Home / Economic Conditions / Obama, Romney, and Paul on QE3
Print Friendly and PDF

Obama, Romney, and Paul on QE3

Written by Gary North on September 14, 2012

Ron Paul issued this statement on the Federal Reserve’s QE3 policy. The FOMC released its statement on September 13. Ron Paul responded on September 13.

“No one is surprised by the Fed’s action today to inject even more money into the economy through additional asset purchases. The Fed’s only solution for every problem is to print more money and provide more liquidity. Mr. Bernanke and Fed governors appear not to understand that our current economic malaise resulted directly because of the excessive credit the Fed already pumped into the system.

“For all of its vaunted policy tools, the Fed now finds itself repeating the same basic action over and over in an attempt to prime the economy with more debt and credit. But this latest decision to provide more quantitative easing will only prolong our economic stagnation, corrupt market signals, and encourage even more misallocation and malinvestment of resources. Rather than stimulating a real recovery by focusing on a strong dollar and market interest rates, the Fed’s announcement today shows a disastrous detachment from reality on the part of our central bank. Any further quantitative easing from the Fed, in whatever form, will only make our next economic crash that much more serious.”

Republican candidate Mitt Romney did not issue a statement. His campaign policy director did. “The Federal Reserve’s announcement of a third round of quantitative easing is further confirmation that President Obama’s policies have not worked. After four years of stagnant growth, falling incomes, rising costs and persistently high unemployment, the American economy doesn’t need more artificial and ineffective measures. We should be creating wealth, not printing dollars.”

President Obama said this:

 

 

Print Friendly and PDF

Posting Policy:
We have no tolerance for comments containing violence, racism, vulgarity, profanity, all caps, or discourteous behavior. Thank you for partnering with us to maintain a courteous and useful public environment where we can engage in reasonable discourse. Read more.

28 thoughts on “Obama, Romney, and Paul on QE3

  1. How can Paul Ryan say we must REDUCE spending onek minute and then vote for this third stimulus?

  2. It is obvious that both parties are the same…Americans are in a lose lose situation….

  3. Rabelrouser says:

    To quote Andrew Jackson: " If the American people knew tonight the the truth of control that the bank system has over Washington, Washington would be ashes in the morning"
    The Federal Reserve, in a "political move" has now created a situation that devalues the "dollar" (not that credit has value), sets up a perscription for hyperinflation through keeping interest rates artifically low, and puts a choke hold on further income except to those who manipulate the markets. Costs will skyrocket for all essentials.
    All because the people "Dont Know"! They refuse to know the truth about the Federal Reserve and how it manipulates every part of their financial lives. They wont ever have the future they thought was theirs because of not having real currency, but fiat money which is just credit /debt to which they are co-debtors with the Federal Government for its borrowing and printing so-called "money"…
    Their refusal will be what leads to the collapse of the United States financially. nothing more.

  4. I fear Rabelrouser you are very right. The market jumped immediately and the Obamanites partied saying the sky is not falling because they have no long term memory only little play toys to keep their attention in front of them. My three children are going to have a rough road and my grandchild will be in survival mode by the time she comes of age. Thomas Jefferson also saw the evil in the Central Bank (Fed) in dictating to the American People and holding us in bondage with false security wrapped up in credit and misdirection. God save us all!

  5. Floridagirl7 says:

    Paul Ryan did not vote for a new stimulus, he voted to keep the governent open. God knows that we would all like to see them just shut down but it would certainly not help the situation. This was a good choise because it keeps them open until next year otherwise they would have been voting with a lame duck congress. When we win we can create a budget and not have to worry about shuting down.

