Ron Paul is looked at by some as a modern day Don Quixote. His perennial windmill was the Federal Reserve, an institution not very well understood by the American public. For those who don’t understand the Fed, watch this video.
Representative Paul is a Republican, but a strange one. He is a RINO (republican in name only), a term usually reserved for liberal Republicans. In fact, he really stands outside both political parties, much as Senator Bernie Sanders of Vermont. He and Sanders could not be more opposite in political philosophy. Both are concerned about the Fed and removing its veil of secrecy if not the institution itself. Ron Paul aimed at both objectives.
To many, abolition of the Fed is radical and unthinkable. That aim of Paul’s was one reason why so many considered him a political wingnut. As our economic crisis continues, Paul’s opinion of the Fed begins to appear more rational to many. For much of our history, his position was not so far outside mainstream thinking.
This small collection of quotes, issued by diverse, respected and mostly distinguished historical figures, support in varying degrees Mr. Paul’s position:
“I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a monied aristocracy that has set the government at defiance. The issuing power (of money) should be taken away from the banks and restored to the people to whom it properly belongs.”Thomas Jefferson, U.S. President.
“The money power preys upon the nation in times of peace and conspires against it in times of adversity. It is more despotic than monarchy, more insolent than the aristocracy, more selfish than the bureaucracy. It denounces, as public enemies, all who question its methods or throw light upon its crimes.” Abraham Lincoln
“I have unwittingly ruined my country.” - President Woodrow Wilson, upon passage of Federal Reserve Act, 1913
“We have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks. Some people think the Federal Reserve Banks are U.S. government institutions. They are private credit monopolies; domestic swindlers, rich and predatory money lenders which prey upon the people of the United States for the benefit of themselves and their foreign customers. The Federal Reserve banks are the agents of the foreign central banks. The truth is the Federal Reserve Board has usurped the Government of the United States by the arrogant credit monopoly which operates the Federal Reserve Board.” Congressman Louis T. McFadden, Chairman of the House Banking and Currency Committee, addressed the House on June 10, 1932. 75 Congressional Record 12595-12603
“The best way to destroy the capitalist system is to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens.” John Maynard Keynes
“The financial system has been turned over to the Federal Reserve Board. That board administers a finance system by authority of a purely profiteering group. That system is private, conducted for the sole purpose of obtaining the greatest possible profits from the use of other people’s money. This (Federal Reserve) Act establishes the most gigantic trust on earth. When the president signs this bill, the invisible government by the monetary power will be legalized. The people may not know it immediately but the day of reckoning is only a few years removed, the worst legislative crime of the ages perpetrated by this banking bill.” - Charles A. Lindbergh, R-MN
“History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling the money and its issuance.” James Madison
You have to choose between trusting to the natural stability of gold and the natural stability of the honesty and intelligence of the members of the government. And, with due respect to these gentlemen, I advise you to vote for gold.” George Bernard Shaw
“It is well enough that the people of this nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” Henry Ford
Give me the right to issue and control a nation’s money and I care not who governs the country.”Meyer Amschal Rothschild, International banker
“Inflationism, however, is not an isolated phenomenon. It is only one piece in the total framework of politico-economic and socio-philosophical ideas of our time. Just as the sound money policy of gold standard advocates went hand in hand with liberalism, free trade, capitalism and peace, so is inflationism part and parcel of imperialism, militarism, protectionism, statism and socialism.” Ludwig von Mises
“It is impossible to grasp the meaning of the idea of sound money if one does not realize that it was devised as an instrument for the protection of civil liberties against despotic
inroads on the part of governments. Ideologically it belongs in the same class with political constitutions and bills of rights.” Ludwig von Mises