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Sunday, December 4, 2011

Fed monetary policy stealing from seniors

Guest Commentary

Contrary to the belief of some, Scripture does not say “money is the root of all evil.” The actual quote states that “the love of money is the root of all evil.”

Down in Washington, D.C., where elected officials are consumed with the love of power and money, they are willing to devalue the monetary system to support their addiction. The individuals paying the price for this behavior are our senior citizens on fixed incomes.

Unfortunately for the United States, our monetary system has lost any trace of honesty. No one can accurately predict what the dollar will be worth next year because no one can know how many new dollars will be printed in the next series of bailouts. Who does this hurt? Again, it is our seniors.

The uncertainty continues because the bailouts continue. The subsidized mortgage companies, Fannie Mae and Freddie Mac, have been in the news as they report huge losses and award themselves huge executive bonuses.

The Congressional Budget Office said in July the Freddie and Fannie bailouts will end up costing the taxpayer about $350 billion. However, the Federal Reserve handed out $16 trillion in bailout loans during the last crisis. If the information published by U.S. Sen. Bernie Sanders, I-Vt., is correct, and this $16 trillion is in addition to the published debt of $15 trillion, we are $31 trillion in debt.

The resources that the bailed-out companies consume did not come out of thin air. They come out of the value of money; they are transfers via inflation from working people, from the retired through devaluation of their nest eggs and from small businesses who depend on honest cash flow to operate.

Where did this money go? To those with political power and influence.

Whom does this perpetual inflation affect the most? It is our seniors, those who have been here for our country when we needed them most. Seniors who invested in Social Security, who did so on the promise of a retirement system that would take care of them after they stopped working.

A free market cannot exist without honest money. We have lost control of our monetary system. The Federal Reserve has become a rogue state; it has unilaterally increased the U.S. monetary base from $800 billion to nearly $2.7 trillion in less than three years.

The root of monetary evil is the Federal Reserve. U.S. Ron Paul, R-Texas, proposes that we end the secrecy of the Federal Reserve by starting with a full audit and then continuing to full openness and transparency.

We can restore America to prosperity. We can return honesty and value to our monetary system and keep the promises we made to our senior citizens.

Please choose your presidential candidate carefully; the Federal Reserve seems to have its hooks in several of them.

JR Hoell, of Dunbarton, is a member of the New Hampshire House of Representatives.