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. 34:40 are we that tied in with the European economy?.....why cant the U.S. become self sustaining to the point were if anything was to happen in any other country's economy, including the European economy, the negative effect would be minimal. I'm not saying not to have a relationship with these other countries, just be more prepared for any scenario that might be ahead even the most unlikely...

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  2. None for fool.

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  3. you sound like you have no arguments.

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  4. wow you sound like a zombie.

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  5. the government is an integral part of the state, you know. what he fights for, is a society in which the community doesnt help those who are in trouble (no health care worth the name, no social services,...) just leave it all to the corporations. what he's advocating is a society of egoistic and anti social individuals.

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  6. For those of us that understand the secret & the root of evil, poverty, genocide & global theft manifest in centralized power structures or governments, we soldier on. We attempt to explain to people how & why they are getting screwed by the very people & ideas they uphold & defend totally oblivious too the noose they put around their own necks like animals on a farm. I personally try to take some great advice & forgive the ignorants because they truly know not what they do.

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  7. The sad thing is that John Adams was right when he expressed doubt about Americas ability to last due in large part to the fact that most men can't seem to grasp how money works & what it actually is. Too many simple minded people & not enough time. I see many of my brethren on posts here & that gives me hope for the future. People are temporary but ideas are forever.

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  8. God bless you for voting as perfectly as possible at such a young age.

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  9. My first vote ever cast, was for Dr. Ron Paul, in the Nevada primaries, I am 18.

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  10. Dudley, why did you treat Harry so badly? You deserved falling in the snakes den on your birthday. (Fuck. My crazy caffeine high is making me crazy. This comment is ridiculous.)

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  11. dude shut the fuck up this "centralized government" is fucking us in the ass. We need someone that is going to make change and stick to his word. Suck my balls

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  12. Im not thinking of myself. Im thinking about the whole country and individualizing it. Even with all the money we'd be saving from not spending money over seas he still wants to cut a lot here. The money saved from less spending over seas is not going into schools, shelters, research, (some research funding would cease) etc.. It's not going anywhere but to our deficit. That sounds great on paper. Implementing it and its effects is different.

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  13. I assume you mean without the federal government intervening, not the state. He actually fights hard for rights that were meant to be left to the states. Unless you mean "state" as in simply the government. In which case you simply don't know what you are talking about. The only reason we live in a somewhat free country now is because the men who fought for it understood the dire importance of restraining a centralized government.

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  14. Huh?

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  15. Why does she say, "thank you for your service, both of you?"

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  16. You must not know much about politics and economics. Even If Ron Paul Didnt want to CUT any funds like board of education etc. He is the only individual who wants to completely leave the middle east. IFyou didn't know 54% of OUR tax Payer Money Goes to the war. OUR GDP has grown 3 TIMES since 2003. THink of all the MOney all of us will save, Think of all the funds that will be available for schools, shelters for the homeless, money for research, and construction. your thinking about yourself.

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  17. mmm sorry... what happens with the money after the Government pays it back to the Fed ? Are these records open ? When was the last audit ?

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  18. i think we should ALL facebook mob on all the good RON PAUL videos here and flood y tube front page with RON as most popular, most watched. anything will only help.

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  19. Dr. Kamin spelled it out nicely. Rising prices on oil works directly against the feds official goals, jobs and of course price stability. This should be enough to end the fed and their printing of fiat dollars making oil more expensive. Meanwhile, in true dollars(that is silver), oil has never been cheaper.

    How anyone can deny the linkage between fiat money and rising prices on stuff for normal businesses and real people is beyond me.

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  20. Before the crisis, the fed said the financial system was in better shape than ever. Now, they say it is even better? Watch out for bad times ahead!

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