Saturday, June 27, 2009

US News interviews my guy - Ron Paul!

Excerpted from an interview by US News & World Report's Matt Bandyk:

President Obama's financial regulatory plan has created controversy over the role of the Federal Reserve in our economy like rarely before. The person in Congress with perhaps the most unconventional point of view on these issues in American politics is Congressman and former presidential candidate Ron Paul (R-TX), a longtime critic of the very institution of the Fed and fractional reserve banking. He has recently sponsored a bill that would audit the Fed, which has attracted cosponsors such as Dennis Kucinich (D-OH).

I talked to Congressman Paul about his unique perspective and why the Fed is controversial again.

(Bandyk): Do you think the Fed is the main culprit behind the current economic crisis?

Paul: I don't believe you can have financial bubbles without artificially expanding the supply of money and credit, and only the Fed can do that in collusion with the banks, who can operate under fractional reserve banking. So that's where the financial bubbles come from, whether it's housing or the
stock market or the bond market. That's the source of the bubble, and that's what has to be addressed, and yet the Fed has been able to operate in secrecy on exactly how they allocate credit and what they do with international markets. So yes, the Fed is the number one culprit.

I seriously hope that Obama / Dodd / Frank acknowledge that monetary policy is relevant... and acknowledge it soon. If we let Bernanke continue down his chosen path of lies and fantasies, he may soon destroy the US dollar... and the knock-on effect for our republic won't be pretty.

We need to:

1) transition from fiat money to sound money;
2) transition from fractional reserve banking to full reserve banking; and
3) kill The Beast The Federal Reserve.

But for starters we can legalize the Constitution:

The Congress shall have Power... To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures

Tim White

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