April 21st, 2006
The Honorable Cathy McMorris
United States House of Representatives
1708 Longworth House Office Building
Washington, D.C. 20515-4705
(202) 225-2006
Jeff Whiteside
[Contact Information Redacted]
Dear Honorable Cathy McMorris,
I would like to express concern over the Federal Reserve’s recent decision, on March 23rd, to cease publication of their M3 monetary aggregate report. Though this reporting change has been touted as a “minor policy change,” there is growing concern that this bold move may have been done to cover up explosive monetary expansion. As the Federal Reserve is not run by elected officials, I feel it is critical to have a full release of all monetary details to allow oversight groups and individuals the ability to review all available data relating to our currency system.
The M3 monetary aggregate represents nearly three and a half trillion dollars of our total economy and is the only report that gives the “bird’s eye view” of our country’s economic health. Though many in these circles may consider three and a half trillion dollars as inconsequential and “not worth the effort” to track, I must disagree as it represents nearly one third of our total economic system.
As you are probably aware, we have seen a marked increase of silver and gold prices, energy prices, as well as continually rising interest rates. All of these items are indicating runaway inflation and a rapid devaluation of the American dollar. This should be a source of concern considering our monetary system’s declining value in comparison to currencies such as the Euro. In times such as these, the M3 data is critical to insure that the Federal Reserve is keeping our economy’s best interest in mind.
I would urge you to support the effort to force the Federal Reserve to continue publishing the M3 monetary aggregate report. Congressman Ron Paul of Texas has introduced H.R. 4892 in an effort to bring about this change, and I feel it is important enough to receive your attention and support.
Thank you for taking the time to read this and for any correspondence.
Sincerely,
Jeff Whiteside