  6. Rabelrouser says:

    Strickly politics, to look like he has some form of an answer (his words) and then to follow along with what he's supposed to do (his actions). Its a con game and he hope the people are too distracted by politics and daily events to notice that his actions belie his words. If he doesn't know the real truth about the Federal Reserve, then he's not smart enough to even consider the fiscial policy of this nation; but if he does know, then hes part of a much greater problem for this nation.
    And no, I do Not support the king, never have. I just want a return to a Constitutional Republic with the currency of account that the founders set up; without an independent banking system controlling and destroying our nations economy as they have sence the Federal Reserve Act. I want the people to know the truth and then take action to correct the problem and restore the Cosntitutional Republic, period. Untill they do, this nation will continue toward total economic collapse, which is coming fast.

  7. Nobody in Congress votes for the Federal Reserve stimulus activities not even Paul Ryan. Did you shoot your mouth off before you aimed?

  8. Eightsouthman says:

    Floridagirl7, I'd give more credence to your answer if you were (1) correct and (2) could spell.

  9. […] from the Fed, in whatever form, will only make our next economic crash that much more serious.”READ MORE September 14th, 2012 | Tags: "QE", "ron paul", bernanke, Economy, Obama, Romney | Category: […]

  10. Dr.Ron Paul 2012 for this countrys first Write In President and well over due first honest President !!!

  11. Romney is correct here. His policy director is speaking his policy. We need to be creating wealth, which Romney will be able to do, rather than printing dollars. Romney will be effective, knowledgeable, honorable, and honest.

  12. Bob Marshall says:

    The biggest benefactor of this move by Ben Bernanke will be Wall St. Q1 and Q2 didn't work either. What did Albert Einstein have to say? Insanity is doing the same thing over an dover expecting different results. I used to wonder why Ben Berbanke was on the board of Governors of the IMF and Timothy Geithner is an alternate. Then i remembered that U.S. taxpayers are the largest contributor to the IMF. The majority of our tax dollars go directly to the IMF.

  13. adamenochnoah says:

    Ron Paul has retired & it's his choice…

    Gov Gary Johnson & Judge Jim Gray 2012- They are on the ballot in all 50 States

  14. Can Snopes.com be trusted?

    Atheist Brian Flemings made a "documentary" attempting to prove that Jesus
    never existed. Snopes owners Barbara & David Mikkelson are cast members
    in this film. Do you want to trust Snopes who have aligned themselves with
    Athiest's???

    "The God Who Wasn't There is a 2005 independent documentary written and directed by Brian Flemming.
    The documentary questions the existence of Jesus,
    examining evidence that supports the Christ myth theory
    against the existence of a historical Jesus, as well as other
    aspects of Christianity. Brian Flemming (born 6 June 1966)
    is an American film director and playwright.
    Brian Flemings is an athiest."

    Directed by – Brian Flemming

    Produced by – Brian Flemming

    Amanda Jackson

    Written by – Brian Flemming

    StarringBrian Flemming (narration)

    Sam Harris

    Richard Carrier

    Alan Dundes

    Barbara Mikkelson – Snopes Founder/Owner

    David P. Mikkelson – Snopes Founder/Owner

    Robert M. Price

    Scott Butcher

    Ronald Sipus

    Distributed by – Beyond Belief Media

    Microcinema International

    Release date(s)May 21, 2005

    Running time – 62 mins

    Language – English

    "As composer/musician
    Flemming composed and performed the music scores for
    Nothing So Strange under the name Mary Rosh and for
    The God Who Wasn't There under the name DJ Madson.
    Flemming plays guitar, trumpet and keyboards on his music
    scores. He played guitar and sang as part of a 2008 April
    Fool's Day stunt [1] in which he pretended to have converted
    to Christianity."

  15. We need to eliminate the Fed it has no business running our country's monitary system ,Jackson had the best idea when he wanted to shut it down and make it against the law for it to be reinstated. Also we need to get this half-breed communist muslim out of office ,now before he can declare marshal law and force the elections to be cancled and not be reopened until HE decides that is safe to do so

  16. D.L.Sorensen says:

    Dear Mr. President and Mr. Bernankie, The definition of insanity: Doing the same thing again and again, and expecting a different outcome. What part of QE do you IDIOTS not understand?

