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Public Statements

Issue Position: Federal Reserve

Issue Position

Location: Unknown

Prices are signals. The price of money is known as the interest rate. It is the most important price in a free enterprise system. The policy of printing more money decreases interest rates and the value of our dollar. This affects the ratio of dollars in circulation compared to the amount of goods and services available. It is the root cause of inflation and the business cycle. Monetary policy and devaluation of our dollar is a GIANT that we face.

We all work for, spend, invest, or borrow money. Printing money causes the most regressive form of taxationÂ…the inflation tax. Stealing the purchasing power of working class people by printing money keeps interest rates low and encourages people to go further into debt rather than save. This is one of the most morally corrupt policies I have witnessed in my study and teaching of economics. The solution is to audit the Fed and, at minimum, change its dual mandate from promoting full employment AND providing price stability to simply promoting price stability. I will work for a stronger approach to allow working class people to be paid in wages that maintain or grow their purchasing power.

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