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Thomas Sowell on the Fed: 'When someone removes a cancer, what do you replace it with?'

Thomas Sowell, famous economist and political commentator, recently discussed his support for Dr. Paul's longtime goal of abolishing the Federal Reserve.

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Thomas never answers any question

What Thomas should have said " we will replace the Fed by letting the free market take over the role.
In 5 easy steps
1) Shut down the Fed and pad lock the doors and end the cartel. Then allow private banks to issue currency and create that would be kept in check by the free market ( if a bank issued to many dollars, they would devalue and with the advent of the internet this would be quit simple.

2) Return to a gold standard, a true gold standard that if you present paper to the bank he MUST return to you the specific weight of gold. Allow for a two year time frame to let the market determine what the prices of gold really is, and out law any further action by the government in the bond market.

3) How would you keep the government out of the bond market. Pass the Fair Tax. All government spending could be paid out of this system.

4) Fix all foreign currencies to the gold standard, no more inflating by them either.
5) Balance Budget Amendment.

There you have it Mr. Sowell.......The answer I wish you had given.

He's a big deal, but conflicted

Sowell is a very influential economist, but have you read him about national defense? He wants to fight every would be threat to the U.S. Who's to pay for it all Tommy?

war

Yes I know, I have had in depth arguments with him via email over this issue, and he does make good points , but it always comes down to belief that 9/11 was either a reaction by al-queda for previous transgressions, or was 9/11 the first punch thrown. However someone sees that issue, dictates their whole foreign policy.

Economically he is right on, and he has authored over 40 books which is an amazing achievement in itself. Him and Walter Williams should be role models to the african americans of this country, not people like Barack.

If you like Thomas Sowell...

I have a couple of videos of him from 1980 on Milton Friedman's Free to Choose series on my blog.

http://thinklibertarian.blogspot.com/search/label/Thomas%20S...

Good stuff.

p.s. Judge Nap is interviewing Thomas Sowell on Freedom Watch right now!

That's the type of Convo

I'd like to hear in the local bars.

Would sure beat the football bullsh**

You would fit in with my bar

You would fit in with my bar buddies! Usually start the evening over a brew sharing what we read online that day. After a few we are arguing over the FED, 911, monsanto and on and on. Move to North Dakota! Haha

Couldn't agree more!

That's why I usually stay away from bars. The conversations are shallow and mind-numbing...as a rule.

Are you single? :) I had to ask...The single girl part of my brain made me do it.

nope. married.

and North Dakota sounds like the coolest state. On a similiar topic, image a guy walking up to a girl at a bar and opening the conversation with an interesting political fact....

the lady wouldn't be able to resist! HA

Thomas Sowell is one of the good guys.

He "gets it."

"We have allowed our nation to be over-taxed, over-regulated, and overrun by bureaucrats. The founders would be ashamed of us for what we are putting up with."
-Ron Paul

Excellent response!

The Fed has been a permanent fixture all our lives that many people simply cannot comprehend a world without them.

In regards to things being worse or better as a result of the fed... The Fed argument of course would be that they kept things from becoming much worse.

If men are good, you don't need government; if men are evil or ambivalent, you don't dare have one.

good find

Thanks for posting.

LL on Twitter: http://twitter.com/LibertyPoet
sometimes LL can suck & sometimes LL rocks!
http://www.dailypaul.com/203008/south-carolina-battle-of-cow...
Love won! Deliverance from Tyranny is on the way! Col. 2:13-15

The interviewer is just

The interviewer is just playing devil's advocate.

Sowell has been a hero of mine for a long time, he has probably affected my libertarian philosophy the most of anyone, including Dr. Paul.

What is typical is that...

...the interviewer was pretty much ignorant of Ron Paul's philosophy, which is ironic because he led off by mentioning Ron Paul's name.

As soon as the conversation turned to END THE FED, the interviewer was, admittedly, in unchartered waters, showing his inability to even grasp a world without the Fed.

"What would you replace it with"?

"What would you replace it with?"

That's all he could think to ask, as he stumbled over his words, and exclaimed, "maybe I'll have to think for a change."

But he couldn't think.

So finally, almost out of embarrassment, Mr. Sowell wisely asked, "When someone removes a cancer, what do you replace it with".

Priceless.

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a rEVOLution before tomorrow morning." - Henry Ford

true

But I liked his references. The interviewer new his history enough to hold a legitimate conversation. Regardless of his beliefs, this is the type of talk that should be promoted. Rock on underdog

"When someone removes a cancer what do you replace it with?"

Answer is nothing, Mr. Sowell.

Return to Competing currencies state to state as those naturally replace the requirement.

Gold and Silver, Berkshires, Doubloons & competing currencies that don't need to be nationalized.

Debt paid in Coined money. The Debt Ceiling must remain.