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http://www.atimes.com/atimes/Global_Economy/GECON-01-300614.html
Ron Paul considered "the creation of the Fed the most tragic blunder ever committed by Congress. The day [the existence of the Federal Reserve] it was passed [into law], old America died and a new era began. A new institution was born that was to cause the unprecedented economic instability in the decades to come. The longer we delay a conversion to sound money and away from central banking, the worse our crises will grow and the more the government will expand at the expense of our liberties. Our wealth is drained, our productivity is sharply diminished. Our freedoms are eroded.
"We have been through nearly a hundred years of this same repeating pattern, so it is time to wise up and learn something. When the printing presses are available to the government and the banking cartel, they will use them rather than do the right thing. Manipulating interest rates is an immoral act. It is economically destructive. A central bank setting interest rates is price-fixing and is a form of central economic planning. Price-fixing is a tool of socialism and destroys production. Artificially low rates of interest orchestrated by the Fed induced investors, savers, borrowers, and consumers to misjudge what was going on. Multiple mistakes are made. Prosperity can never be achieved by cheap credit. If that were so, no one would have to work for a living."
Ron Paul stated that the Fed should be abolished because it is an immoral, unconstitutional, and unpractical interest-group institution; it promotes bad economics and undermines liberty. Its destructive nature makes it a tool of tyrannical government. Nothing good can come from the Fed. Diluting the value of the dollar by increasing its supply is a vicious, sinister tax on the poor and the middle class. The Fed's monetary policy has brought us to where we are today. The evidence is abundant that the Fed is at fault and should be abolished.
Ron Paul considered "the creation of the Fed the most tragic blunder ever committed by Congress. The day [the existence of the Federal Reserve] it was passed [into law], old America died and a new era began. A new institution was born that was to cause the unprecedented economic instability in the decades to come. The longer we delay a conversion to sound money and away from central banking, the worse our crises will grow and the more the government will expand at the expense of our liberties. Our wealth is drained, our productivity is sharply diminished. Our freedoms are eroded.
"We have been through nearly a hundred years of this same repeating pattern, so it is time to wise up and learn something. When the printing presses are available to the government and the banking cartel, they will use them rather than do the right thing. Manipulating interest rates is an immoral act. It is economically destructive. A central bank setting interest rates is price-fixing and is a form of central economic planning. Price-fixing is a tool of socialism and destroys production. Artificially low rates of interest orchestrated by the Fed induced investors, savers, borrowers, and consumers to misjudge what was going on. Multiple mistakes are made. Prosperity can never be achieved by cheap credit. If that were so, no one would have to work for a living."
Ron Paul stated that the Fed should be abolished because it is an immoral, unconstitutional, and unpractical interest-group institution; it promotes bad economics and undermines liberty. Its destructive nature makes it a tool of tyrannical government. Nothing good can come from the Fed. Diluting the value of the dollar by increasing its supply is a vicious, sinister tax on the poor and the middle class. The Fed's monetary policy has brought us to where we are today. The evidence is abundant that the Fed is at fault and should be abolished.
