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If Government gets rid of the Fed, and gets back on the silver standard of 1 ounce of silver to 1 dollar, there would not be enough silver to go around. This would open up a whole area of jobs where people would become prospectors and miners of silver.
The ONLY thing the Fed is about is World socialization so that the superrich can rule as "benefactors." And they are using our ignorance, stupidity and productivity to do it.
I will take the side of reality here with the risk of being criticized. Reality as it is, Dr. Ron Paul represents what it is not. What he is doing is by no means telling a lie … it is just a fanciful overlay of reality of one political mutant rising from the murky if not toxic waters of today’s political swamp.
As the new Chairman of the House subcommittee on domestic monetary policy that oversees the Federal Reserves, expect fireworks of public opinion burning the wire 24-hours a day.
In monetary policy formulation and implementation, a highly technical working knowledge of which requires years of specialized studies in graduate schools, Paul, a doctor of medicine represents not what the Federal Reserves is all about but what he perceives it should be. Supporters really believed their street knowledge about the need to abolish the Fed is an economic reality, not just a political romanticism that crowns the head of a good-looking paper revolutionary. But that is not without basis. It sounds like Austrian Economics where life is live and let live! Its terrible weakness is seen by Keynesians as anarchy or chaos.
The primary role of central banking is to see to it that confidence in the monetary system is at all times high. Economics-wise it is dangerous to tilt the economy for lack of confidence as when the market turns into a complete free-for-all without order [confusion and chaos which only government intervention could stop the greedy strong from overpowering the meeker weak and restore free enterprise’ market equilibrium and order]. Confidence is not maintained by attacks coming from those whose knowledge of what central banking is all about is intermittent and vicious. That’s why this audit-the-Fed bill would hardly pass in Congress because to politicize monetary policy is where those attacks approved by Congress will be coming from. The irony is, transparency and monetary security are oil and water that don’t mix to bring about harmony. So honestly, we can imagine what is amiss if we start from here looking into these opposing forces.
Monetary specialists find Paul’s ideas "very strange indeed", Lyle E. Gramley, former Fed governor now "a senior economic adviser at the Potomac Research Group". "I don’t think he understands what central banking is all about," Gramley eulogizes Paul. This remark might be unkind to this rather "odd" [not my word] Libertarian "hero", but Paul had it coming for taking the opposite side of reality. Another example is when Paul blamed the American people for that 911 infamy freeing Al Qaeda terrorists of any responsibility. The Red blog described him as "odd" or "Al Qaeda’s favorite member of Congress."
Supporters claim that Paul has followers he should run for president again in 2012. But this too is the opposite of reality. If he legalizes marijuana, and de-internationalize United States’ foreign affairs, he sure would have some grumpy followers. What are these followers and how big they are beg the question. Nonetheless, no matter how small are these followers -- with hardly 2% votes when he ran for president in 2008 -- supporters were euphoric in claiming a Ron Paul victory – and that is putting his message across. If that is the only purpose of a candidate who wants to run for president, the public classifies what kind of a candidate that is.
But aren’t we having some fun? To many Libertarian colleagues, that’s all that matters of which even though somehow I do surprisingly like Paul, I have nevertheless been a party to it even just for a fleeting moment. In economics, I know what reality is which oftentimes its technical enchantment beguiles the less sophisticated and lures them into their own virtual reality. bakadude
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