Dec 21, 2007

Federal Reserve/Gold Standard and the Keynesian Kooks

There is a lot of activity today trying to dis' Ron Paul about his monetary policy statements. Megan McArdle over at the Atlantic is a kook though she claims that Dr. Paul is the kook.

For me, I'll take the word of a man who knows enough about the fed to accurately predict recessions over some hysterical journalist.

" we drive the economy this year and for next year's election you will see conditions improve, but sure enough you will see the consequence of the inflation that we have today; in a couple of years you will see the recession, if not the depression of '86 or '87. So it is for this reason, out of humanitarian concern for our people, that we must reject the notion of central planning in money; just as we reject the ideas of central planning in agriculture or steel manufacturing."

Ron Paul at a von Mises Institute sponsored debate between Dr. Paul and Federal Reserve Board Governor Charles Partee 1983.

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