Date registered: Aug 2006
Vehicle: PM me to Join the Expat Muslims for Obama Club........
Location: Jakarta, Indonesia
Mentioned: 0 Post(s)
Quoted: 3 Post(s)
Federal Reserve "Dollar Sale" meant to hurt Ron Paul, supporters say
U.S. Federal Reserve banks today announced a "Dollar Sale Party '07" event, only two days after GOP primary candidate Ron Paul raised over $6 million during a grassroots "Tea Party '07" fundraising event.
The Fed's stated goal of the Dollar Sale is to remove old dollars from circulation and replace them with freshly-printed new ones. During the event, dollar holders may turn in any denomination bill and receive five new bills of the same denomination.
Ron Paul supporters immediately cried foul, claiming that the move is designed to decrease the purchasing power of Paul's 4th quarter donation money, which has now surpassed $18 million. The purchasing power of the dollar is expected to drop sharply due to the sudden five-fold increase in paper currency.
Federal Reserve Chairman Ben Bernanke denied those accusations and claimed that the Dollar Sale had been planned since last Saturday, one day before Paul's Tea Party event.
Bernanke went further and accused the Paul supporters of hating the poor. "We're giving away free money," Bernanke said. "And somehow that makes us the bad guys?"
The twelve Federal Reserve Banks are private institutions owned in part by foreign interests. The primary role of the Federal Reserve is to print lots of paper money and soak up U.S. workers' excess wages in the form of a federal income tax. A Paul presidency would threaten the Fed's existence because Paul has recommended the creation of competing currencies, effectively ending the Fed's monopoly on the creation of money.
In addition to trying to sabotage Paul's campaign, supporters say, the Dollar Sale might be personal as well. Congressman Paul often verbally bitch smacks Bernanke during congressional hearings.