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forgotten that capital cannot be created by government fiat. It has pumped trillions of dollars into the economy, providing money to banks with the hope that this new money will spur lending and, in turn, consumption. No amount of monetary expansion can solve our current financial problems, but it can make those problems much worse. Website: m, copyright Information: This content has been contributed to shtfplan by a third-party or has been republished with permission from the author. Central bankers neglect the fact that interest rates are prices. Printing unlimited amounts of money does not lead to unlimited prosperity. Policy makers focus my leadership journey essay on spurring consumption, while ignoring production. Click here to subscribe : Join over one million monthly readers and receive breaking news, strategies, ideas and commentary. Author: Ron Paul, views: Read by 21,337 people, date: May 3rd, 2012.

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This only sows the seeds for the next crisis. Hopes of further quantitative easing from the Fed, the Bank of England, or the Bank of Japan or further longer-term refinancing operations from the ECB buoy markets, while decisions not to intervene can cause stocks to plummet. Please Spread The Word And Share This Post. This confuses money with wealth, and reflects the idea that prosperity stems from high asset prices and large amounts of money and credit. Yet they accept at face value the notion that central banks must determine not only the supply of one particular commodity money but also the cost of that commodity via the setting of interest rates. The world is awash in US dollars, and a currency crisis involving the worlds reserve currency would be an unprecedented catastrophe. (Sponsored Ads editors Note: Congressman Ron Paul explains why the monetary policies of the Federal Reserve are responsible for financial and economic crises spanning several decades, including the one in which we currently find ourselves.

Ron Paul: The Next Crisis Will Be Even More Destructive

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