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Rep. Paul introduces bill to cancel $1.6T in debt held by Federal Reserve
Posted By admin On August 2, 2011 @ 8:52 am In Featured Stories,Tile | Comments Disabled
Rep. Ron Paul on Monday introduced legislation that would lower the federal government’s debt by canceling the roughly $1.6 trillion in debt held by the Federal Reserve.
Paul has argued for the last few weeks that the idea represents a quick way to make the growing fiscal crisis more manageable. Under his bill, H.R. 2768, the $1.6 trillion that the Treasury owes to the Federal Reserve would disappear.
The Federal Reserve began buying Treasury bonds in earnest late last year as part of its effort to keep long-term interest rates down. But Paul has argued that Fed purchases of Treasury debt represent a debt that the government owes to itself, and one that also leads to an unwanted and inflationary increase in the money supply.Paul has also said the Fed is allowing the federal government to continue a spending binge it otherwise would not be able to afford, and is forcing the Fed to print money to keep up.
Paul has also said the Fed is allowing the federal government to continue a spending binge it otherwise would not be able to afford, and is forcing the Fed to print money to keep up.
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URLs in this post:
 The Hill: http://thehill.com/blogs/floor-action/house/174953-rep-paul-introduces-bill-to-cancel-public-debt-held-by-the-fed
 Image: http://www.prisonplanet.tv/
 House to Vote on Ron Paul Bill to Audit the Federal Reserve: http://www.prisonplanet.com/house-to-vote-on-ron-paul-bill-to-audit-the-federal-reserve.html
 U.S. Debt Held by Public Tops $10T for 1st Time—Up 59 Percent Under Obama: http://www.prisonplanet.com/u-s-debt-held-by-public-tops-10t-for-1st-time%e2%80%94up-59-percent-under-obama.html
 SC Bill Would Ban Federal Reserve Notes as Legal Tender: http://www.prisonplanet.com/sc-bill-would-ban-federal-reserve-notes-as-legal-tender.html
 Ron Paul Is Hosting A Hearing On Ending The Federal Reserve Right Now: http://www.prisonplanet.com/ron-paul-is-hosting-a-hearing-on-ending-the-federal-reserve-right-now.html
 US FEDERAL RESERVE to buy US DEBT? WITH WHAT?: http://www.prisonplanet.com/us-federal-reserve-to-buy-us-debt-with-what.html
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