Saturday, April 21, 2007

RE: Ron Paul on the Fed and Fiat Currency

----------------- Bulletin Message -----------------
From: R4ND0mLI9HT
Date: Apr 21, 2007 9:57 AM

"The greatest threat facing America today is not terrorism, or foreign economic competition, or illegal immigration. The greatest threat facing America today is the disastrous fiscal policies of our own government, marked by shameless deficit spending and Federal Reserve currency devaluation. It is this one-two punch of Congress spending more than it can tax or borrow, and the Fed printing money to make up the difference that threatens to impoverish us by further destroying the value of our dollars.

"The Feds inflationary policies hurt older people the most. Older people generally rely on fixed incomes from pensions and Social Security, along with their savings. Inflation destroys the buying power of their fixed incomes, while low interest rates reduce any income from savings. So while Fed policies encourage younger people to over-borrow because interest rates are so low, they also punish thrifty older people who saved for retirement.

"The financial press sometimes criticizes Federal Reserve policy, but the validity of the fiat system itself is never challenged. Both political parties want the Fed to print more money, either to support social spending or military adventurism. Politicians want the printing presses to run faster and create more credit, so that the economy will be healed like magic or so they believe...."

Clicka heeyuh fo mo.

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