Federal Reserve: Federal Reserve policies have caused inflation which hurts the average American that is not seeing corresponding wage growth. They have artificially driven interest rates to near zero. As a result, senior citizens are pinched, as their savings accounts earn a pittance of interest. Congress must:
Audit the Federal Reserve.
Return to sound money which means a stable money supply. The Federal Reserve. a private bank, makes a $60 billion a year profit by manipulating the money supply.
Congress has the authority to coin money. This function should be returned to the U.S. Government from the Federal Reserve.
The Federal Reserve is run by a select group of individuals elected by no one and accountable to no one. The Fed has dramatically increased the money supply over the last eight years through policies such as quantitative easing and the purchase of treasury bonds. This “easy money” has resulted in a stock market boom since the 2008 recession that has been great for the few. The rest of America has been left holding the bag, paying the bill for the Fed’s easy-money party to which most of us have not been invited.
In 1978, the government changed the formula for the Consumer Price Index which had the effect of suppressing the inflation number. Using the old inflation formula, inflation would have averaged 6-8% over the last three years. But instead, the government tells us that inflation is close to zero. This is a direct result of the Federal Reserve’s monetary policies. Our elected officials are using the Federal Reserve to tax us without our consent. Inflation is quite simply taxation without representation.