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153 Comments
- iridesce, on 10/25/2008, -7/+134That weird Ron Paul guy has been saying this for ... how many decades ???
- mkauai, on 10/25/2008, -7/+60come help expose the banksters
http://www.endthefed.us - TruthExposed, on 10/25/2008, -3/+53The only people left who call him weird are finding themselves on the fringe.
- jojopumpkin, on 10/25/2008, -3/+52A Worldwide Recession. This should perk up foreign relations for us.
- dalnet22, on 10/25/2008, -12/+46Write in Ron Paul '08
- mat831, on 10/25/2008, -7/+41Why do we even need the Fed... Central Banks are against the constitution...
http://video.google.com/videoplay?docid=7065205277 ... - Smudded, on 10/25/2008, -4/+37He may have said that the Fed created the problem, but he also supported more bad policy of propping up the system rather than letting it correct itself.
- pitdog, on 10/25/2008, -4/+32FED = racket
- mykidsfuture, on 10/25/2008, -0/+27The Revolution is in full force
Campaign for Liberty - Archer007, on 10/25/2008, -0/+25Lucky guess. He can't possibly be right about anything else.
Right?
/MSM - NSResponder, on 10/26/2008, -0/+22"A less crazy person wants to make it better and prevent something like this from happening again."
Oh, for crying out loud.
The Fed caused the first great depression; Bernanke's even admitted it. The Fed has also caused the current crisis, which is quite likely to become the second great depression. What's crazy is doing the same thing over and over and expecting different results. The Fed's entire purpose is to steal wealth from everyone who holds dollars by inflation.
-jcr - inactive, on 10/25/2008, -2/+23Greenspan was a major architect of this ***** mess. He should have been put out to pasture years ago. And his buddy Bernanke is carrying on the tradition.
- gymbrall, on 10/25/2008, -3/+21this is how the Fed caused the crisis (not the housing problem, but the fundamental problem with the world "money" supply):
a fractional banking system dilutes the money supply by it's very nature. if a bank has $1,000 it will lend out somewhere between $10,000 and $60,000 depending on the type of banks and the type of investment and the way the amounts are calculated. The bank will then be paid this money back with interest. Think about this. Banks essentially have the power to dilute your dollar with every transaction, to profit by the diluted amount, and to be paid interest on that dilution. (Yes, they are in a race to get their money back, because other banks are doing the same thing, but I don't feel sorry for them)
Think about this as well: How many people in the nation own their home (no outstanding loan), or their car? How many businesses? This means that almost all of the real estate in the US and almost all the buildings on them, almost all of the cars, boats, etc are actually owned by the banks. And what have they traded for this? Paper, and a consensual dream...
You should be furious. - kuantan97, on 10/25/2008, -4/+22The most crucial, defining, issue in American political history is centralized banking.
For sanity to return, a separation of bank and state, as they used to say in the 1830s, must occur. This is why we have a warfare state. This is why we have a welfare state.
We must have a free market of money. The time has come to separate bank and state. - fish0507, on 10/25/2008, -1/+17That is some WACK-JOB conspiracy theory isn't it!!!!
/sarcasm
Its sad when the Digg community refuses to recognize the corruption in the Federal Reserve. I guess all sorts of people visit this site. Cowards included. - Thinbev, on 10/26/2008, -1/+17We never had a "free market" since 1913. We have cronyism/corporatism; Big government in collusion with big business.
When a government sponsored bank called the Federal Reserve, artificially controls our interest rates... That's not a free market.
When our government created Fannie and Freddie, which helped cause all the high risk lending... That's not a free market.
When our government promoted and passed regulations to increase home ownership to people who couldn't afford them... That's not a free market.
The housing and banking sectors are two of the most government regulated sectors in our economy, and it's no wonder they've failed. The auto industry is also heavily regulated (It's failing). The airline industry (It's failing). The healthcare industry (It's failing). When governments get involved, they distort the marketplace and reduce competition, reduce efficiency, and reduce quality.
Look at the technology sector. The tech companies don't have ANY government regulations... None! It's no wonder that they are introducing new and better products at rapid-fire speeds. There's tremendous competition, tremendous profits and their products get better and cheaper every year. (iPhones, Google, laptop computers, etc...)
Governments use force and distort an industry and limit competition. However, if fraud was committed, we should use our court systems to prosecute those crooks on Wall Street. (Just like we did in the Texas courts against Enron). - FatLoser, on 10/25/2008, -2/+17whenever I see the word "perk", regardless of the context, I think of one of two things: One is coffee, the other is *****.
