10 votes

Ron Paul: Our current banking system is about counterfeiting money

On July 9, Congressman Ron Paul compiled testimony of a recent hearing in the House on fractional banking, and the Federal Reserve's control of monetary policy. From that testimony, Congressman Paul emphasized that the primary moral hazard in our economy is that America's current banking system's use of fractional banking was the equivalent of making money appear out of thin air, or in fundamental terms, legal counterfeiting.

As Murray Rothbard put it, "Fractional reserve banks ... create money out of thin air. Essentially they do it in the same way as counterfeiters. Counterfeiters, too, create money out of thin air by printing something masquerading as money or as a warehouse receipt for money. In this way, they fraudulently extract resources from the public, from the people who have genuinely earned their money. In the same way, fractional reserve banks counterfeit warehouse receipts for money, which then circulate as equivalent to money among the public. There is one exception to the equivalence: The law fails to treat the receipts as counterfeit."

Continue:
http://www.examiner.com/article/ron-paul-our-current-banking...



Trending on the Web

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

Not only counterfeiting

The State has a monopoly on violence...As Obama himself admits in the clip below

http://www.youtube.com/watch?feature=player_detailpage&v=ewQ...

And of course you are welcome to use drugs as long as you use State approved drugs.

You can drive drunk if you are a member of congress. You can lie, cheat, and steal, if you are well connected to the criminal cabal in Washington, London, and the Vatican, etc

The list is endless.

I'm all for a much smaller government but ultimately there should be NO STATE! Just because some people will do bad things (human nature) does NOT mean the solution is to give a select few a monopoly on those bad things...quite the opposite!

War crimes

I know they do 'double drone strikes' which is a clear war crime.
After the first strike locals gather at the site to see what happened and then the second strike takes place.

Obama is a blood thirsty war criminal and every American must know this.

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

Bump

.

"Jesus answered them: 'Truly, truly, I say to you, everyone who commits sin is a slave to sin. The slave does not remain in the house forever; the son remains forever. So if the Son sets you free, you will be free indeed.'" (John 8:34-36)

Thank you brother in Liberty

This story should be the front page story on every major news outlet in America.

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