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Qe3 And Inflation

(Mr. BURTON of Indiana asked and was given permission to address the House for 1 minute and to revise and extend his remarks.)

Rep. Dan Burton

legislator photo

Mr. Speaker, today the Fed Chairman, Mr. Bernanke, is indicating they are going to increase the money supply again. They call it QE3. What the American people need to know, that means they are going to print more money. And when they print more money, that makes the value of your dollar and your currency worth less. That means milk is going to cost more, bread is going to cost more because the Federal Government's not living within its means and they're going to print more money that's going to make all of our currency worth less.

I want to tell you what's happened in other countries when they've done this. In Hungary in 1946, the price of everything doubled every 16 hours. In Yugoslavia in 1994, the prices doubled every 34 hours. In Germany in 1923, the price of everything doubled every 4 days. In Greece in 1944, it doubled every 4 days. In Zimbabwe in 2008, it doubled every 24 hours.

We need to stop this printing of money. We need to control spending in this body instead of letting the Fed print more money, which is a hidden tax on everybody in this country.