Ron Paul will try and batter down QE3 today. And he’s on a mission.
The Texas congressman, who is a fierce critic of the government’s hand in the free markets … and by default the Federal Reserve and any decision it makes …, announced that as the chairman of the Domestic Monetary Policy and Technology Subcommittee, his subcommittee would hold a hearing to examine the effects of the Federal Reserve’s interest rate policy on the American people.
In typical flamboyant Ron Paul fashion the hearing is entitled “The Price of Money: Consequences of the Federal Reserve’s Zero Interest Rate Policy.” It will be held on Friday at 9:30 a.m.
Witnesses scheduled to testify include James Grant, editor at Grant’s Interest Rate Observer, and Lewis E. Lehrman, the senior partner of L.E. Lehrman & Co.
Paul has previously said that Quantitative Easing ... also known as QE ... is a "detachment from reality" and that the Fed plan won't work.
The Federal Open Market Committee last week announced the Federal Reserve will purchase $40 billion a month in mortgage-backed securities indefinitely (MBS) from financial institutions, will keep interest rates at zero percent until at least 2015, will make additional purchases if the employment picture doesn't improve, and in general will maintain a stimulative policy for a "considerable time."
[
link to www.policymic.com]
full hour of the hearing to digest
United States
