This video of Representative Ron Paul grilling the Fed Chairman Ben Bernanke is a must see.
What is most interesting is towards the end, when Ben Bernanke responds to Ron Paul's question asking as to where exactly the Fed gets all its authority from to create money and credit endlessly out of thin air.
Ben Bernanke mentions the US Constitution, which gives Congress the "power to coin the currency."
Ron Paul butts in stressing the word "coin."
And therein lies the rub, for there is no authority to print fiat paper money.
Ron Paul also says that "you cannot fight inflation with more inflation."
And I loved his reference to the Austrian school of economics and to Ludwig von Mises in particular.
We must all support this great truth-telling politician of America who knows his onions.
The thing is, Ron Paul will never get elected and, even if he is, will be crushed by the State. Ron Paul and the State are contradictions...
ReplyDeleteRon Paul could have done a better job :| I've realized many people don't necessarily care for the fine print in the Constitution. So economic ideas need to stand on their on.
ReplyDeleteGlad to see Austrian economics picking up among Indians!
It should be noted that Ron Paul is a Representative, not a Senator, but yes.
ReplyDeletethanks douglas... the error is now corrected
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