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Wednesday, December 15, 2010

Ron Paul v. The Fed

Ron Paul goes after the "obscene" Federal Reserve in this timely Fortune interview. Considered a fringe guy for years, Paul now gaining support from the mainstream. The fringe lunatics here at Johnsville support his "End the Fed" mission.

Fortune.com:
Will the Fed be able to survive Ron Paul? -- No doubt Paul's views fall outside the mainstream. At times, his thoughts are arguably off-putting and easy to brush off as extremist political rhetoric. Even Libertarians don't always see eye-to-eye with the Texas politico.

Lately though Paul's views are garnering the attention that he and supporters have long been waiting for. Earlier this month, Paul was picked to head the House subcommittee on domestic monetary policy. That means he will help oversee the body he's opposed to -- the Federal Reserve -- as well as currency and the dollar's value...

Do you want to end the Fed?
Well, I don't expect to. The Fed's going to end itself when they destroy the system. So yes I would end the Fed but I would do it gradually and have a transition. I would let people voluntarily opt out and not be forced to use depreciating money. Just think about how terrible it is that people make 1% or less on a certificate of deposit and banks get money for free and then they buy Treasury bills for 3% or 4% making billions of dollars. It's just not fair and people are waking up to this.
[...]
But some would consider ending the Fed is a bit extreme, don't you think?
No, I think printing money is extreme and crazy. I think the obscenity is allowing the Federal Reserve to print $3.3 trillion and we don't even know where it went. That to me is what's so extreme. And that's what the American people are waking up to. Government is extremely out of control. That is what I think everybody agrees on in the Tea Party movement.

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Paul Krugman - NY Times

The Big Picture - Barry Ritholtz

naked capitalism - Yves Smith

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