[Congressional Record Volume 155, Number 81 (Tuesday, June 2, 2009)]
[House]
[Page H6018]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         CONCERN FOR THE DOLLAR

  (Mr. KIRK asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. KIRK. Mr. Speaker, the dollars in your wallet are about to become 
less valuable, a lot less valuable.
  Over the last several months, the Federal Reserve has been lending 
money to the Federal Government using ``monetized'' assets. That's 
Washington-speak for printing money we do not have. To date, the Fed 
has printed over $130 billion by just running a virtual electronic 
printing press on its balance sheet. Most Americans do not know this is 
happening. Most Chinese do.
  The dollar-printing policy of Chairman Bernanke and Secretary 
Geithner should worry every American. High interest rates and inflation 
are the enemy of homeowners with a mortgage and senior citizens on a 
fixed income. Nothing sinks a middle class faster than inflation.
  Concern for the dollar is also front page news in China. China's 
leaders approved over $1 trillion in lending to the U.S. And if the Fed 
continues printing money, then China's dollar-denominated loans will 
lose considerable value.
  As co-chair of the China Working Group, I led a mission to China, 
where I heard about deep concern in China. It's a concern that we 
should all listen to for our own sakes, as well as our international 
trade.

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