Wikinvest Wire

Ron Paul on Ron Paul

Thursday, November 20, 2008

Here's Ron Paul talking about his exchange with Fed chief Ben Bernanke the other day and further below is the original clip of the two. Interesting stuff...


DaveK said...

Great post.
Had we retained the gold standard, we would not be in this mess. Relying on paper has never worked, save for pockets of artificial enthusiasm, those who don't know history are destined to repeat it.

Anonymous said...

Congratulations Texas, you have the only real congress person!

Aaron Krowne said...

Not really, DaveK.

Remember we had the gold standard going into the Great Depression. It was the expansion of credit on top of this edifice that nevertheless created a bubble that was destined to burst, setting off the extended downturn.

However, interestingly, the argument that fiat somehow gives us more flexibility in recovering from such an event appears to be proven false, as current events show. Even fiat can reach a "saturation point" whereby no attempts to "force" more credit in the system will bring back the pre-bubble-burst glory; and as the real economy adjusts, a downturn (call it recession, call it depression) is the embodiment of that adjustment.

It will be interesting to see if, as Ron Paul implies, and as FDR did, a gold peg will be re-introduced as a vehicle to universally monetize.

One of the main benefits of this would be to achieve the much-hoped-for devaluation of mortgage obligations.

robpatozz said...

Tim - Great blog site!! Thanks for linking to this video from my youtube channel! We need to wake up 30,000,000 fellow citizens. The message of FREEDOM must go viral! Plenty more where this came from, stay tuned.

Join the Educational Revolution!

in pursuit of liberty,

Patriot and modern day pamphleteer
youtubechannel: robpatozz

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