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Congress and the Fed Refuse to Learn From Their Mistakes

- Ron Paul -

Great idea!! Audit the Fed, and while we're at it, let's get someone to audit the gold vaults in Fort Knox and at the Federal Reserve's gold storage under Manhattan. And don't forget commodity exchange gold warehouse stocks. Congress and the Fed are to blame for our current situation, but the real enabler was the repeal of the Glass-Steagall Act in 1999. That left the banking industry free to do "whatever it takes" to make obscene profits, regardless of the risks and consequences. Many of us remember the standard five percent interest paid by all Savings Banks, who then primarily lent the money out in the local community. Now the money goes to the most speculative purposes with the least transparency and greatest leverage. Savers, pensioners, as well as the pension plans and insurance reserve funds are getting wiped out. Conservative investors lose. Speculation increases until it fails, then the bailouts, bail-ins, haircuts and carpetbagging begin. Yellen and the Feds failure to raise rates this time was almost universally panned, while the Fed talking heads came out to try and mitigate the negative effect. As a first step to normalization we need a rate hike, and we need the Fed to take a hike as well.
Many hard money investors are ready to give up on Gold, but the future of monetary stability will rest on a currency tied to some measurable and unadulterable standard of value, and a return to conservative accounting practices. Let's also throw in a little more honesty in business and legislation just for luck.

Commented 3275 days ago

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Beginning of the headline :This month marks the seventh anniversary of the bursting of the housing bubble and the subsequent economic meltdown. The mood in Congress following the meltdown resembled the panicked atmosphere that followed the September 11th attacks. As was the case after September 11th, Congress rushed to pass hastily written legislation that, instead of dealing with the real causes of the crisis, simply gave the government more power. Just as few understood the role our interventionist foreign pol... Read More

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