The Case Against “Funny Money”

May 8, 2012May 8, 2012

Read Time:1 Minute, 24 Second

By US Daily Review Staff.

Congressman Kevin Brady (R-TX), Vice Chairman of the Joint Economic Committee, was among those invited today to testify before Ron Paul’s panel on the role of the Federal Reserve. Brady opened his remarks by stating “Inflation has been called many things—a hidden tax, a government-sponsored reduction in workers’ paychecks, or :theft’ as Dr. Paul (Cong. Paul, R-TX) often says. The American people understand the absurdity of a monetary policy that is designed to debase our currency.

We agree on three key points:

Preserving the value of the dollar is essential to economic growth and prosperity;
The federal government must not be allowed to monetize its debts; and
Our financial system should serve the interests of all Americans, not just the interests of Washington and Wall Street.”

He went on to argue that the problems facing the US were not merely monetary, but included:

Make our tax system simpler and more internationally competitive by lowering marginal tax rates and eliminating distortions that pick winners and losers;
Reform important entitlement programs—including Social Security, Medicare, and Medicaid—to make them sustainably solvent so that they can continue to serve those Americans dependent upon them;
Transform our regulatory system so that we can achieve our common goals—including a clean environment and safe workplaces—in more efficient, balanced, and less destructive ways; and
Aggressively pursue trade agreements to open foreign markets to sell more American goods and services to the 95 percent of the world’s population that lives outside of our borders.

He went on to do a review of some of the history of US monetary policy.

Watch his testimony in its entirety.