Throughout the ages, the favorite political trick for public officials has been to dole out "free benefits" to the citizenry and engage in expensive foreign military adventures without raising taxes. To accomplish this feat, they have simply resorted to the printing press to get the money to pay for the "free benefits" and the military adventures. As more money was printed, its value would drop, which would be reflected in rising prices for the things that money buys. As prices rose, people would blame speculators, capitalists, price-gougers, and profiteers, never suspecting that their public officials were behind the scam.
That's what the Fed has been doing for decades -- accommodating ever-increasing government expenditures by printing the money to pay for them. That's why the value of the dollar has been plummeting ever since the 1930s. It's also why U.S. coins are now made of cheap alloys rather than of gold and silver...
the Federal Reserve is the prime destroyer of currency and, therefore, one of the greatest threats to the freedom and well-being of a citizenry. As the monetary crisis facing our country continues to worsen, it's important that we keep in mind that there is only one long-term solution -- the one advocated by people such as Republican presidential candidate Ron Paul and Nobel Laureates Milton Friedman and Friedrich Hayek: Abolish the Fed.
MWC News - A Site Without Borders - - Why Not Abolish the Fed?
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