How well does the Fed protect the purchasing value of the dollar?
*Texas Straight Talk, by Congressman Ron Paul, May 14, 2012:
''First, it is important to understand the Federal Reserve
System. Some people claim it is a secret cabal of elite bankers,
while others claim it is part of the federal government. In
reality it is a bit of both. The Federal Reserve System is the
collusion of big government and big business to profit at the expense
of taxpayers. The Fed's bailout of large banks during the
financial crisis propped up poorly-run corporations that should have
gone under, giving them a market-distorting advantage that no business
in the United States should receive. The recent news about JP
Morgan is a case in point. JP Morgan, a recipient of $25 billion
in bailout money, recently announced it lost another $2 billion.
If a corporation shows itself to be a bottomless money pit of 'errors,
sloppiness and bad judgment,' the Fed shouldn't have expected $25
billion in free money to change that or teach anyone a lesson in fiscal
discipline. But it determined that this form of deliberate
capital destruction was preferable to one business suffering
*This information is solely a highlight of the opinion of a third-party publication and is incomplete. Please subscribe to this publication for the full and timely opinion of the author and call a Monex Account Representative for any additional up-to-date information. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.
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