Ron Paul on The Federal Reserve

Ron Paul (Congress R-TX)

(opening statement at Federal Reserve
hearing - July 21, 2009)

"The Federal  Reserve in collaboration with the giant banks has created the greatest
financial crisis the world has ever seen. The foolish notion that unlimited amounts
of money and credit created out of thin air can provide sustainable economic growth
has delivered this crisis to us. Instead of economic growth and stable prices, [The Federal Reserve] has given us a system of government and finance that now threatens the world financial and political institutions. Pursuing the same policy of excessive pending, debt expansion and monetary inflation can only compound the problems that prevent the required corrections. Doubling the money supply didn’t work, quadrupling it won’t work either. Buying up the bad debt of privileged institutions and dumping worthless assets on the American people is morally wrong and economically futile. " Ron Paul