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“Paper money eventually returns to its intrinsic value ---- zero.” – Voltaire
“The Federal Reserve in collaboration with the giant banks has created the greatest financial crisis the world has ever seen. The foolish notion that unlimited amounts of money and credit created out of thin air can provide sustainable economic growth has delivered this crisis to us. Instead of economic growth and stable prices, (The Fed) has given us a system of government and finance that now threatens the world financial and political institutions. Pursuing the same policy of excessive spending, debt expansion and monetary inflation can only compound the problems that prevent the required corrections. Doubling the money supply didn’t work, quadrupling it won’t work either. Buying up the bad debt of privileged institutions and dumping worthless assets on the American people is morally wrong and economically futile.” - Representative from Texas Ron Paul questioning Federal Reserve Chairman Ben Bernanke
I’ve read and witnessed various pundits during the Presidential campaign describe Ron Paul as crazy. The corrupt tax and spenders in Congress know their days would be numbered if they followed his vision of government. Ron Paul’s scathing assessment of the Federal Reserve’s primary role in creating the financial crisis and his raking of Chairman Bernanke over the coals is so accurate, truthful and sane that it should blow your mind. Mr. Bernanke must have felt like his head was spinning like a top while Ron Paul gave him a tutorial in basic economics. Mr. Paul’s noble efforts to Audit the Fed (HR 1207) and eventually to rid the country of its insidious control over our lives will bring the pillars of the Federal Reserve building crashing down upon Mr. Bernanke in his mahogany paneled, gold plated boardroom with ornate chandeliers.
The worldwide financial system experienced a 6.8 magnitude earthquake in September 2008. The very foundations of our economy were shaken to their core. The fear exhibited by government officials, politicians, and the public was palpable and real. For a few weeks there was the distinct possibility that the system would come crashing down. A massive printing of dollars by the Federal Reserve, the clandestine buying up of toxic assets by the Federal Reserve, behind the scenes deals with the biggest banks, covert currency swap deals with foreign Central Banks, and forcing the FASB to change accounting rules to allow banks to fraudulently value bad loans, temporarily staved off the final chapter in the 96 year old diabolical experiment in currency manipulation.
The moment when the system stopped functioning was our “Minsky Moment”. Hyman Minsky was an American economist and professor of economics at Washington University. Dr. Minsky put forward theories linking financial market vulnerability, in the normal life cycle of an economy, with speculative investment bubbles produced by financial markets. Minsky declared that in good times, when corporate cash flow rises beyond what is needed to pay off debt, a speculative bubble develops, and soon thereafter debts exceed what borrowers can pay off from their incoming revenues, which in turn produces a financial emergency. As a result of such dangerous debt bubbles, banks tighten credit availability, even to companies with good credit, and the economy enters recession.
This movement of the financial system from stability to crisis is the “Minsky Moment". At this point, a major selloff begins due to the fact that no counterparty can be found to bid at the asking prices previously quoted, leading to a swift and steep collapse in markets and a dramatic drop in market liquidity. What Dr. Minsky failed to address was that the Federal Reserve has been responsible for every financial crisis in the United States since 1913.
Originally posted by havok
I laugh when I hear now, "You have a choice, vote!". Then I look at all the bills, laws and additions, spewed through Congress at light speed. We don't have any choices, we must obey what they decide.
Originally posted by havok
Just like good sheep. We vote for who we think will make the right decisions. Obviously, it's not working, nor will it ever work. Congress won't disband the Fed. So maybe the citizens should disband them.