Ron Paul: the Federal Reserve has lost control of interest rates

Today, Campaign for Liberty Chairman Ron Paul issued the following statement in response to the Federal Open Market Committee’s decision to continue its failed bond buying program:

“Chairman Bernanke and the government falsely believe they can single-handedly control interest rates. Yes, there can be some manipulation, but markets are much more powerful.

“The Federal Reserve has lost control of interest rates, and we are seeing the results in higher yields on Treasury notes, likely due to the Federal Reserve’s unprecedented monetary expansion over the past few years. Until our leaders understand that the Federal Reserve’s drastic intervention in the US economy has made our economic problems worse, the American people will continue to suffer high unemployment, rising prices, and now, rising interest rates for years to come.”

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