I’ve written before that most CMIGS’ clients know more about the machinations at the Fed than the presidential candidates. That’s not exactly true, however. I would not say that most clients, nor I, know more about the workings of the Fed than GOP candidate Ron Paul.
Ron Paul has studied Austrian Economics, which is adamantly opposed to the concept of central banking, for more than thirty years. He has gone head to head with Fed chairmen during their mandatory appearances before joint congressional committees. When it comes to the Fed, Ron Paul knows of what he speaks.
Further, Ron Paul knows that gold is sound money and has called for a return to the gold standard. The other candidates, however, would prefer to ignore the issue. Actually, many so-called sophisticated columnists consider Ron Paul “a fruitcake” because of his stand on money.
Unfortunately for the other candidates, Ron Paul’s position on money is gaining a little traction, which means the other candidates may have to either join Ron Paul in calling for a return to the gold standard or start defending Keynesian economics, which has been the foundation for government intervention in the marketplace since the 1930s and are the reasons our federal government stands on the edge of bankruptcy.
Murray Sabrin has written an article for usatoday.com about Ron Paul’s position on sound money. Articles by Ron Paul can often be found at www.lewrockwell.com, a libertarian website. Here’s one I like, his Statement Before the Joint Economic Committee, November 8, 2007.
