====== FOR IMMEDIATE RELEASE ======
America First Party
1630 A 30th Street #111
Boulder, Colorado 80301
http://www.AmericaFirstParty.org
Wednesday, December 5, 2007
Dollar Collapsing, Inflation Spiking - Founding Fathers' Ideals Could Have Prevented This
Boulder, CO -- While the Bureau of Labor Statistics and media outlets report
that "core" inflation is only 2.2 percent, this ignores the effect of food
and energy prices which are rising dramatically. The BLS's latest numbers
show that the nationwide city average price for small users of natural gas
is up 5.9% for the last 12 month period, while the average for all types of
gasoline is up a whopping 22.6%. Food price rises are more shocking, with
the nationwide city average for staples such as ground beef, lettuce, whole
milk, bologna, white bread, and flour rising by an average of 6.8%, 22.1%.
25.3%, 12.9%, 16.1%, and 10.6% respectively, an average 12 month increase of
15.6% for these 6 basic food products.
The rise in stock market, fuel, food and other commodity prices correlates
with the fall in the Dollar, which dropped dramatically in the last 7 year
period. The Dollar Index dropped 35% in this same period, showing the
Dollar's weakness relative to the currencies of 32 major trading partners
with market-determined currency exchange rates. With respect to the
currency of 27 of these partners, the Euro, the Dollar has plunged 41% in
the same period. This is a situation that particularly shows the Dollar's
weakness, in that the Euro is a currency without a nation, which is
completely dependent on the maintenance of political relations between
nations of the EU. Although this adds risk to owning the Euro, the market
today judges the Dollar to be even less reliable, thereby jeopardizing the
buying power and savings of most Americans.
The America First Party calls for an end to fiat currencies and a return to
the coined-money standard required by the Constitution and our Founding
Fathers, who had experienced disastrous inflation during colonial times.
This precious-metals standard, which has the secondary benefit of limiting
the expansion of government, is the clear solution to inflation. As a
result of our deviation from this constitutional requirement, Americans are
unfairly victimized. Many who would otherwise be able to retire at age 55,
must now work for 10 or more additional years to compensate for the
wealth-robbing effect of inflation.
For more information on inflation, including how the government understates
it through statistical manipulations, its effect on retirement savings, and
the connection between inflation and expansive government, please see the
detailed discussion published on the party website
here.
Contacts:
Jonathan Hill, National Chairman, 1-866-SOS-USA1, ext. 4
John Schweingrouber, Press Secretary, 1-866-SOS-USA1, ext. 2
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