12 Aug 2010

Ron Paul and Lew Rockwell Get Pretty Radical on Fox!

Federal Reserve, Financial Economics, Foreign Policy 3 Comments

It’s Judge Napolitano’s show, of course, but still:

BTW, I was pleased to hear that Ron Paul also favors a transition period, rather than a one-shot “End the Fed on Tuesday.” This is the approach Carlos and I take in our new book. I think we accommodated the twin goals of ending injustice immediately, and avoiding a global financial panic. If you haven’t read the book yet, check out the PDF starting at page 270. (Obviously I am not claiming that Ron Paul would necessarily endorse our proposed rollback of the Fed. I’m just saying our ideas are in the same spirit.)

3 Responses to “Ron Paul and Lew Rockwell Get Pretty Radical on Fox!”

  1. Bob Roddis says:

    But what do we do when FIVE justices of the US Supreme Court rule that the FED is unconstitutional and they issue an immediate permanent injunction against its further operation?

    That’s real likely, right?

    • scineram says:

      We impeach them, and retry the case?

  2. Austrianbanker says:

    I just stumbled on some interesting statistics today regarding the amount of gold held and outstanding bills in the US from the previous depression era, as well as a lot of other stuff.

    Federal Reserve Gold reserves in million kg:

    1928 5.621
    1929 5.868
    1930 6.357
    1931 6.095
    1932 6.086
    1933 6.037

    Outstanding notes 31st December each year (millions):

    1929 2727
    1929 2563
    1930 3550
    1931 3836
    1932 3835
    1933 4457
    1934 4362

    So a 49% increase in outstanding bills from 1929 to 1932 was not enough for Krugman and Bernanke?

    Public debt:

    1928 17604
    1929 16931
    1930 16185
    1931 16801
    1932 19487
    1933 22538
    1934 27053
    1935 28700

    Again, taking on 15% debt was laissez faire?

    Anyway, the reason I came here to comment is that I believe there is one reason to keep the Federal Reserve and to give it a monopoly on something, namely that of a clearing house through which payments are settled between all players in the economy. All other functions can and should cease.

    Secondly I believe it would be wrong to cease those functions without first addressing the taxation system and the attribution of outstanding debt to the citizen.

    All three of these items are interconnected and should form the basis of a new tax system which would render socialism totally void and would usher in a new era of freedom for the people. It would break up the current corporatism which is suffocating the innate dream of freedom and realisation of every citizens dream of freedom.

    What I have been drawing up is a vision which is exactly what Hayek stated in the “Road to Serfdom” and which also Mises hinted at was a must if we are to destroy socialism.

    We need a new liberal ideal which people can and will connect with. The resolution of the tax system is the corner stone in that vision.

    I would love to discuss this with you at some point, if you are interested.