Ron Paul on Scoreboard: Rand and I Will Introduce Legislation to End the Fed

Ron Paul appears on Fox Business' Scoreboard, telling host David Asner that he and Rand will introduce a new bill to call for eliminating the Federal Reserve.



While this is encouraging across the board, I'm unconvinced as to whether they can achieve and attain a great amount of success in their bold effort to pull the plug on the Fed. I'll reserve judgment for the time being.

Until then, color me skeptical.

Ron Paul Debates Keynesian Stooge Peter Morici on CNBC's Kudlow Report

Ron Paul appeared once again on Larry Kudlow's The Kudlow Report on CNBC yesterday, in which he debated the secrecy of the Federal Reserve with Keynesian stooge/economist Peter Morici, who goes on the pro-Fed defensive. This statist goes out of his way to make a true statement by saying the following:

In order to create money, you have to buy bonds to issue the dollars. So they are always involved in fiscal policy. And, as for this inflation and...and...and this fiscal cri....this financial crisis, well, I think Congress had a lot to do with it. You know, they've had a hand in monetary policy or financial policy. For example, the Community Reinvestment Act, which encouraged banks to make irresponsible loans. The meddling in the activities of Fannie Mae and Freddie Mac, getting them to make irresponsible loans. A $1.5 trillion deficit. That creates bonds that investors hold internationally. It's as good as dollars. Wait a minute! If anybody's going to apologize, then it has to be the people who are totally out of control on Capitol Hill.

While Morici is right on the button on those points, what he fails -- perhaps neglect -- to mention is that it is all the fault of Congress, the banks (including Fannie Mae and Freddie Mac), the mortgage and financial lenders, and the Federal Reserve for having a hand in the wipe out and evisceration of the value of the dollar, producing the fall of the financial markets, and so on. The only point that Morici gets wrong is that the Fed buys the bonds to print those dollars (as he contends religiously). Actually, it prints money out of thin air with no intrinsic value backing those dollars whatsoever..



Ron gets it right completely. Morici is an idiot when he says that we shouldn't link our monetary system to gold because it "will always be rising over time." He's ridiculous when he fearfully opines, "Well, there's simply not enough gold in the world. If you want to have 1880s, 1890s deflation, that's a great way to have it happen." Morici, on the price of gold, further notes, "The price of gold will always be rising over time while it gyrates around the trend. It will be rising, it will be very difficult to manage the currency that way." Ron Paul talks over him, correctly noting:

The pri...the price of gold does not go up; the value of the dollar goes down. You gotta understand that point, or you will never solve our problems.

Well, said, Ron! Well said indeed!

[H/T to Lew for his blog posting on this.]

[Cross-posted to the Freeman Chronicles.]

Ron Paul Calls for the Abolition of the Federal Reserve on Glenn Beck

Ron Paul on Fox News' Glenn Beck, making an outstanding and purely moral, philosophical, and financial case for the abolition of the Federal Reserve system. More than that, he calls for a new monetary system.



It's nice to see conservatives like Glenn Beck coming around to the good side, even though Beck, during Ron's presidential campaign, called Ron Paul supporters "terrorists" and accused them of advocating "blowing other people up." Here's an old clip of Beck on his old CNN show back in December 2007 after Paul's money bomb resulted in $4 million raised on December 5, commemorating Guy Fawkes Day:



After 8 years of conservatives supporting a diabolical "compassionate conservative" presidency plagued with igniting a war in Iraq, huge spending deficits, abuses of civil liberties and powers of the Oval Office, and other vile acts associated with the Bush administration, it's amusing that many of them are now turning on the Barack presidency after briefly being chummy with him. Watching them squirm and seeing the errors of their evil ways have been quite interesting, to say the least, although not necessarily enjoyable in any way.