Wednesday, July 16, 2008

Federal Reserve Chairman Ben Bernanke Admits Before Congress That Inflation Is A Tax! See Congressman Ron Paul Take Him To Task

To anyone who has followed the Federal Reserve's criminal history over the past 95 years, Fed Chairman Bernanke's statement today was a refreshing admission of how inflation is actually a hidden tax which most Americans are unaware of. In fact, while your average American sees inflation as being adverse to their financial means, few are actually aware that inflation is in reality a hidden tax on their hard earned wages and financial portfolios, since inflation devalues the dollar.

And since the privately held *Federal Reserve Bank is constantly pumping more of its fiat money (currency which is based not on gold bullion, or anything of intrinsic value, but instead the worthless promises of our politician's to protect its value) into our economy, the value of this currency has now eroded to the point where it's practically worthless. And this means that in order to have any quality of life in this country, one needs to have an enormous amount of such currency.

*The Federal Reserve Central Bank has been circulating so much new fiat money into our economy that over the past two years, they've refused to publish the annual money supply (M3) figures. They simply don't want the public to know just how dire this situation is, or that the Dollar is on its last legs, with those countries who've historically accepted it, now looking to the Euro and other forms of currency which have remained relatively strong in the current global economic crisis.

Consider that thirty years ago, an American who had a net worth of a million dollars was considered to be well heeled. However, in the United States today, a million dollars is a far cry from what it used to be back then, where many upper middle class homes easily exceed the one million dollar mark.

Moreover, there was time in the United States when purchasing a home was considered to be a solid investment, since interest rates were reasonable enough that one day the home buyer could actually own that home (and in the interim, develop a significant amount of equity within the home to borrow against). However, in recent years with the further erosion of the U.S. Dollar, the middle class American homeowner (and by this I refer to those who were fortunate enough to be earning enough money to even quality for a home loan) has been caught up in the sub prime mortgage debacle. And as a result, many of these hard working people who had little or no equity within their homes (when their ARM mortgages spiraled upwards and beyond their financial means), were left with no other choice but to surrender these homes to their mortgage lenders.

There is no politician in this country who better understands this problem, or is more knowledgeable about the Federal Reserve's role in creating it, than Congressman Ron Paul. See Dr. Paul take Fed Chairman Bernanke to task in the following video clip:
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