Ron Paul, Campaign for Liberty Chairman, and former Chairman of the House Financial Services Subcommittee on Monetary Policy, issued the following statement today regarding Federal Reserve Chairman Ben Bernanke’s testimony before the House Committee on Financial Services:
“Chairman Bernanke’s statement today before Congress and the American people that he hopes to devalue our currency at a rate of 2 percent a year is an insult to the millions of Americans who are struggling to pay higher prices each and every day. Though the debasement is already much greater than 2 percent, 2 percent inflation is still immoral theft and is economically foolhardy.
“Despite what Chairman Bernanke said today, central economic planning with currency inflation and interest rate manipulation does not help the poor and middle class; it merely enriches Wall Street and the politically connected. It hurts those who dare save their money to plan for their own retirement or pay for their children’s education. Inflating the money supply in secret to serve special interests and feed the government’s overspending must end if we ever expect to get a handle on the serious problems facing our nation.
“Considering the impact the Federal Reserve’s policies have on every American’s standard of living, it is in the interest of all Americans to join Campaign for Liberty in demanding Senate Majority Leader Harry Reid bring Senator Rand Paul’s Audit the Fed (S.209) legislation to the Senate floor for a vote this Congress.”