Libertarian Party of Contra Costa County Calls for Audit of Government Finances
LOCAL LIBERTARIAN GROUP WANTS GOVERNMENT FINANCES AUDITED
Contact:
Mr. Cory Nott
Chairman
Libertarian Party of Contra Costa County
3206 Claudia Dr
Concord, CA 94520
TEL (925) 595-6095
FAX (866) 596-0360
E-mail: cory@lpccc.org
Web: www.meetup.com/lpccc
Date: July 16, 2009
For Immediate Release
CONCORD, CALIFORNIA — To let citizens know how their hard-earned tax dollars are being used, the Contra Costa Libertarian Party (LPCCC) is urging all local Congresspersons to support HR 1207, a bill that would audit the activities of the Federal Reserve Board. The bill, sponsored by Rep. Ronald Paul (R-TX) currently has 261 cosponsors
To date, local Congresspersons George Miller and Jerry McNerney have not said whether or not they will support HR1207. The two Congresspersons are both Democrats.
The Federal Reserve (the Fed) is planning to buy $2 trillion worth of United States debt. The debt stems from the current $2 trillion annual deficit engineered by the Obama Administration and the Democratically-controlled Congress.
The LPCCC believes that there must be Congressional oversight of this massive purchase of American debt.
To generate the $2 trillion, the Fed plans to order the printing of $2 trillion worth of American dollars. By law, the Fed has the power to print money.
Once $2 trillion worth of printed dollars start to circulate in the American economy, LPCCC believes that the result will be massive inflation. LPCCC chairman, Cory Nott, says that American inflation rates could reach 30% annually by mid-2010. Thus, what costs $100 in today’s money might cost $130 by June 2010, according to Nott.
The American government tried to get China, Japan, and Saudi Arabia to buy the $2 trillion worth of debt. However, these countries refused, arguing that holding American dollars would mean the holding of a worthless paper 12 months from now.
