Did you see Arianna Huffington and Ron Paul on Morning Joe discussing the economy and federal reserve?
http://www.youtube.com/watch?v=WjVpr3zIr8E&feature=player_embedded
This is a good discussion, IMHO, and it is interesting to see how much Arianna Huffington and Ron Paul agree on in this discussion.
What do you think?
DAR: I'd like to first point out that Boss H has been misled by the media he proclaims makes people 'thick'. Ron Paul didn't just suddenly start pointing fingers at The Fed. He's been doing so for decades. It's one of the reasons he went into politics. And he's somewhat of an outcast in the Republican party. He was the only Republican to vote against the Iraq War Resolution (a resolution MANY Democrats supported). He refuses to vote on legislation unless it is expressly approved by the Constitution. Because of that position, he is often the only congressman to vote 'no' on legislation. In truth, if Paul is anything, he's a Libertarian. His views on economics can be summed up nicely in this quote:
"I sincerely believe...that banking establishments are more dangerous than standing armies, and that the principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large scale." --Thomas Jefferson to John Taylor, 1816.
By 'banking establishments' Jefferson was referring to the establishment of the Second Bank of the United States - a very early predecessor to what we now call The Federal Reserve. The First and Second US banks were created so the US could establish a system of credit, whereby we borrow and give money to other nations.
Jefferson though giving the federal government power to control and spend our money, in the name of funding that would later be paid by our children and their children, was cheating our future children of prosperity (because they be the ones paying for the 'credit' we owed) and creating national debt.
Now, about economics discussed in that video. There are three major schools of economic thought in this country. Two get a lot of press and one - the school Ron Paul advocates - rarely gets discussed. These schools are:
1. Keynesian (supported by Paul Krugman and Mr. Obama's policies)
2. Chicago (supported by Milton Friedman and most Republicans)
3. Austrian (supported by Ron Paul and Libertarians)
Paul Krugman is a Keynes man and last Friday his column in the NYT discussed why Keynesian economics works. This prompted the Chicago School to respond, which prompted the Austrian School to respond to the Chicago School. The links to all three articles from all three schools are in my sources. If you want to know what the options are, this is a great place to start.
In addition to Ron Paul's new book, I'd recommend reading "Meltdown". It's a quick, too-the-point explanation of how the federal government - not wall street - caused this economic mess. It points the finger at both parties, several times and gives data, examples, and citations. Compare this book to the liberal media and majority Republican viewpoints, and form your own opinion 
Lastly, I'd like to point out that before Ron Paul was a politician, he was a medical doctor who delivered babies. His thoughts on health care reform are worth listening to. Last time I checked, there were more businessmen and lawyers in politics than scientists and doctors. Paul relies on empirical evidence and logic to support his arguments - something few other politicians ever do. Plus, if he, as a doctor, can make sense out of all these different economic schools of thought, then we can too!
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