(If you read the book, please post your review below).
In his latest book End the Fed, Ron Paul draws on American history, economics, and fascinating stories from his own long political life to argue that the Fed is both corrupt and unconstitutional. It is inflating currency today at nearly a Weimar or Zimbabwe level, a practice that threatens to put us into an inflationary depression where $100 bills are worthless. What most people don’t realize is that the Fed — created by the Morgans and Rockefellers at a private club off the coast of Georgia — is actually working against their own personal interests. Congressman Paul’s urgent appeal to all citizens and officials tells us where we went wrong and what we need to do fix America’s economic policy for future generations.
(If you read the book, please post your review below).
It is true to say that the FED can create money out of nothing and inflate the money supply but it is not the whole story.
With 97% of the money supply being created by Private Banks, the FED is not the only private company to inject money into the money stock.
http://www.bendyson.com/statistics/
What isn't created is enough money to pay back the Interest. This is where inflation comes from - even without Quatitative Easing.
Even if there wasn't a Financial Crisis, the money supply would still need to increase in order to pay the interest to the Banks. Our money supply is dependent on people borrowing money from Banks because our Government's do not create enough money as they leave this task to Private Banks and us - the tax payers; to borrow that money into existence.
The Bank of England was created by Banks, for Banks. It was never intended to provide stability for the masses, it was created to provided a safety net for Banks due to the Fractional Reserve Banking system, which allows Banks to lend far more than they have in deposit by savers. Therefore - a run on the Bank would destroy a Bank if they didn't have a Central Bank; like the FED or BoE.
Politicians and Royalty were complicit in this scheme as they could wage Wars and tax people through inflation - to pay for them, as Ron Paul says in his book.
The Royal Family even bought shares in the Bank of England - they expected a return on their investment. So where was that profit being generated?
Back to my point above concerning the money required to pay the interest payments as only the Principal of a loan is created and not the interest. The Bank of England has set a target inflation rate of 2% - not less than or greater than - but 2%. The Governor has to write a letter to the Chancellor if inflation is below target.
"The Bank aims to keep the annual rate of inflation at 2% – the inflation target set by the Government. Some prices will rise by more, others by less. But, on average, the aim is that prices across the economy RISE by 2% a year."
Even the Bank of England realises that without any inflation, there would not be enough money to pay the interest to the Banks. President Andrew Jackson fought his campaign on the slogan "Me and NO Bank". In 1828, Americans understood how Central Banks allowed foriegn intervention into their affairs.
This era was known as Jacksonian democracy, as Central Banks remove democracy and create a form of communism.
It is no coincidence that the IRS was created at the same time as the FED. Both institutions are involved in extracting money from the public.
Looking at a recent Television debate - between Ron Paul and other candidates, the other candidates appeared to be highly polished and smartly presented, but repeated the same old rhetoric, while Dr Paul was the only one passionate about the true causes of our current financial mess and further involvement in another War which has more to do with Libya's Gold reserve's and deisre to create it's own regional currency, thereby illiminating the need for the US Dollar in Oil purchases. Follow the money to get to the truth.
"The Real Reason for NATO Attacking Libya (GOLD CURRENCY)"
http://www.youtube.com/watch?v=5to_-tXerCw
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