Ron Paul Responds to Yellen Testimony

SPRINGFIELD, VA-Campaign for Liberty Chairman Ron Paul issued the following statement today regarding Federal Reserve Chair Janet Yellen’s testimony before the Senate Banking Committee:

“Fed Chair Janet Yellen continues to live in a fantasy land. Using doctored government statistics, she claims that the Federal Reserve’s polices have revived the job market without creating inflation. The record number of Americans who have withdrawn from the job market in frustration, along with the many workers forced to settle for part-time work or anyone who has gone to a grocery store, would disagree that the American people are benefiting from the Federal Reserve’s policies.

“Chair Yellen remains committed to continuing to keep the federal funds rate low, promising to raise interest rates at some distant future time. She ignores the dangers inherent in keeping the federal funds rate low for an extended period of time, perhaps because she knows, but won’t admit, that reversing the Fed’s easy money policies could lead to a recession. She also continues to ignore (or downplay, depending on the testimony) the evidence that the Fed and the Administration are reinflating the housing bubble.

“Given her refusal to confront the disastrous consequences of her policies, it is not surprising she continues to oppose letting the American people know the full truth about the Fed’s handling of monetary policy. Hopefully, Congress will not continue to dwell in Janet Yellen’s monetary policy fantasy land but will heed the nearly 75 percent of Americans who want to know the realities of the Federal Reserve’s actions by passing the Audit the Fed bill.”