A View From Middle England - Conservative with a slight libertarian touch - For Christian charity and traditional belief - Free Enterprise NOT Covert Corporatism

Friday, September 26, 2008

Ron Paul tackles Bernanke on "thin air credit"

Where does Ben Benanke get this $700 billion from? Ron Paul thinks he's creating credit out of thin air. Nobody has said where this money is coming from. George Bush calls the whole plan "a sucker", Henry Paulson gets down on bended knee to plead for the plan to go through Congress after a shouting match in the White House. However, nobody tells us where this money is coming from.

The Federal Reserve Act to which Benanke alludes and from which he derives his authority to create thin-air money, came about because 101 years ago there was what was called the Bankers' Panic. It nearly did for the USA what the bankers of today have almost done. So we have the Federal Reserve System. In that it is well named. They are highly reserved when it comes to explaining things. Benanke agrees that price-fixing is wrong, but he goes only that far.

If I were an American I'd be asking two questions. Where's this coming from? Will I, and all my fellow countrymen, being paying it off for years to come? The Archbishop of York was right about Alice in Wonderland stuff. Lewis Carroll's famous character, Humpty Dumpty said he made words mean what he wanted them to mean. Humpty Dumpty's devotees are hard at work with this bail-out!


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