House Budget Committee Chairman Paul Ryan challenged Federal Reserve Chairman Ben Bernanke’s policy of so-called quantitative easing – the printing of new U.S. dollars to buy government debt – and raised concerns that a weakened dollar and inflation could cause the loss of the currency’s global reserve status.
“There is nothing more insidious that a country can do to its citizens than debase its currency,” Ryan told Bernanke. “Chairman Bernanke: We know you know this. We know that you’re focused and concerned about this. The Fed’s exit strategy and future policy – it will determine how this ends.”
Ryan said he believed a “course correction here in Washington is sorely needed.”
“Endless borrowing is not a strategy,” he said. “My concern is that the costs of the Fed’s current monetary policy – the money creation and massive balance sheet expansion – will come to outweigh the perceived short-term benefits.”
Answer by QuinnMae at 6:50 PM on Feb. 9, 2011
This is for JJB, when she chimes in!
Answer by LoriKeet at 6:54 PM on Feb. 9, 2011
Lori, JJB will love this, The Ben Bernank and The Goldman Sachs,
Answer by agentwanda at 7:13 PM on Feb. 9, 2011
Answer by agentwanda at 7:28 PM on Feb. 9, 2011
Answer by LoriKeet at 8:05 PM on Feb. 9, 2011
Answer by jesse123456 at 8:45 PM on Feb. 9, 2011
Answer by alisha2104 at 8:46 PM on Feb. 9, 2011
Answer by May-20 at 8:50 PM on Feb. 9, 2011