bobbyw24
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Ron Paul: My Conversation With Ben Bernanke, November 8, 2007
My Conversation With Ben Bernanke, November 8, 2007
Monetary Policy and The State of the Economy hearing before the Committee on Financial Services, U.S. House of Representatives, November 8, 2007
Representative Paul. Thank you, Mr. Chairman.
The best way I could describe the problems that we face here in this country, as well as the problem the Federal Reserve faces, is that we are, indeed, between a rock and a hard place. We have a serious problem that we don’t talk about much, how we got here. We talk about how we’re going to patch it up. The bubble has been burst. We saw what happened after the NASDAQ bubble burst. We don’t ask how it was created, and now we have a housing bubble that’s deflating and spreading. Nobody says, where does it come from?
What is the advice that you generally get? That is, inflate the currency. They don’t say inflate the currency; they don’t say debase the currency; they don’t say devalue the currency; they don’t say cheat the people who are safe; they say, lower the interest rates, but they never ask you – and I don’t hear you say too often – the only way I can lower interest rates is, I have to create more money. I have to lower the discount rate; I have to make it generous; I have to increase reserves; I have to lower the interest rate, fix the interest rate, the overnight rate.
The only way you can do this is by increasing the money supply. I see this as the
http://www.24hgold.com/english/contributor.aspx?article=2404294956G10020&redirect=false&contributor=Ron+Paul&mk=1
My Conversation With Ben Bernanke, November 8, 2007
Monetary Policy and The State of the Economy hearing before the Committee on Financial Services, U.S. House of Representatives, November 8, 2007
Representative Paul. Thank you, Mr. Chairman.
The best way I could describe the problems that we face here in this country, as well as the problem the Federal Reserve faces, is that we are, indeed, between a rock and a hard place. We have a serious problem that we don’t talk about much, how we got here. We talk about how we’re going to patch it up. The bubble has been burst. We saw what happened after the NASDAQ bubble burst. We don’t ask how it was created, and now we have a housing bubble that’s deflating and spreading. Nobody says, where does it come from?
What is the advice that you generally get? That is, inflate the currency. They don’t say inflate the currency; they don’t say debase the currency; they don’t say devalue the currency; they don’t say cheat the people who are safe; they say, lower the interest rates, but they never ask you – and I don’t hear you say too often – the only way I can lower interest rates is, I have to create more money. I have to lower the discount rate; I have to make it generous; I have to increase reserves; I have to lower the interest rate, fix the interest rate, the overnight rate.
The only way you can do this is by increasing the money supply. I see this as the
http://www.24hgold.com/english/contributor.aspx?article=2404294956G10020&redirect=false&contributor=Ron+Paul&mk=1
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