I’m just going to give notes from speakers.
Inflation running about 4%/yr, would be higher if older standards were used.
Congress derelict in duties of overseeing the Fed.
Little enthusiasm in Congress for auditing the Fed. More enthusiasm in the hinterlands, especially among students.
Fed facilitates big government; both parties like the flexibility that it gives. Deficits matter, a lot. Not much difference between the two parties on that.
Global debt relief is needed; balancing budgets is needed, and the sooner the better.
People feel worse in the US than 9% unemployment; US governments fear-monger for deficits.
Fed’s goal is to liquidate debt with inflation.
Likes that Bernanke is holding press conferences — puts him on the defensive.
Do we want Constitutional government or not? His main interest is liberty. Does not allow for a central bank; gold and silver as currencies.
Fed will close when they destroy the money, unless closed politically before then. Legalize competition in currency. End legal tender laws. Allow for the creation of private mints, with taxes taken off of gold and silver.
End fractional reserve banking, though Ron Paul admits there are disagreements among libertarians on the topic.
What is the Fed is audited and it less assets than stated?
Where would you regulate competitive money?
The States, once legal tender laws are abolished.
Since the rest of the world has fiat currency, why wouldn’t an international currency spring up?
Legal tender laws. Also, look at the current trade wars via currency devaluation.
Supercommittee not doing much, will sequestration end?
Probably. Once defense gets cut, people will get motivated, but they won’t cut spending. That said there are a lot of frightened, motivated people out there
What about TIPS?
Does QE discriminate against the poor (higher prices of consumer goods) in favor of the rich (higher asset prices)? (I asked this.)
Yes, and the rich disproportionately benefit from bailouts, and ordinary monetary policy as well, whoever gets the money first benefits. QE benefits special interests.
How is the situation different now than in the ’70s?
Things are worse now. More indebtedness, could have a catastrophic end. Any reform that ignores monetary policy is not a reform.
Peace, prosperity and limited government… what he wants, and that requires reform of the Fed.
More to come.