Dear Friend,
I would like your input on questions to ask at an upcoming hearing on the Federal Reserve’s money printing!
On Wednesday, February 9th, the Subcommittee on Domestic Monetary Policy and Technology is holding a hearing titled “Can Monetary Policy Really Create Jobs?” The subcommittee oversees the Federal Reserve, and as Vice Chairman of the Subcommittee under Chairman Ron Paul, I will be there to ask questions and demand answers regarding the employment problems facing the people of the 3rd District of North Carolina and across this nation.
The Federal Reserve has been printing massive amounts of money as part of a policy they call “Quantitative Easing”. In fact, the Fed is on track to print roughly $2 trillion over the last two years. The Fed’s money printing has been driving up prices for business and working families, while it continues to bail out Wall Street. The people of Eastern North Carolina are struggling at the grocery store and the gas pump and I think it is time to hold the Fed accountable. Printing money to drive up prices is killing consumers, and is no way to create jobs.
This is why I want to hear from you. I am asking the people of the 3rd District to tell me what questions or concerns that they would like asked or expressed during that hearing. While I may not be able to ask all of them, I will utilize as many as I can in the time that I am allotted in next week’s hearing.
Please visit my website and send me an email with your thoughts and questions for the witnesses at next week’s hearing.
Sincerely,
J
Walter B. Jones
Member of Congress (NC-03)
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February 4th, 2011 on 6:03 pm
Stop printing all that money. It is bank rupting our country. At the rate we are going our dollar will not be the world currency. Does anyone in DC understand or even care? At this rate only gold and silver will be worth anything. That is why I am buying silver.
February 4th, 2011 on 6:20 pm
hello im writting to ask you. whay cant we use the gas we have here in united states. its crazy. they should look into drilling here to get prices to go down not up the people are getting tired of paying high prices the congress is really doume they dont liten to the people they do what they want. if you want me to come to washington to speak i will i will stand up to those men how want listen ,. and other id food prices. food prices go up everytime we go to the grocery store its 300 the next is 400 dollars when is it going to end. please if ou want me to speak i will call me 252 259 6076 i want to help out pleas e listen to what i have to say. please. obamba is not even american find his birth certificate. thats what they also should look into and there not. the congress has to stop arguing and start listening. cut there big house there vacations there cars there fancy homes. and the homelss people i have they need to be heard to so listen to me. i need to help these homelss people the only way is with your help pleaase. i urge you let me come to washington DC. PLEASE.
February 4th, 2011 on 7:57 pm
Printing more money is surely not the answer. Please vote against any more of it.
Thanks, Mike.
February 4th, 2011 on 8:11 pm
Why do they think that printing more money and to devalue the dollar will create jobs and help stimulate our ecomony? How can making us weaker monotarily help us make more jobs? Doesn’t compute.
February 4th, 2011 on 9:12 pm
Stop printing money! Stop Spending!!! Freeze all hiring for federal jobs!
February 4th, 2011 on 9:48 pm
Why can’ we have an audit of the Federal Reserve?
Why is the Federal Reserve not accountable to anyone?
Who is on the board of the Federal Reserve?
February 4th, 2011 on 9:50 pm
Stop “all” the Spending to support the EPA, FDA, IRS, ect… Department of Education, Department of Interior, The “United Nations”, Foreign Aid.
We’re Broke, Cut all Government Staffs, Michelle Obama has “20″ assistants, Why?
Cut Congressional and Senate Pay and Retirement…
February 4th, 2011 on 9:58 pm
Stop the Federal Reserve from printing any more Money…
The Federal Reserve is Unconstitutional!
February 4th, 2011 on 10:43 pm
Tell them to stop the presses!
I’ll begin with things I’m most eager to cut. Let’s privatize air traffic control. Canada did it, and it works better. Then privatize Amtrak. Get rid of all subsidies for rail. That’ll save $12 billion.
End subsidies for public broadcasting, like NPR. Cancel the Small Business Administration. Repeal the Davis-Bacon rules under which the government pays union-set wages to workers on federal construction projects. Cut foreign aid by half (although we should probably get rid of all of it). So far, that’s $20 billion.
Oops. That doesn’t dent the deficit. We have to do much more.
So eliminate the U.S. Education Department. We’d save $94 billion. Federal involvement doesn’t improve education. It gets in the way.
