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Ron Paul: What Did Fed Chairman Yellen Tell Obama?

Goldhedge

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Ron Paul: What Did Fed Chairman Yellen Tell Obama?
TND Guest Contributor: Dr. Ron Paul


This week, President Obama and Vice President Biden held a hastily arranged secret meeting with Federal Reserve Chairman Janet Yellen. According to the one paragraph statement released by the White House following the meeting, Yellen, Obama, and Biden simply “exchanged notes” about the economy and the progress of financial reform. Because the meeting was held behind closed doors, the American people have no way of knowing what else the three might have discussed.

Yellen’s secret meeting at the White House followed an emergency secret Federal Reserve Board meeting. The Fed then held another secret meeting to discuss bank reform. These secret meetings come on the heels of the Federal Reserve Bank of Atlanta’s estimate that first quarter GDP growth was .01 percent, dangerously close to the official definition of recession.

Thus the real reason for all these secret meetings could be a panic that the Fed’s eight year explosion of money creation has not just failed to revive the economy, but is about to cause another major market meltdown.

Establishment politicians and economists find the Fed’s failures puzzling. According to the Keynesian paradigm that still dominates the thinking of most policymakers, the Fed’s money creation should have produced such robust growth that today the Fed would be raising interest rates to prevent the economy from “overheating.”

The Fed’s response to its failures is to find new ways to pump money into the economy. Hence the Fed is actually considering implementing “negative interest rates.” Negative interest rates are a hidden tax on savings. Negative interest rates may create the short-term illusion of growth, but, by discouraging savings, they will cause tremendous long-term economic damage.

Even as Yellen admits that the Fed “has not taken negative interest rates off the table,” she and other Fed officials are still promising to raise rates this year. The Federal Reserve needs to promise future rate increases in order to stop nervous investors from fleeing US markets and challenging the dollar’s reserve currency status.

The Fed can only keep the wolves at bay with promises of future rate increases for so long before its polices cause a major dollar crisis. However, raising rates could also cause major economic problems. Higher interest rates will hurt the millions of Americans struggling with student loan, credit card, and other forms of debt. Already over 40 percent of Americans who owe student loan debt are defaulting on their payments. If Federal Reserve policies increase the burden of student loan debt, the number of defaults will dramatically increase leading to a bursting of the student loan bubble.

By increasing the federal government’s cost of borrowing, an interest rate increase will also make it harder for the federal government to manage its debt. Increased costs of debt financing will place increased burden on the American people and could be the last straw that finally pushes the federal government into a Greek-style financial crisis.

The no-win situation the Fed finds itself in is a sign that we are reaching the inevitable collapse of the fiat currency system. Unless immediate steps are taken to manage the transition, this collapse could usher in an economic catastrophe dwarfing the Great Depression. Therefore, those of us who know the truth must redouble our efforts to spread the ideas of liberty.

If we are successful we may be able to force Congress to properly manage the transition by cutting spending in all areas and auditing, then ending, the Federal Reserve. We may also be able to ensure the current crisis ends not just the Fed but the entire welfare-warfare state.


http://thenewsdoctors.com/ron-paul-what-did-fed-chairman-yellen-tell-obama/
 

FunnyMoney

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"Hope and change" coming from Ron Paul? This has to be the most depressing article I have ever read by the only living politician patriot this nation has, not because it is depressing in what it says but that is a mere grasp at an imagined glimmer of hope.

When Ron Paul writes like this, grasping for straws, falling into an impossible speculation it is a clear sign that the defeat of liberty is complete.
 

Bigfoot

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Fortunately, a secret tape of this meeting of the great minds has been obtained.

 
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Uglytruth

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1. They will only work to enslave and destroy the population. 2. pantsuitwearinhaggerybitch will be benched so an R of the nwo choosing team player like kasich will be appointed so we have to finish off the hope the few dumb drone workers that still have on having any upward mobility. 3. let them eat cake.
 

solarion

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That's an interesting take FM. Seems like classic Paul to me. He suggests fiat currency is collapsing and urges elected representatives to act, to abolish the fed, to end wealth transfers, and imperialism. Sounds like common sense stuff he's been championing for decades.
 

FunnyMoney

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...He suggests fiat currency is collapsing and urges elected representatives to act, ...stuff he's been championing for decades.

When your General and Supreme Leader only has speculation for information and "hope" for the battle strategy - watch out, because the war is already over.

You do know what happens to you when you lose a war, don't you? Will America become Syria? No, not anytime soon, Europe is our first step.
 

Ishkabibble

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The US has devolved from a republic into a farcist regime. I wonder when they'll release the gag reel.
 

solarion

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When your General and Supreme Leader only has speculation for information and "hope" for the battle strategy - watch out, because the war is already over.

You realize of course that Dr. Paul is retired right? The man is 80 years old. He's not on the ballot this year and he's not in Congress coaxing the chair of the fed to say stupid stuff about how gold is not money. Dr. Paul did what he could and educated millions about the real state of affairs. I very seriously doubt we'd be seeing the rise of anti-establishment candidates like Trump and Sanders wreaking havoc for the establishment reptiles if there was no Ron Paul. He's done enough, the battle is someone else's now.
 

Fjpod

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So, what's it gonna be? ... Rising interest rates or negative? I don't suppose it can be both. It's all speculation.
 

solarion

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The 10y goobermint debt market says lower...Janet is full of sh it.

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