Campaign for Liberty Chairman Ron Paul and President Norm Singleton issued the following statements regarding the Federal Reserve's interest rate increase:
Ron Paul -- The Federal Reserve claims it can continue "tightening" -- even though it is still leaving interest rates at historically low levels -- and begin unwinding its balance sheet, because the economy is "improving" and "will continue to improve." But that is only true if one believes the government-manipulated unemployment and inflation statistics which, for example, do not count the record number of Americans who have withdrawn from the labor force.
Eight years after the market meltdown, the US economy remains on the brink of another major meltdown. Student loans, automobiles, and even housing are just a few of the bubbles whose bursting could send the fragile economy into another major recession. Of course, the largest bubble is the government bubble, which will dramatically increase thanks to the administration’s planned spending increases on militarism abroad and make-work infrastructure projects at home.
Instead of just winding down the Feds balance sheet, Janet Yellen should be working with Congress and the administration to unwind the system of fiat currency. A good place to start is with passage of the Audi the Fed bill.
Norm Singleton -- The Federal Reserve's announcement of another rate hike leaves many questions unanswered, such as:
If the economy does not grow, will the Fed lower rates?
How much does the Fed really rely on government statistics in setting monetary policy?
What agreement has the Fed made with other foreign central banks and foreign governments in the event of a major economic crisis?
It is long past time for the American people to get answers to these, and other, important questions about the Federal Reserve. This is why Campaign for Liberty will continue to push Congress to pass and the President to sign the Audit the Fed bill. Campaign for Liberty state groups will also continue working to get more states to follow Arizona’s lead and ensure individuals can protect themselves from the failed fiat money system by passing laws recognizing precious metals as legal tender.
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PDFTags: Audit the Fed, monetary policy, Ron paul Campaign for Liberty