Agriculture subsidies cost us $30 billion a year. Let’s get rid of them. They distort the economy. We should also eliminate Housing and Urban Development. That’s $53 billion more.
Who needs the Energy Department and its $20 billion sinkhole? The free market should determine energy investments.
And let’s end the war on drugs. In effect, it’s a $47 billion subsidy for thugs in the black market.
I’ve already cut more than six times more than President Obama proposed in his State of the Union address. His freeze of nondefense discretionary spending would save only $40 billion.
But my cuts still total only $246 billion. If we’re going to get rid of the rest of the CBO’s projected deficit, we must attack the “untouchable” parts of the budget, starting with Social Security. Raising the retirement age and indexing benefits to inflation would save $93 billion. I’d save more by privatizing Social Security, but our progressive friends won’t like that, so for now I’ll ignore privatization.
The biggest budget busters are Medicare and Medicaid, and get this: the 400 subsidy programs run by HHS. Assuming I take just two-thirds of the Cato Institute’s suggested cuts, that saves $281 billion.
This is just the beginning.
February 5th, 2011 on 7:54 pm
Rep. Jones,
The question asked is should the Federal Reserve keep printing empty dollars. No. The number provided by the Federal Reserve Statistical Release at the end of April 2010, shows that total USD currency in circulation was $878.8 billion. Unless the Federal Reserve is taking old worn dollars out of the system at the same rate as they print and add dollars to the economy they are just reducing the value of the dollars in circulation. If a rock cost $1 in the quantity of dollars we have in circulation at this time and they you double the number of dollars we have in circulation then the value of the dollar decreases by 50% and the rock would be worth $2 in Federal Reserve issued funds without any increase of the rock’s “true worth”. This is a devaluation of the dollar If they are removing an equal number of old worn dollars from circulation as are being issued in new dollars then there is no affect on the economy or the value of the dollar. The change in the value of the “rock” would then be caused by an increase of supply or a scarcity of the “rock”, not by any change in the dollar itself. If they are removing more old worn dollars from circulation then they input into the system, then we have an increase of the dollar’s value. This would mean the value of the “rock” would drop from $1 to maybe 80 cents or less depending on the change in the number of dollars in circulation.
But all of the above is without any truth as long as there are unaccounted for “digital dollars” being transferred form bank to bank or between monetary exchange points without their worth being accounted for by true issued dollars. These do not represent anything other then an exchange of one object of worth for another, or merely a transfer of electrons. This is the new barter system that uses the sign of the dollar as a medium to establish worth. It is a outgrowth of the old barter system where the medium may have been a bushel of potatoes or corn or a days work. You want a barrel of oil, then I need a bushel of corn. We do not want to carry around a bushel of corn or a barrel of oil so we use the piece of paper we call a dollar. It is easier to carry then the corn or oil. But how can you transfer a trillion dollars between companies or nations if there isn’t a trillion dollars in circulation? So that is merely a transfer of electrons. How does that affect our economy and dollar worth? Or is it a barter of one object for another and has no impact on the dollar, just control over objects and companies?
So, to get back to the corn, the more corn being grown and on the market means less oil one bushel is worth. Supply and demand. This can not be government controlled in a free nation. What the government can control, not counting counterfeiting, is the amount of dollars in circulation. If the government puts one trillion dollars more into circulation them will my one bushel an hour job be worth 1/3 of a bushel an hour?
A minor increase in dollars in circulation will be needed to account for growth of population and industry. The question should be, what is the percentage of the increase in dollars in circulation that the Federal reserve wants to do? 1%? 10%? 1% is low. 10% is high. Find the percentages and re-ask the question.
Respectfully,
Thomas H. Austin
Ssgt. USMC (retired)
Member Crystal Coast TEA Party.
February 7th, 2011 on 4:08 pm
Can I write a check assuming that the money will be in my account next year or that my children will cover it? No. If I do and it bounces is that not a crime for writing or uttering worthless checks? Yes. Then why should it be OK for the government be able to print worthless money? It shouldn’t. It makes the American people both the criminal and the victim.
February 8th, 2011 on 11:14 pm
If I printed money, it would be called counterfiet. How does the government get away with it?
June 29th, 2011 on 7:36 pm
Stop printing money, raising taxes, and increasing the debt ceiling!