Ron Paul To Hold Hearing On CPI Lies And Fed Inflation Creation; Jim Grant To Tesify

Tyler Durden's picture

This will be fun:

Congressman
Ron Paul, Chairman of the Domestic Monetary Policy and Technology
subcommittee, announced that the subcommittee will hold a hearing to
examine the relationship between monetary policy and rising prices (with
a particular focus on food and energy prices).

 The hearing is scheduled for Thursday, March 17th at 10:00 AM, in room 2128 of the Rayburn House office building.

 

It is
unconscionable that published government statistics mislead Americans
regarding the true rate of price inflation, which is much higher than
commonly-reported CPI numbers
,” Paul stated. “It is also unconscionable
that Federal Reserve Bank officials continue to deny the effects of
their monetary expansion on consumer prices.  Inflation, properly understood, is a monetary phenomenon.  The
price inflation Americans suffer today is largely the direct result of
relentless monetary expansion by the Federal Reserve over the past
decade.  Our witnesses will explore how current
monetary policy, including QE2, directly impacts the standard of living
of Americans in ways that are not reflected in official government
data
.”

 

Congressman
Walter Jones, vice chairman of the subcommittee, stated, “The Fed has
attempted to convince the public that its money printing campaign is
necessary to stimulate America’s economic recovery.  Instead
of recovery, the real effect of the Fed’s money printing has been
monetization of America’s exploding fiscal deficits, devaluation of the
dollar, and creation of inflation in asset prices across the board.  As
a result, working people in places like Eastern North Carolina are
being squeezed at the gas pump and the grocery store as they struggle to
make ends meet in a world in which their salaries have no chance of
keeping up with Mr. Bernanke’s printing presses.”

 

Scheduled to testify are:

 

Prof. Joseph Salerno, Chair of the Economics Graduate Program at Pace University

James Grant, Noted commentator and publisher of Grant’s Interest Rate Observer

Lewis Lehrman, Author, investment banker a