Ron Paul on Yellen Testimony: Deja Vu all over again
SPRINGFIELD, Virginia- Campaign for Liberty Chairman Ron Paul released the following statement on Federal Reserve Chair Janet Yellen’s testimony before the House Financial Services Committee:
“Janet Yellen’s testimony before the House Financial Services Committee was, in the famous words of Yogi Bera, ‘Deja vu all over again.’ Once again, Yellen ignored all the evidence that the Federal Reserve’s reckless and irresponsible monetary policy has damaged the economy. Instead of confronting the facts about the harm the Fed’s polices have caused, she once again claimed the Fed has saved the American people from a depression.
“In what is becoming an annual tradition, Yellen promised to adopt a more restrictive monetary policy next year. Of course, next year never seems to arrive. The Fed’s polices have caught it in a situation where, no matter how much harm its loose policies cause, it dare not end them for fear of throwing the country into a recession.
“The one new feature of this hearing was debating the legislation to force the Fed to follow a ‘rules-based’ monetary policy. Forcing the Fed to adopt the Taylor Rule or a similar rule does nothing to address the fundamental problems with our monetary system. Ironically, at a hearing last week, many of the proponents of forcing the Fed to adopt a rules-based system admitted that a rules-based policy would not have prevented the Fed from pursuing the same policies it has followed since the meltdown.
“Instead of tinkering with new rules, Congress should take the first step toward true monetary reform by passing Representative Paul Broun’s Audit the Fed legislation (H.R. 24), which has the support of a majority of the House of Representatives.”