget…don’t hurry, I’ll wait for your answer but I won’t hold my breath.
    If you’ve never served, then don’t talk about it…end of story.

    Btw, its the “permanent” presence in Saudi Arabia that gives the mullahs the greatest recruitment tool for foreign terrorism….ever heard the phrase “Out of sight, out of mind”? Don’t take my word for it, read what UBL wrote about their grievances against the “Western” world.

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  20. imatruthaddict

    Cheap drugs & cheap doctors = cheap healthcare
    Don’t believe me? Try the private system in Cuba….wonderful to say the least, extremely cheap drugs and no endless hand-offs to other doctors pretending to be “specialists” when their info could be gleaned off Web MD.

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  21. imatruthaddict

    Maybe we should take the people who think that seriously…just a thought.

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  22. givemearandomnamenow

    Ben Bernanke is the only hope for America! D:

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  23. MrLivePositive8

    If that does happen then people will wake up but it should have happened far in the past. I believe many people who are honest and good will be imprisoned or killed. I do not want to believe that though so I will focus on my dream of positive change here in the USA, on Earth and in everyone’s mind, body, emotions, and spirit.

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  24. jo natioin

    WTF is a currency swap?

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  25. JoNation1988

    WTF is a currency swap?

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  26. creamycurdy

    when it comes to banking and economics he is very much like Andrew Jackson

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  27. Zatzzo

    sorry but this is just bullshit. look into the topic please. you obviously havent.

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  28. cody degraci

    I wouldn’t compare him with Andrew Jackson. Andrew Jackson was just a bit too damn radical, he played a major role Genocide of Native Americans. the man really was crazy.

    Ron Paul probably would have just minded his own business. :p

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  29. zxcvbnmzxcvbnm48

    I wouldn’t compare him with Andrew Jackson. Andrew Jackson was just a bit too damn radical, he played a major role Genocide of Native Americans. the man really was crazy.

    Ron Paul probably would have just minded his own business. :p

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  30. MrAdvancedAtheist

    It wouldn’t surprise me if some rich people have used RP as a puppet to try to discredit the Federal Reserve System. Why? They view the Fed as a crony capitalist deal which went to the “wrong” cronies instead of themselves. After a Pres. RP fucks everything up with his magical thinking about gold and leaves office, a future president and congress will have to create a new central bank to restore order, and give it to the guys who destroyed the old central bank.

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  31. MDethfan

    yes look at them. what about it? look deeper, look at the quality of care they recieve. look at the waiting lists many experience that force their people to leave the country for more expediant care elsewhere. these countries also arn’t trying to police the world and fight multiple wars at the same time. Ever since the govt here got involved with health care prices have skyrocketed. While the end patient would not see this cost, it doesnt mean the govt wouldnt charge crazy expensive prices

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  32. MDethfan

    yes look at them. what about it? look deeper, look at the quality of care they recieve. look at the waiting lists many experience that force their people to leave the country for more expediant care elsewhere. these countries also arn’t trying to police the world and fight multiple wars at the same time. Ever since the govt here got involved with health care prices have skyrocketed. While the end patient would not see this cost, it doesnt mean the govt wouldnt charge crazy expensive prices

    Report this comment

    Like or Dislike: Thumb up 0 Thumb down 0

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