- akhomestead, on 10/25/2008, -5/+20Teve Torbes actually spoke a bit of truth.
- NSResponder, on 10/25/2008, -0/+13Since 1971, according to the man himself. He first got involved in studying economics when Richard Nixon declared bankruptcy by reneging on the promise to redeem dollars for gold.
-jcr - moofree, on 10/25/2008, -0/+13Yes but continuing on the path without a correction will end up even more disastrous.
- angryfirelord, on 10/25/2008, -1/+13I think it's because most diggers are left-wing libertarians. Keep the government out of our personal lives and don't start wars, but yet provide services like UHC in order to help people financially. To them, Obama fits their views whereas right-wing libertarians like myself support Ron Paul.
- Thinbev, on 10/26/2008, -1/+12We'd be much better off without a central bank. Our founding fathers knew that. Heck, Andrew Jackson's entire presidential campaign ran exclusively on the platform of abolishing America's Central Bank. After two unsuccessful assassination attempts, he won the election and succeeded at removing the bank's powers.
America will only be a free country when our money supply isn't controlled by a group of secretive private bankers. - keithloughnane, on 10/25/2008, -6/+17the FED needs to be taken over by the government or disbanded
- 55mph, on 10/25/2008, -1/+11Consider this folks. The Federal Reserve prints our currency and lends it to the banks and the US Government. Lends our money to our own Government. The US Government has to pay the Fed for the use of it's own money. Isn't a debt based currency system grand? Only a banker could dream up such a scheme.
- Stevethegreat, on 10/26/2008, -0/+10It's not too hard to understand that an entity with too much power in its hands is ether corrupt, incapable or both, that was what's happening in all history, from kings to tyrants to failed republics and even city councils. Give a man power and it's sure that (s)he abuses it even aknowingly so, the only solution is to find a system which it can operate without having too few holding too much policy power. FED is a de facto tyrant even if it is not corrupted and all the people working there are decent people,they're still acting as the tyrant.
- chmcarro, on 10/25/2008, -1/+11"Pump in equity into these firms" = U.S. purchase preferred stock in these firms.
Where do we get those assets? Right, have the Fed create the money out of thin air or have other countries take the bill in the form of bonds, either way it will increase the national debt. His solution is part of the problem. - NSResponder, on 10/25/2008, -2/+11He correctly blames the Fed for ***** up, but he stopped short of calling for abolishing it. Half a point to Forbes.
-jcr - mfc5200, on 10/25/2008, -2/+10I always find it funny how CNN international is actually a respectable news source.
They cover tough topics, ask tough questions, and talk about interesting things. CNN U.S is f'ing terrible though, its more of a soap opera commentary station. Just goes to show how dumbed down our country is becoming. It's pretty sad. - thecoolestguy, on 10/26/2008, -0/+8@slothlovechunk,
Only a crazy person wants a semi-privately owned company to continue having a government sanctioned monopoly control over the nation's money.
Why the hell is it privately owned? It should be owned by the federal government.
Rational people want to end this monopoly control by the federal reserve system immediately. - inactive, on 10/25/2008, -2/+10"Remember Remember the 5th of November" - Guy Fawkes
- angryfirelord, on 10/25/2008, -2/+9The Fed IS the government. Those other little things like Congress mean absolutely nothing when the Fed essentially holds control of the monetary system. Getting rid of it would be nice, but I fear only something like the French revolution would be enough power to change the system.
Until then, elect more Ron Paul republicans to office. - roho76, on 10/25/2008, -0/+7+1 Kudos
- inactive, on 10/26/2008, -0/+7We The People MUST end the Fed, and demand our government obey it's own laws.
Legally, Constitutionally, and Physically, What is a dollar? Watch and learn!
http://www.youtube.com/watch?v=1FiaUpeJxcA
http://www.youtube.com/watch?v=FbyQB8e-rQg - ceredron, on 10/25/2008, -1/+7Because neither candidate advocates small government. John Mccain talks about it, but really has no plan to cut anything other than vital facets of government like education and healthcare.
- Smudded, on 10/25/2008, -0/+612 million points for moofree! A short one to three year recession of unemployment is much better than decades of rampant inflation and incurable national debt. Don't buy in to the fear mongering.
- graystar, on 10/25/2008, -1/+6The "experts" work for the Fed already! Didn't help much.
The argument from authority is pretty poor to be honest. - NSResponder, on 10/26/2008, -0/+5" Bernanke really didn't have anything to do with this"
Guess again.
Take a look at the Fed funds rate since Bernanke got the job. He's been inflating like crazy, just like Greenspan did.
