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Paul's committee hearing will link monetary policy with rising prices
Paul Announces Hearing on Monetary Policy and Rising Prices
Press Release from the Office of U.S. Rep. Ron Paul
Friday, March 11, 2011
http://paul.house.gov/index.php?option=com_content&view=article&id=1836:...
WASHINGTON -- U.S. Rep. Ron Paul, R-Texas, chairman of the Domestic Monetary Policy and Technology Subcommittee, announced today that the subcommittee will hold a hearing to examine the relationship between monetary policy and rising prices, with a particular focus on food and energy prices.
The hearing is scheduled for Thursday, March 17, at 10 a.m. in Room 2128 of the Rayburn House Office Building.
"It is unconscionable that published government statistics mislead Americans regarding the true rate of price inflation, which is much higher than commonly-reported Consumer Price Index numbers," Paul stated. "It is also unconscionable that Federal Reserve Bank officials continue to deny the effects of their monetary expansion on consumer prices.
The Gold Standard Now: It Can Work
On March 17 former Reagan Gold Commission member Lewis E. Lehrman, journalist James Grant, and Prof. James Salerno will testify before U.S. Rep. Ron Paul's Subcommittee on Domestic Monetary Policy. This is the most significant monetary policy hearing in at least a generation, probably in 40 years, possibly in our lifetimes.
Today a dollar is worth 80 percent less than it was 40 years ago, and less than 5 percent of its value a hundred years ago. We deserve a dollar that is as good as gold, a dollar that will hold its value from year to year so we can be financially secure and our economy can generate more and better jobs.
For most of America's history, our dollar was literally as good as gold. But on August 15, 1971, our politicians destroyed the link between gold and the dollar. They destroyed the foundations of our economic system.
A new Internet site, TheGoldStandardNow.org, provides news and cutting-edge analysis about this most important issue and explains how the gold standard worked in the past and how it can work in the future. Visit us today:
http://www.thegoldstandardnow.org/about/137-welcome-newsmax
"Inflation, properly understood, is a monetary phenomenon. The price inflation Americans suffer today is largely the direct result of relentless monetary expansion by the Federal Reserve over the past decade. Our witnesses will explore how current monetary policy, including QE2, directly impacts the standard of living of Americans in ways that are not reflected in official government data."
U.S. Rep. Walter Jones, R-North Carolina, vice chairman of the subcommittee, stated, "The Fed has attempted to convince the public that its money-printing campaign is necessary to stimulate America's economic recovery. Instead of recovery, the real effect of the Fed's money printing has been monetization of America's exploding fiscal deficits, devaluation of the dollar, and creation of inflation in asset prices across the board. As a result, working people in places like eastern North Carolina are being squeezed at the gas pump and the grocery store as they struggle to make ends meet in a world in which their salaries have no chance of keeping up with Mr. Bernanke's printing presses."
Scheduled to testify are:
-- Prof. Joseph Salerno, chairman of the Economics Graduate Program at Pace University.
-- James Grant, noted commentator and publisher of Grant's Interest Rate Observer.
-- Lewis Lehrman, author, investment banker, and former member of President Reagan's Gold Commission.
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Prophecy Resource Spins Off Platinum/Palladium Venture:
World-Class PGM Deposit in Yukon
Company Press Release, January 18, 2011
VANCOUVER, British Columbia -- Prophecy Resource Corp. (TSX-V:PCY)and Pacific Coast Nickel Corp. announce that they have agreed that PCNC will acquire Prophecy's Nickel PGM projects by issuing common shares to Prophecy.
PCNC will acquire the Wellgreen PGM Ni-Cu and Lynn Lake nickel projects in the Yukon Territory and Manitoba respectively by issuing up to 550 million common shares of PCNC to Prophecy. PCNC has 55.7 million shares outstanding.
Following the transaction:
-- Prophecy will own approximately 90 percent of PCNC.
-- PCNC will consolidate its share capital on a 10 old for one new basis.
-- Prophecy will change its name to Prophecy Coal Corp. and PCNC will be renamed Prophecy Platinum Corp.
-- Prophecy intends to distribute half of its PCNC shares to shareholders pro-rata in accordance with their holdings.
Based on the closing price of the common shares of PCNC on January 17, $0.195 per share, the gross value of the transaction is $107,250,000.
For the complete announcement, please visit:
http://prophecyresource.com/news_2011_jan18.php
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