Ted Poe: “How long is Congress going to sit idly by while the Federal Reserve destroys the value of the U.S. dollar? On Friday…”

“How long is Congress going to sit idly by while the Federal Reserve destroys the value of the U.S. dollar? On Friday, May 7, our dollar was worth only one twelve-hundredth of an ounce of gold. That means that the dollar has lost more than three-quarters of its value in just 9 years, since 2001. Let's not kid ourselves and think the value of our dollars in terms of gold doesn't matter. Where gold prices go, other prices follow. We are either going to see the dollar price of gold fall or we are in for a blast of inflation that will crush the middle class and lead to yet another recession. If you think that this can't happen, let me remind you that is exactly what happened in the 1970s and the early 1980s. Do we want to go back to the 1970s? Do we want to have double-digit inflation followed by double-digit unemployment? Well, that will happen unless we stabilize the U.S. dollar. And let's not kid ourselves and think that because the dollar is rising against the euro, all is well in America. The euro and the dollar are both headed off the financial cliff. The euro is just jumping first. Mr. Speaker, how can we expect to have a stable economy or a stable financial market without a stable currency? The dollar is involved in every single transaction we do. If it moves around, it takes everything with it. We have seen in the past 2 years just how high the cost of an unstable dollar can be.”