Ron Paul Statement Following Bernanke Testimony

On Wednesday, Fed Chairman Ben Bernanke delivered his semi-annual testimony before the House Financial Services Committee in Washington. Following his testimony Ron Paul issued the following:

While I certainly don’t miss Congress, where politicians are constantly trying to limit Americans’ freedom, during my time there I always enjoyed the opportunity to question the Federal Reserve Chairman about the damage the Fed’s policies do to the American economy. I also appreciated the chance the Congressional hearings presented to educate the American people about issues such as the role of gold in the monetary system, and the need for greater transparency in the Federal Reserve. Today, unfortunately for the American people, Chairman Bernanke presented more failed policies that will only worsen our economic crisis at the expense of the vulnerable, while enriching entrenched allies and politicians.

If I were still in Congress, and serving as Chairman of the Monetary Policy Subcommittee, I would have asked Chairman Bernanke why, since the continued high unemployment rates show that the Fed’s ‘Quantitative Easing’ programs have not helped the economy, he thinks continuing the same failed policy in perpetuity will help the average American — as opposed to the big banks and the big spending politicians?

I would also ask Chairman Bernanke, how the German Bundesbank’s request for the Federal Reserve to return the Fed’s store of German gold to Germany could affect the US’ standing in the global economy. And most importantly, why are so many central banks buying gold when you told me in 2011 that ‘gold is not money’?

While Chairman Bernanke’s twice-a-year appearances before the House and Senate represent an opportunity for Congress and the people to learn more about the Federal Reserve’s policies, it is not nearly enough. The American people deserve a full  accounting of the Fed’s operations, which is why it is vital they demand Senate Majority Leader Harry Reid bring Senator Rand Paul’s Audit the Fed (S. 209) legislation to the Senate floor for a vote this Congress