Thursday, October 8, 2009

John Rubino on End the Fed

Writing at, John Rubino talks about Ron Paul's rise from obscurity to become almost mainstream -- not mainstream in his views, by any means, but mainstream in the degree of acceptance he has received.
. . . when [Paul] introduced HR 1207 to audit the Fed, the response was at first respectful, and then enthusiastic. Instead of instantly dismissing him, people began asking their representatives why the Fed isn’t already audited. This law might just pass, with unpredictable but almost certainly amusing results.
Yes, it would be amusing to see Bernanke shoved out the door along with everything else Fed-related. But more than that it would be cause for celebration.

Discussing End the Fed, Rubino says it is "a clearly written primer on how dangerous delusions like unsound money and expanding government have gradually become the unquestioned conventional wisdom." Such dangers were not delusions to most of the country's founders, but mainstream analysts are generally not encouraged to respect the founders, intellectually. Sound money might have been okay for the agrarian society of the 18th century, but today's international scene requires a cartel of bankers producing massive amounts of irredeemable legal tender paper to keep markets thriving and avoid crises.

If you haven't done so yet, please read Gary North's outstanding series, "What is Money?"

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