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MacGovern, Egan Jones Draw Attention to MisGuided Fed Policy

MacGovern, Egan Jones Draw Attention to MisGuided Fed Policy Windsor Vermont

posted at 11:51 am Tue Sep 18th, 2012 by (WherezIt_Staff)

Today US Senate Candidate John MacGovern echoed concerns of Eagan Jones Rating Agency which took action last Friday to downgrade US debt to AA- status.

"The problem is that we're printing too much money. And we're printing too much money because we are spending too much money," said MacGovern.

Egan Jones said in a press release that "issuing additional currency and depressing interest rates via the purchasing of MBS [mortgage backed securities] does little to raise the real GDP of the US, but does reduce the value of the dollar." Although early in the week Moody's issued a warning, Egan Jones actually took the step to cut America's credit rating to AA-, the second downgrade this year.

"Not only are the reckless actions taken by the Fed going to continue to hurt our nation's ability to borrow, as cited by both Moody's and Egan Jones, it also hurts the middle class and working poor, whom Senator Sanders says he cares about. The Fed is guilty of taxation through inflation and it is advancing the financial ruin of our country, and undermines the stability of the dollar as the world's reserve currency.

Although Senator Sanders gives the appearance of caring about this issue, his actions tell a different story. First, his approach to government has caused the overspending that necessitates borrowing from the Federal Reserve to begin with. Secondly, when an audit the Federal Reserve bill came before the Senate, its architect Ron Paul was quoted as saying that Senator Sander "gutted" the bill, offering a substitute at the last minute "which could even make things worse." Sanders sold out on this issue, and now the ramifications of an un-checked FED are putting our country in greater danger. It's time for Bernanke to go."

Relevant Address(es):
Montpelier, VT 05602 (Set as Local)
Windsor, VT 05089 (Set as Local)

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