  17. Abolish the Federal Reserve, it is our worst enemy. The private-owners of the Fed control our currency and our economy. Right now, they are devaluating our dollars even more, as they started printing more U. S. Dollars today. There is no oversite, no one controls these printing presses. No one is allowed to audit the Fed and Americans have no control of what it does. Our government has no control of it either. Bernake just addresses congress and tells us what he is going to do.

    There is nothing behind the money that they print, it is just paper! Inflation is going to skyrocket because our money is becoming worthless. When the world decides that they no longer want our dollars, we all will be beggars in the streets.
    And that is exactly where the Federal Reserve, and its owners, Soros and his ilk, are taking this country. Soros has a long history of bankrupting countries and he wants to level the playing field. Americans have had it too good for too long.

  18. The Fed is desperately trying to improve the economy in the next two months so the dictator will be reelected!!! That's all this "QE3" is about!!! There goes our credit rating again!!! We need a PRESIDENT!!!

  19. Why dont the Federal Reserve borrow money from people that want to earn more then 1% on ther investments for 5 year CD

  20. Neither Paul Ryan nor Congress voted for the FED. QE3! The quantitative easing is all the FED. Ryan went back to DC to vote on the continuing resolution to keep the government solvent for another 6 months. Unfortunately, we cannot allow the government to quit functioning completely.

  21. lizaz, QE won't improve the economy. This is the third try and it hasn't worked. Wall Street is the only thing that will get a bounce out of it. The wealthy will make a little more of those "soon to be worthless dollars," before we go "bust." QE3 is more like "the last nail in the coffin." Everyone thinks that we owe all our debt to China…That is baloney. The Fed is the one that is buying up the vast majority of our debt! Why do you think that is….the more money they print, the more of our debt they own.

    Some libturds may think this will improve the economy. But, the Fed knows what it is doing.

  22. When will the people wake up and see that both parties are the prob;em? They get one to wear a blue shit and another a red shirt and have us argue with one another while they steal our country away fro us.

  23. adamenochnoah says:

    I know most people do not want to hear this but it is the truth.Our Govt does not give a tinkers dam about Americans, period. Both parties have sold out America to those who are setting up a Fascist World Govt ruled by Bankers, Corporations, & the ultra-wealthy Elite. It is time for us to form a third party to bring this nonsense to an end.

    Gov Gary Johnson & Judge Jim Gray 2012- The Only Choice To Bring America Back

  24. How convienient, just before the Obama election to shore up the stock market.

    1/4 of the nation on food stamps, student loan foregiveness, mortgage reductions, Obamacare for illegals, illeagls amnesty, now stock market boost with QE3?

    This bum has it all figured out.

  25. Texas Chris says:

    Ryan voted for FISA… He voted for TARP. Voted for Medicare D. Voted for NDAA.

    Explain again, beyond what the politician SAYS, what makes Ryan a conservative? Certainly not his voting record…

  26. Texas Chris says:

    Romney has said that he will not balance the budget in his first term. He claims that cutting government that much would hurt the economy. This exposes a clear ignorance of economics on Romeny's part, because the money spent BY the government is TAKEN from the productive businesses and used for less productive, or UNproductive, schemes.

    Paul would have cut government by $1 trillion in the first year, and balanced the budget in the second. R&R will not, ever, in 8 years, balance the budget.

  27. The Fed is doing an end run around congress but in the end it is our politicians fault because they could end the fed if they chose the reason they don't besides the bribes..er I mean donations is the fed allows them to continue spending insane amounts of your money!

    Sneaking Past Congress
    http://www.nysun.com/editorials/sneaking-past-con

    "Once you understand the details of modern central banking, you are able to step back and see that it truly is a way for the government to use the printing press to pay its bills. All of the complicated process of targeting interest rates through buying Treasuries simply hides this essential point — and perhaps deliberately so."

    http://mises.org/daily/4029