I didn't see the interview and don't know how you are interpreting what you saw. (Who knows, maybe he was tired and had a bad day. Maybe the interviewer or time constraints limited his ability to get into details for a general audience. I have seen him, and others, do this when they didn't want to waste time on issues off the central point they want to get across.) But I have read, seen, and heard a great deal from Ron Paul. He is very aware that there were bank runs before the Fed was established. As a matter of fact, bank runs are a protective mechanism from outrageous money expansion under fractional reserve banking . The banks tried to get around this check on their fraud before the Fed, by all expanding money at the same time and providing funds to troubled banks in order to prevent all of them being causht in the act by their depositers. (As you probably know JP Morgan himself saved his fellow banksters during one of these fraud discoveries.) - - The Fed was designed & established as a way for them to create money out of thin air, privatize the profits, and socialize the losses. - - Ron Paul has spoken on this for many years. - - - You may enjoy this talk: http://mises.org/media/2917
A very good question. Since the establishment of the Fed, life expectancy has nearly doubled, nobody goes hungry, and the standard of living and quality of life has exploded upwards. This is a form of "not working" much of the world would love to emulate.
You know what's also fun? Watching Steve get neutered by Santelli. Liesmans an idiot, he's proved it several times. He's trying to grill the wrong person by going after Ron Paul. He should use all that wasted energy on someone that actually deserves it. Which he never does.
The risk models were all messed up from the beginning. Nobody had the intellect to actually use them correctly/properly and ignored underlying assumptions. That's the difference between people in science and people on wall street, the rigorousness they use when applying models. The more you read about it the crazier it gets. It just makes you sick how ignorant and greedy those people are. I'd love to see Paulson suck a tail pipe.
You know your equating those things with the Fed is false logic don't you ? (Jeez - - this is Logic 101 stuff) Since the establishment of the Fed, the two worst world wars in history were fought resulting in the deaths of millions of people, nuclear weapons were invented, and the means to deliver those weapons with the push of a button anywhere in the world was put into operation. - - -
Is that your quote or not ? Quote from Random.Capital: A very good question. Since the establishment of the Fed, life expectancy has nearly doubled, nobody goes hungry, and the standard of living and quality of life has exploded upwards. This is a form of "not working" much of the world would love to emulate.
Please show me a source to back that ridiculous comment up please. We've had two recessions since the fed was established one global. Stop staying in bloody denial.
tigerjaw -here's the link: http://www.cnbc.com/id/15840232?video=1329475430&play=1 starts about 4:45 (then 5:24) quick summary, he prefaces it with ending deposit insurance, but done with private insurance companies. liesman: you're familiar with the 30s, when we had runson the bank, right? paul: the fed's been around since 1913 {note: i didn't know that, thought it was a bit later}. liesman: on to something else. it took about 1 minute of the interview. so it wasn't a "there were no bank runs before 1913", but it sure didn't seem that way. if i was liesman, instead of limiting it to the 30s, i'd have asked about ALL bank runs (because there have been bank runs long before the fed was created). btw, liesman is generally an idiot. there's a reason he's not a trader or anything close to it. i LOVED when paul said housing should crash. and, yes, i was aware of morgan's influence. thanks for including it, though - many aren't aware of when he jumped into things.