Ron Paul says “The Austrians were right”


In a statement Ron Paul delivered to the United States House of Representatives on November 20, 2008, he made these points:

  1. Our government is “totally influenced by Keynesian economics.”
  2. “At least 90% of the cause for the financial crisis can be laid at the doorstep of the Federal Reserve. It is the manipulation of credit, the money supply, and interest rates that caused the various bubbles to form. ”
  3. The Federal Reserve created this problem. Why do we rely on it to fix the mess it created?
  4. “… the stage is now set for massive nationalization of the financial system and quite likely the means of production.”
  5. “Raising taxes would reveal the true cost of big government, and the people would revolt.”
  6. So the government creates money from thin air to pay for all this.

Read the entire statement at The Austrians Were Right.


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