Has the Fed eliminated the stabilizing forces of real money?
*Texas Straight Talk, by Congressman Ron Paul, January 20, 2010:
''Last week, the Financial Crisis Inquiry Commission kicked off
their first round of hearings on the causes of the economic meltdown on
Wall Street. The commission is being compared to the the Pecora
Commission launched in 1932 to investigate the causes of the Great
Depression. The Pecora commission is beloved by those who believe
the solution to every problem is more laws because it was used to
justify a number of new laws, including Glass-Steagall. Of
course, none of those laws addressed the real causes of the Great
Depression. It was the introduction of unsound monetary
policy and central economic planning pursued by the Federal Reserve
that really threw everything off balance. The Fed was founded in
1913 to stabilize the economy and prevent a recurrence of the
short-lived Panic of 1907, but instead it promptly produced the Great
Depression which lasted more than 15 years.''
*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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