When Federal Reserve Chairman Ben Bernanke appears tomorrow before the House Financial Services Committee, he’ll be facing, for the final time, his nemesis, Representative Ron Paul (R-Texas), author of End the Fed.
In the past, Paul has used kid gloves in his usual mild-mannered way to quiz and challenge the Fed chairman, asking him about the conflict between the Fed’s stated policy of maintaining a stable dollar and the huge loss of purchasing power of the dollar under the Fed’s tender care. He has asked the chairman about real money compared to paper money or money created out of the ether. He even waved a silver dollar in front of the chairman, asking him if it wasn’t real money after all.
Tomorrow is his last chance to ask such questions. Here are some proposed questions the Texas congressman might consider in his efforts to expand the conversation about the Fed and extend citizens’ understanding of the Fed’s role in destroying the dollar and creating the business cycle of booms and busts, especially the current one.
First question: “Mr. Chairman, one of the roles of the Fed is to maintain a stable dollar. Would you explain, once again, for the benefit of myself and for the committee, how the Fed has managed to meet that role in light of the fact that, according to a popular web-based inflation calculator, it would take $2,317 in today’s money to buy what just $100 would have bought a hundred years ago? Just how do you explain that, please?"
Click here to read the entire article.
Photo: Rep. Ron Pau (R-Texas), a member of the House Financial Services Committee, at a hearing with Federal Reserve Chairman Ben Bernanke, Feb. 29, 2012, on Capitol Hill: AP Images