TAILIEUCHUNG - Pillars of Prosperity phần 5

và (D) những phần của cuộc thảo luận bằng miệng, bằng văn bản, điện báo, hoặc qua điện thoại và thông tin liên lạc giữa hay giữa các Thành viên của Hội đồng thống đốc và cán bộ, nhân viên của Hệ thống Dự trữ Liên bang đối phó với chủ đề được liệt kê trong các tiểu mục (A) (B) và (C ) của đoạn này. | Money and Banking Gold versus Fiat 179 Conduct of Monetary Policy Banking Committee Hearing on Conduct of Monetary Policy Congressional Record - . House of Representatives February 24 1998 Dr. PAUL. Second of all picking up on a point that Mr. Frank made a moment ago of the IMF some of us think in fact that the IMF by and large has been a failure that in Africa and Latin America after years of IMF structural adjustment programs what has happened is there has been a significant increase in poverty major cutbacks in health in education increases in unemployment. In fact in Africa what we are seeing is a dismal situation and in recent years has been made even more dismal. In Latin America I think with the exception of Chile every country there has seen an increase in poverty. Also as you know the IMF told us a year ago how splendidly the Asian economies were doing in Indonesia in Korea and so forth and now they are in the middle of a meltdown. Given the very poor record of the IMF and given the fact that a number of economists think that the major role of the IMF is to help multinational banks and corporations rather than the poor people of Third World countries perhaps you can elaborate on why you think the taxpayers of this country should put up 18 billion in order to replenish the IMF So I hope you will address some of those issues. Dr. PAUL. It seems like the most appropriate subject for now would be the interrelation of the crisis in Asia with our own domestic monetary policy. And if I am not mistaken it seems like there has already been an effect on the foreign holdings of debt our debt now has been decreased by approximately 50 billion. It seems like it has changed our domestic monetary policy because we are expanding our Federal Reserve holdings as well as M3 is rising now. 180 Pillars of Prosperity In the old-fashioned definition of inflation we are well into it we are inflating a lot. If we do not rely on the erroneous messages that we get from the CPI .

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