Ron Paul essentially disagreed with all four facets of the Federal Reserve's program for the struggling economy. […He] started by branding the financial system a failure, and then laid out the reasons why he didn't think Bernanke's plan was going to save the economy. “It is fundamental for us to understand...if we think we can patch up a system that has failed, it's not going to work,” he told the Reserve's chairman. “We have a total misunderstanding of what credit is, versus capital. Capital can't come from the thin-air creation by a Federal Reserve system, capital has to come from savings. We work hard, produce, live within our means, and what is leftover is called capital. This whole idea that we can 're-capitalize' markets by merely turning on the printing presses and increasing credit is a total fallacy,” he said in his address. “Give up on the dollar standard. We have to be very much aware that the system will [not be] viable. We have to have a system that encourages people to work, and to save.”
We won’t give up on the dollar standard until oil is selling in euros. Or yen. Or until we've sold all our debt to China and they want real goods in payment. Until then, print away! Credit! More credit!
....but hey, do what you want....you will anyway.
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