rpwi
Member
- Joined
- Jan 9, 2012
- Messages
- 1,049
Somewhat of a followup from his hearing last week.
Video:
http://ronpaulnews.net/2012/07/ron-paul-get-government-out-of-banking.html
Transcript:
http://paul.house.gov/index.php?opt...d&catid=64:2012-texas-straight-talk&Itemid=69
Nice to see him quote Rothbard on the issue...of all Austrians Rothbard clearly had the best understanding of how FRB worked.
Was somewhat disappointed to see Ron reduce the issue to FDIC. That is important...but is not the whole story. The Fed bails out the banking constantly and in a more significant fashion with the discount window, the open market (this is the most important factor) and indirectly through TT&L. There are other evil mechanisms as work as well that the Fed uses to prop up FRB.
Was also disappointed that Ron talked about free market banking...after he quoted Rothbard saying banking was fraud. You can't have a free market in fraud...and if we don't recognize FRB as fraud now, it will be almost impossible to get us off of it in a timely manner without a lot of depositors losing their money. We need to progressively raise reserve ratios and de-couple monetary policy from the inter-bank lending rate. Then we need to give depositors genuine options besides fractional accounts to store their money.
Video:
http://ronpaulnews.net/2012/07/ron-paul-get-government-out-of-banking.html
Transcript:
http://paul.house.gov/index.php?opt...d&catid=64:2012-texas-straight-talk&Itemid=69
Nice to see him quote Rothbard on the issue...of all Austrians Rothbard clearly had the best understanding of how FRB worked.
Was somewhat disappointed to see Ron reduce the issue to FDIC. That is important...but is not the whole story. The Fed bails out the banking constantly and in a more significant fashion with the discount window, the open market (this is the most important factor) and indirectly through TT&L. There are other evil mechanisms as work as well that the Fed uses to prop up FRB.
Was also disappointed that Ron talked about free market banking...after he quoted Rothbard saying banking was fraud. You can't have a free market in fraud...and if we don't recognize FRB as fraud now, it will be almost impossible to get us off of it in a timely manner without a lot of depositors losing their money. We need to progressively raise reserve ratios and de-couple monetary policy from the inter-bank lending rate. Then we need to give depositors genuine options besides fractional accounts to store their money.
