FED: 7/26, 2pm: Ron Paul´s hearing with FED´s Hoening on QE3, inflation, unenmployment

[swissaustrian]

7/26, 2pm: Ron Paul´s hearing with FED´s Hoening on QE3, inflation, unenmployment

Kansas City Fed President to Testify at Domestic Monetary Policy Subcommittee Hearing

15 years ago it would have been Herman Cain

The Domestic Monetary Policy and Technology Subcommittee, chaired by Rep. Ron Paul, will question Federal Reserve Bank of Kansas City President Dr. Thomas Hoenig about the Federal Reserve’s role in the economy and the likelihood of QE3 during a hearing on July 26.
Dr. Hoenig is the longest-serving of the 12 presidents of the regional Federal Reserve Banks.
The hearing will examine the regional Federal Reserve Bank perspective on the role of the Federal Reserve in the economy, especially with regard to its mandate of price stability and full employment. The Subcommittee will consider the extensive liquidity operations undertaken by the Federal Reserve over the past few years; actions by the Federal Reserve going forward, including the potential, as indicated by Federal Reserve Chairman Ben Bernanke, of an additional program of quantitative easing; and the outlook for inflation, unemployment, and GDP growth.
Subcommittee Chairman Paul said, “I am very pleased to hold this important hearing on the role of the Federal Reserve in the economy. President Hoenig has been a much-needed independent voice on the Federal Open Market Committee and an outspoken critic of quantitative easing. He has a keen understanding of the dangers facing our economy and the inability of the Fed's present monetary policy to maintain stable prices or ensure full employment. I very much look forward to hearing his testimony on the Fed's role in the economy, potential exit strategies, and the likelihood of QE3.”
The Subcommittee’s hearing is entitled, “Impact of Monetary Policy on the Economy: A Regional Fed Perspective on Inflation, Unemployment, and QE3.” It will take place on Tuesday, July 26th at 2:00 p.m. in room 2128 Rayburn

http://paul.house.gov/index.php?opt...ommittee-hearing&catid=63:2011-press-releases

I don´t trust Hoenig. He said some rude things about Ron Paul in a recent Bloomberg interview. Basicly this: 'he is a populist who doesn´t understand econ101...'

C-SPAN does not cover it.

Stream will be here: http://financialserv.edgeboss.net/w...16489/300_financialserv-qwertyuiop_070131.asx

As usual the sound quality will be very bad, so bring your headphones.

 

[swissaustrian]

Hoenigs opening statement (31 pages):
http://financialservices.house.gov/UploadedFiles/072611hoenig.pdf
Not one word on QE3.

Just read the FED speak style totally antagonistic conclusion, you don´t need to read the rest:

As we look forward from here, I expect that all options will be considered and discussed fully
as we navigate the course of monetary policy. As we consider our choices, I want to end my remarks
by emphasizing that I am confident all of us want the best outcomes for the U.S. economy. The
Federal Reserve understands its mission of stable prices and long-term, stable growth. Perhaps
because I have been part of the history of the central bank for these past three decades, I am as
concerned about the introduction of instability into the economy as I am about managing it when it
occurs. I am convinced that the time is right to put the market on notice that it must again manage its
risk, be accountable for its actions, and cease its reliance on assurances that the Federal Reserve, not
they, will manage the risks they must deal with in a market economy.

 

[HOLLYWOOD]

US Dollar is done... Aussie Dollar is $1.09 it was 56 cents when I was there in the land down under. The New Zealand dollar and Swiss frank all time highs against the GanGreneBack.

 

[swissaustrian]

Stream is covering another committee right now: http://financialserv.edgeboss.net/w...16489/300_financialserv-qwertyuiop_070131.asx

 

[hugolp]

Hoenig, the only real critic of Bernanke inside the Fed, was called out by the Federal Reserve and told that he should behave and not express his opinions freely. Well see if he takes note of the advice or keeps blasting Bernanke.

 

[swissaustrian]

STREAM is on. http://financialserv.edgeboss.net/w...16489/300_financialserv-qwertyuiop_070131.asx

 

[swissaustrian]

attendance is - once again - overwhelming...

 

[CableNewsJunkie]

The feed is live now.

 

[swissaustrian]

Now 5 empty minutes by Rep. Clay

 

[swissaustrian]

Rep. Bachus attending aswell. Interesting.

 

[swissaustrian]

Good questions from Ron!

By the way: Was the guy with white jacket behind Hoenig sleeping?

 

[robbjerk]

The Official Counterfeiter -- Economics in Comics!
Vic Lockman is a former Disney cartoonist who actually created some of the Disney characters. He went on to use his illustrative talents to produce compelling educational comics. One of my favorites has always been "The Official Counterfeiter", which is now out of print. Although it was written over 40 years ago, apart from the huge increase in the debt numbers today, it is still an amazingly clear and convincing presentation of the principles of sound economics and the official counterfeiter, the Federal Reserve.

Mr. Lockman graciously gave his permission for me to digitize "The Official Counterfeiter" since I felt it to be such a powerful tool to help practically anyone understand the destructive and immoral influence of the Federal Reserve System.

Mr. Lockman writes from a Biblical perspective, so this is particularly appropriate for evangelical Christians who do not fully understand Ron Paul's preoccupation with the Fed. However, the Christian perspective does not detract from the economic education that anyone will receive from this little gem.

I have placed a PDF and a page-turning flash version (swf) online. They are both free to download and distribute. I think they would be especially useful to give to evangelical Christians in Iowa, South Carolina, etc., but, again, anyone can learn from this creation of Vic Lockman.

Download either or both versions here, and spread the word if you like it: http://www.mediafire.com/?ec0oie676fwvc

 

[swissaustrian]

Video:
http://goldnews.com/2011/07/26/ron-paul-committee-to-interview-federal-reserves-thomas-hoenig/