Texas Gov. Rick Perry (R) appears to be taking a cue from Rep. Ron Paul (R-TX) and criticizing the Federal Reserve for doing what it was designed to do: creating currency.
At a recent fundraising event in Iowa, Perry was asked how he feels about the Fed and chairman Ben Bernanke. ‘If this guy prints more money between now and the election, I dunno what y’all would do with him in Iowa, but we would treat him pretty ugly down in Texas. Printing more money to play politics at this particular time in American history is almost treasonous in my opinion.”
What he’s referring to is a Fed practice known as quantitative easing, where central banks inject additional currency into the economy in times of low activity by purchasing assets from other banks. The policy is meant to keep economic activity high when recession conditions might otherwise prevail, but it also increases the price of bank holdings.
Paleoconservatives like Ron Paul and, to a much smaller extent, Rick Perry, tend to view central banking as antithetical to the U.S. economy. That’s because in a bygone era dominated by very different economic rules, monetary value was much more closely aligned with the price of gold, so creating more currency had a deflationary effect on a currency’s overall value. That’s not the case today with most of the world’s currencies being fiat, where value is pegged to broader economic indicators like gross domestic product or the value of assets like public infrastructure and military hardware.
The real reason Perry dislikes quantitative easing: it tends to influence the economy positively in the short term, helping President Obama in the eyes of voters concerned about the economy, even though the president does not control policy at the Fed, which is a privately held, quasi-governmental organization.
Asked if he thought it was a policy that may boost Obama’s reelection chances, Perry replied, “If they print more money between now and this election, I would suggest that’s exactly what’s going on.”
This video is from YouTube, published Tuesday, Aug. 16, 2011, as snipped by Think Progress.
Ukrainians aren’t happy about Rudy Giuliani’s surprise visit to ‘destroy’ Dems’ impeachment efforts: report
President Trump's personal lawyer, Rudy Giuliani, made a surprise visit to Ukraine's capital this week with his "shady band of conspiracy theorists," BuzzFeed News reports, and people are not happy about his arrival.
Giuliani's visit comes as Ukraine president Volodymyr Zelensky prepares to enter into peace talks with Russian president Vladimir Putin and as Ukrainians looks to distance themselves from the fact that their country is a key factor in the impeachment proceedings playing out in D.C. As BuzzFeed News points out, Giuliani is in the country to do research for a pro-Trump documentary that aims to "destroy" the Democrats' impeachment effort.
‘Help me’: CNN’s John King begs guests to say something after bonkers Giuliani interview leaves him speechless
CNN host John King on Thursday found himself at a loss for words while watching the latest escapade of Trump attorney Rudy Giuliani, who is in Ukraine this week to apparently resume his quest to dig up dirt on former Vice President Joe Biden.
During a segment about Giuliani's latest Ukraine caper, King played an interview clip with former Fox News host Eric Bolling in which Giuliani refused to say what he was doing in the country.
"I'm not here -- I don't have to defend myself!" Giuliani said, when asked about his reasons for traveling to Kiev. "I didn't do anything wrong. I didn't do a darn thing wrong!"