"I'm Herb Kay and the most important thing to know about me is that I'm not going to lie to you or pull your chain. Ever. In my S.O.S. Guides, I give you, well, guidance, in a straight-talking and step-by-step way. The website offers the "advice side" of my system. Here, in my blog, I'm going to dig a little deeper and get a little grittier. That's the opinion side of my system. Will I say something that might shock you? Maybe. Will I ruffle some feathers? Perhaps. Will you close the page with some food for thought? Absolutely."
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Ron Paul, republican of Texas and Libertarian candidate in the last election for president - is a little unhinged.This week, in questioning Fed Chairman Ben Bernanke, he requested an audit of the Fed in order to find out if there had been participation in the regime of Saddam Hussein and Watergate. Okay, so this is a little out there; and not wanting to leave any stone unturned, he then asked if the Bernanke had secret conversations with foreign entities to assist in the bail out of Greece. The problem here isn't that Paul made a fool of himself in the eyes of the press, the public, and pretty much anyone else besides conspiracy theorists (no, that was already his lot in life); the real problem is, goofy or not, he is right that the underlying reason that we are in this mess is indeed due to the Federal Reserve.
Created in 1913 to essentially allow the political class to control the money supply to their own ends, and disguised as a means to smooth out the ups and downs of the free market, the Fed has instead been the root cause of pretty much every financial disaster we have faced since (including both) the Great Depression and the current Great Recession.
By manipulating and pumping "liquidity" (read paper money with nothing behind it) into the system, the Fed has created the bubbles and strange incentives that have led to the radical ups and downs we face.It ought to be abolished.Paul is correct, but he is just so darn nutty that the message gets lost in the appearance and demeanor of the messenger.
And since the rest of us out here, like myself and Peter Schiff just to name two, who see the danger in the Fed don't have the platform and access to media that a congressman has, well, we are left to sound the alarm in relative obscurity. Listen, if Paul Revere had the reputation of Ron Paul - the British would have taken Breed's Hill for sure!
It is intellectually lazy to disregard an argument because one proponent of it is a little nutty, but nobody ever accused the political class or the press of being too hardworking and incisive.Out there or not, putting all the weird conspiracies aside, Ron Paul is right.The Fed has to be abolished sooner or later as it paves our road to ruin in paper money.We just need a better poster boy than this guy.I suspect he would gladly step aside if one emerged.
