Outspoken Federal Reserve critic Rep. Ron Paul, R-Texas, slammed the central bank?s latest $600 billion bond-buying program on Wednesday, saying it and near-zero interest rates haven?t led to job creation in the United States.Political Pressure on Fed Mounts
?Over $4 trillion in bailout facilities and outright debt monetization, combined with interest rates near zero for over two years, have not and will not contribute to increased employment,? Paul said at a hearing of a House Financial Services subcommittee he heads.
?Debt monetization? is a reference by Paul and other Fed critics to the Fed?s latest bond-buying program ? a characterization rejected by Fed Chairman Ben Bernanke.
In essence, Paul is charging that the central bank is enabling profligate spending by the government. The term ?debt monetization? is a buzzword for how some poorer countries conducted policies in the post-World War II era.
WSJ's Sudeep Reddy reports on concerns the Federal Reserve could be facing political pressure from Congress, as Rep. Ron Paul holds the first hearing of a new Fed oversight committee. Separately, Fed Chairman Bernanke updates Congress on the economy.
If the above YouTube does not play here is a link: Rep. Ron Paul Ignites Fed Worry
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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