Ron Paul

by Ron Paul

While the Fed has recently released an unprecedented amount of information on its activities, there is still much that remains unknown. Predictably, every push towards transparency has been fought tooth and nail. It took disclosure requirements enacted within the Dodd-Frank Act to get the Fed to provide data on its emergency lending facilities. It took lawsuits filed by Bloomberg and Fox News to provide data on discount window lending during the worst parts of the financial crisis. And it will take further concerted action on the part of Congress, the media, and the public to keep up pressure on the Fed to become and remain transparent.

Transparency is not a panacea, however, as a fully transparent organization is still capable of engaging in all sorts of mischief. Ironically, one of the Fed’s more egregious recent actions, adopting an explicit inflation target, was hailed by many as another wonderful example of transparency. Yet if you think about what this 2% inflation target actually is, you realize that it is an explicit policy to devalue the dollar and reduce its purchasing power. And it adds up quickly over time. Two percent annual price inflation means that prices rise 22% within a decade, and nearly 50% within two decades.

It is worse than that, however. This explicit 2% target also fails to take into account that whatever measure is used to determine price inflation, be it CPI, core CPI, PCE, etc., will always be chosen with an eye towards underreporting the true rate of inflation and price rises. Pressure will be exerted on those calculating the price indices, so as not to alarm the public when prices begin to accelerate.

Of course, government officials claim that price increases do not affect the average American because they can always substitute hamburger for steak, or have cereal instead of bacon to protect their family budget as prices rise. But the American people don’t overlook the fact that their quality of life has suffered because of the Federal Reserve and price inflation. What will they substitute when hamburger and cereal go sky high?

The Federal Reserve continues to keep interest rates low in the hopes of boosting lending and consumption. But keeping interest rates at zero discourages saving. Why stick money in a savings account earning 0.05% if it is guaranteed to lose at least 2% every year? The Federal Reserve created the largest debt bubble the world has ever known with these sorts of policies. The extended zero interest rate policy only eviscerates thrift and savings—the true building blocks of prosperity. Capital will continue to be depleted, infrastructure will fall into disrepair, and the United States will be a mere shadow of its former self.

It is well past time to end the failed monetary policy that encourages this mistaken preference for cheap money now, rather than real wealth in the long run. Transparency and a full audit of the Federal Reserve is a start and something we must continue to pursue. And, if those in power don’t have the stomach to bring the Fed out into full daylight, the American people deserve at least the right to conduct their economic transactions in the medium of exchange of their choosing.

Mitt Romney

2012 Republican Presidential candidate Ron Paul was endorsed today by several members of the Romney family, indeed those related to fellow Presidential candidate Mitt Romney.

Ty Romney is an attorney handling property and liability claims for State Farm Mutual in Great Falls, Montana and received his Bachelors of Arts Degree from the University of Utah and his Juris Doctorate Degree from Seattle University School of Law. He is an active member of the Idaho State Bar Association.

Ty said, “Ron Paul is honest. It’s time to take a stand for honesty. It doesn’t matter whether the truth is popular or not, I know that Ron Paul will always maintain a true principle and I endorse that degree of integrity.”

Travis Romney is a chiropractor based in Spokane, Washington, and will be speaking at the Greyhound Park caucus location in Kootenai County. With his dad a second cousin to Mitt Romney, Travis is a second cousin once removed.

“I support Ron Paul because he defends the Constitution, loves America and understands what it means to be an American, including the right to live your life any way you want as long as you respect others,” said Travis. He continued, “I love his foreign policy of maintaining peace and trade while making a strong national defense a top priority, and that you only go to war legally through a declaration by the people through their elected representatives.”

Also sharing common ancestry, Chad Romney resides in the Boise area and will be speaking at the Glenns Ferry caucus location in Elmore County.

Jared Romney, out of Salt Lake City, said his grandfather is a first cousin with former Michigan Governor George Romney, the father of Mitt Romney, and stated, “It really comes down to Ron Paul championing the ideas of the Constitution, in how he lives it, understanding we must return to and follow its guiding principles. He also understands we must reign in the Federal Reserve System which is destroying our economy.”

Troy Romney also lives in Salt Lake City and is a University of Utah student, and will be speaking at the Montpelier caucus location in Bear Lake County. Troy’s grandfather and George Romney are cousins as well. Troy said he supports Ron Paul because “he stands for the values and principles America was founded upon.”

These family member endorsements are preceded by an announcement of support for Ron Paul by Rick Santorum’s nephew, John Garver.

Concerning the active “Latter-day Saints for Ron Paul” coalition, this announcement follows the high-profile endorsements of Overstock.com President Jonathan Johnson, prominent author and chair of the Utah Tenth Amendment Center Connor Boyack, and that of Utah Republican Liberty Caucus Chair Darcy Van Orden.

All such announcements help present Ron Paul as the conservative alternative to Mitt Romney and demonstrate that no presidential candidate has a monopoly on this crucial western states voter segment or even, for that matter, the Romney family.

As a function of this announcement, the above-mentioned persons now are members of the “Latter-day Saints for Ron Paul” nationwide coalition.

As a first basic step, those wanting to join the active “Latter-day Saints for Ron Paul” nationwide coalition should complete the Idaho state coalition sign-up form visit the official national coalition web page by clicking here.

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