What Jerry Thinks: On Ron Paul and Ending the Federal Reserve

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An excerpt from the Follow the Money Weekly podcast with Jerry Robinson – 10/2/10

TRANSCRIPT

This week, U.S. Congressman Ron Paul continued his tireless campaign to end the Federal Reserve. On Thursday, Dr. Paul was interviewed over at the Fox Business Network.

I wanted to share a few snippets of the interview with you this week as I found it to be pretty insightful.

As you know, Ron Paul believes as we do that the Federal Reserve should be ended as it is an unnecessary and more importantly, an unconstitutional institution.

The interviewer first asks, if we end the Federal Reserve how would we fund our current level of government spending. Here’s Congressman Paul’s answer.

CLIP 1

Stop the tape. What happened in 1971? If you have been following our organization for very long you know. In 1971, President Richard M. Nixon effectively closed the gold window essentially creating the first global experiment with fiat paper money. Now, let’s listen to the remaining portion of Congressman Paul’s answer and pay special attention to what he says about the price of gold.

CLIP 2

Interesting to note that the competitive currency devaluation that occurring around the globe is having a direct impact upon the price of gold.

Next, the interviewer asks Congressman Paul an interesting question. If the Federal Reserve were to come to an end, what would Americans use for money, since the Fed creates and manages the current monetary system.

CLIP 3

Then the interviewer asks Congressman Paul what the difference is between a silver certificate and a $100 bill from the Federal Reserve… Roll the tape

CLIP 4

Next, the interviewer then chuckles and sarcastically asks if we should return to a gold standard similar to that of the old Bretton Woods system? Congressman Paul?

CLIP 5

Next, the interviewer asks Congressman Paul his thoughts on tying the dollar to energy like oil instead of gold as this would be more practical.

CLIP 6

Anyway, you get the idea… You have to understand that the mainstream media is still reeling in shock over the fact that gold is in such demand right now. Bankers and the financial elite cannot print gold. They can only suppress its price. And right now, that is becoming more and more difficult to do.

We are truly living in historic times. And what I believe is going to be one of the largest wealth transfers in human history as the global fiat currency system caves in on itself and as wealth flows into real assets like precious metals, commodities, and energy.

An excerpt from Follow the Money Weekly Radio with Jerry Robinson – 10/2/10

About Jerry Robinson

Jerry Robinson is an economist, published author, columnist, international conference speaker, and the editor of the financial website, Followthemoney.com. In addition, Robinson hosts a weekly radio program entitled Follow the Money Weekly, a podcast dedicated to simply explaining our complex financial world.

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