Here’s what Rep John Boehner was actually attempting to get across with his Letter to the FOMC this week…
Chairman Bernanke Ivy League Academic Lightweight from the Northeast,
It is our understanding that the Board Members of the Federal Reserve will meet later this week to consider
additional monetary stimulus proposals more treasonous money-printing. We write to express our reservations warn you about any such measures. Respectfully, we submit that the board should resist further extraordinary Keynesian intervention in the U.S. economy, particularly without a clear articulation of the goals of such a policy, direction for success, ample data proving a case for economic action and quantifiable benefits to the American people.
not clear a plain fact that the recent round of quantitative easing undertaken by the Federal Reserve has facilitated economic growth or reduced the unemployment rate. To the contrary, there has been significant concern expressed by Federal Reserve Board Members, academics, business leaders, Members of Congress and the public the Tea Party. Although the goal of quantitative easing was, in part, to stabilize the price level against deflationary fears save union jobs, the Federal Reserve’s actions have likely led to more fluctuations and uncertainty in our already weak economy inflation.
We have serious concerns that further
intervention asset price supporting by the Federal Reserve could exacerbate current problems or further harm the U.S. economy endanger incumbent congressional Republicans who presided over the rulebook chainsawing and leverage expansion exceptions for Wall Street that led to this all. Such steps may erode the already weakened U.S. dollar or promote more borrowing by overleveraged consumers a European-style entitlements fiasco. To date, we have seen no evidence that further monetary stimulus will create jobs or provide a sustainable path towards economic recovery.
Ultimately, the American economy is driven by
the confidence of consumers and investors and the innovations of its workers the supply side. The American people have reason to be skeptical suspicious of the Federal Reserve private bank from Jeckyl Island that pulls the strings vastly increasing its role in the economy if measurable outcomes cannot be demonstrated.
We respectfully request that
a copy of this letter be shared with each Member of the Board you step down but not before disbanding the central bank and putting us back on the gold n’ gun standard of the Old West, when Men were Men and besuited professors knew their place was in the classroom.
Sen. Mitch McConnell, Rep. John Boehner, Sen. Jon Kyl, Rep. Eric Cantor