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Gold Wars, Ferdinand Lips

In Gold Wars, Swiss banker Ferdinand Lips sets out the case that gold and freedom are inseparable. Over 254 pages, he shows how governments fight against gold, a vital restraint on their spending and therefore interventions in the lives of free people. It’s a case which ex-Federal Reserve Chairman Alan Greenspan made in his classic essay, Gold and Economic Freedom, available in Capitalism: The Unknown Ideal. He wrote, An almost hysterical antagonism toward the gold standard is one issue which […]

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Sometimes, a US presidential candidate inspires: “End the Fed”

There is no greater threat to the security and prosperity of the United States today than the out-of-control, secretive Federal Reserve. Imagine that parents, overwhelmed by debt and months behind on their bills, sent their spendthrift teenagers out each weekend for a night on the town with credit cards and blank checks. Would anyone be surprised if this family never got their finances under control? via End the Fed | Ron Paul 2012 Presidential Campaign Committee. As I have said over and […]

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Incompetence at the Federal Reserve

Via The Cobden Centre, astonishing remarks from the Federal Reserve Inspector General, who doesn’t know who received trillions of dollars from the Fed:

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If this is Capitalism then I am a Communist — Samizdata

Do people remember the newspaper headlines every so often between 1987 and 2007? Specially the “Alan Greenspan saves the world” stories? Ever wondered what the great Alan Greenspan, Chairman of the Federal Reserve, had actually done? What he had done is as follows… read more | digg story

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LewRockwell.com: The Fed’s Failure

The Fed is making three kinds of bad loans. First, the Fed is lending to banks that are in bad shape and need the funds badly. They are simply bad risks. If the Fed were a profit-maximizing banker, it would not make such loans, throwing good money after bad. The Fed is simply gambling (not wisely speculating) that in time these banks will recover. The gamble is huge; the amounts it is lending are a huge portion of its assets. […]

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Continuing a study of money

In continuing my sometimes-reported study of money, I have been reading Milton Friedman’s “Capitalism and Freedom”. After dismissing a thoroughly automatic commodity standard, chiefly on the grounds of practicality, Friedman moves on. Reviewing the establishment and effects of the Federal Reserve System, he writes: No sooner was the [Federal Reserve] Act passed than World War I broke out. There was a large-scale abandonment of the gold standard. By the end of the war, the Reserve System was no longer a […]

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Telegraph: “We will foot the bill for banks’ excesses”

Is it time for ordinary people to ask how the world’s system of money works? Consider the words of Wright Patman, a US democratic congressman and Chairman of the Committee on Banking and Currency, 1963-1975: I have never yet had anyone who could, through the use of logic and reason, justify the Federal Government borrowing the use of its own money….I believe the time will come when people will demand that this be changed. I believe the time will come […]

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