> The economy could spiral into hyperinflation > not seen since the early 1980s if the Federal > Reserve does not tighten its monetary policy > soon... > OAK BLUFFS, Mass. President Obama said Tuesday that he would nominate Ben S. Bernanke to a second term as chairman of the Federal Reserve, seeking to keep an air of stability in the financial markets as the nation inches toward an economic recovery...
Read more: 'Obama Seeks Stability at Fed by Keeping Bernanke' By Jeff Zeleny and EdmEdmund L. Andrews New York Times, August 25, 2009 http://tinyurl.com/nghhld "Abolishing the Federal Reserve will allow Congress to reassert its constitutional authority over monetary policy. The United States Constitution grants to Congress the authority to coin money and regulate the value of the currency. The Constitution does not give Congress the authority to delegate control over monetary policy to a central bank. Furthermore, the Constitution certainly does not empower the federal government to erode the American standard of living via an inflationary monetary policy..." Ron Paul on the Federal Reserve: http://tinyurl.com/yx8bjy