-jcr - NSResponder, on 10/25/2008, -0/+5" vital facets of government like education and healthcare."
Neither education nor healthcare are appropriate areas for government involvement, as the last four decades of history has shown. Healthcare in the USA is regulated to an absurd degree, and the result is that most of the profit in that industry goes to paper-pushers in insurance companies, not to physicians, medical researchers.
The legitimate role of a government in a free country is to secure our liberty by providing system of courts for adjudicating disputes, defending the country from foreign invaders, and pursuing and punishing criminals. That's all.
-jcr - Thinbev, on 10/26/2008, -0/+5I know, you're correct. Hopefully Americans will wisen up and learn that we'd be much better off without a central bank.
We wouldn't have run away government spending... Which means the government will be forced to live within its means... Which means less government and no wars... Which means peace and prosperity for our country. - NSResponder, on 10/25/2008, -2/+7" I know he realizes that can't happen"
I used to believe that the Berlin Wall wouldn't come down in my lifetime. The status quo is never a reason to give up on trying to fix a problem.
-jcr - bradleyland, on 10/26/2008, -0/+5Heh. Our entire government engages in racketeering. When was the last time you were faced with a choice to enjoy their "protection"?
- skorpian, on 10/25/2008, -1/+6I wrote in Ron Paul here in Florida. I know he won't win but he was the only candidate that knows what is really going on and how to fix it. At this point, both McCain and Obama will not be able to fix this mess and my single vote means more when it is used to vote for REAL change rather than the 2 party monopoly we've been forced into.
- Striker101, on 10/26/2008, -0/+5The Fed was primary to the problem, but Congress played a fully equal part in passing easy-money rules, and in failing to control the Fed, which it surely could have done. So then there was this crisis, this panic, which was nothing to do with a "credit crunch" but rather trying to "make up" to investors whose mortgage investments lost their value.
The bailout will probably stave off collapse for a time, but make it much worse when it occurs. - odigity, on 10/25/2008, -0/+5Disbanded. You've heard of separation of Church and State? Well, separation of Bank and State is even more important. The founders understood this well. That's why the Fed and anything like it is blatantly unconstitutional.
- odigity, on 10/25/2008, -1/+6Sure. Because violence is always the best way to solve the problem.
You must work for the government. - angryfirelord, on 10/25/2008, -1/+6Maybe it's because most of the talking heads on TV don't know what they're talking about. Besides, which economists are you referring to? If you say Jim Cramer, I'll slap you. :-)
Yes, Ron Paul's ideologies wouldn't happen overnight if he got elected, but he clearly points out what is wrong and how to fix it. Government isn't solution, it's the problem.
And yes, he is doing something about it by spreading the word. Too often we are fed the Keynesian bullcrap that the State needs to inject liquidity into the market when the Austrian guys were jumping up and down about the long term consequences of doing that. Now look where we are, over $10 trillion in the hole and a dollar that's practically worthless. Ron Paul is trying to spread the word so that we can address this issue rather than ignore it. - Hamletlere, on 10/26/2008, -0/+5Are you confusing the Fed with Congress, the Treasury, and the IRS? The Fed (not the same thing as the Federal Government) collects no taxes, and allocates no spending for them.
- PabloMac, on 10/26/2008, -0/+5I'm part of "everyone else," and I didn't take advantage of the situation. The only advantage in this issue taken goes against me.
End the FED! - Thinbev, on 10/26/2008, -2/+7We never had a "free market" since 1913. We have cronyism/corporatism; Big government in collusion with big business.
When a government sponsored bank called the Federal Reserve, artificially controls our interest rates... That's not a free market.
When our government created Fannie and Freddie, which helped cause all the high risk lending... That's not a free market.
When our government promoted and passed regulations to increase home ownership to people who couldn't afford them... That's not a free market.
The housing and banking sectors are two of the most government regulated sectors in our economy, and it's no wonder they've failed. The auto industry is also heavily regulated (It's failing). The airline industry (It's failing). The healthcare industry (It's failing). When governments get involved, they distort the marketplace and reduce competition, reduce efficiency, and reduce quality.
Look at the technology sector. The tech companies don't have ANY government regulations... None! It's no wonder that they are introducing new and better products at rapid-fire speeds. There's tremendous competition, tremendous profits and their products get better and cheaper every year. (iPhones, Google, laptop computers, etc...)
Governments use force and distort an industry and limit competition. However, if fraud was committed, we should use our court systems to prosecute those crooks on Wall Street. (Just like we did in the Texas courts against Enron). -
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