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Ron Paul vs. the Fed et al.

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Tags Monetary TheoryMoney and Banking

11/07/2007

For 94 years, Americans were supposed to be awed and bored by the central bank, and pay no real attention to the greatest counterfeiting machine in the history of the world. Yet Ron has made an issue, and a huge one, out of the Federal Reserve and its destructivism and business cycles. Last month, 2,000 University of Michigan students cheered his calls for sound money by chanting "Gold, Gold, Gold." And last night, as he was walking through National Airport, a man with a British accent approached him. "Congratulations on making monetary policy a live issue," he said. "I never thought it could be done. I'm an economist at the IMF," he added, "And I also agree with you about this: the IMF should be abolished!"

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