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Fed critic Ron Paul says inflation deadly threat

Fed critic Ron Paul says inflation deadly threat (by Greg Robb)

WASHINGTON (MarketWatch) - Rep. Ron Paul, the Texas Republican who is a fierce critic of the Federal Reserve, said inflation is a "deadly threat" to the economy and is being caused by current monetary policy. In an opening statement before Fed chairman Ben Bernanke testifies before the House Financial Services Committee, Paul disagreed with Bernanke's assertion that the recent spike in oil prices would only lead to a "temporary and relatively modest" increase in consumer prices. "I would suggest that we still have a lot of inflation in the system and it is going to get much worse," Paul said. Paul said that economists he follows argue that consumer prices are rising at a 9% clip and the money supply is rising at a 24% pace.