Ron Paul Quotes
First reason is, it's not authorized in the Constitution, it's an illegal institution. The second reason, it's an immoral institution, because we have delivered to a secretive body the privilege of creating money out of thin air; if you or I did it, we'd be called counterfeiters, so why have we legalized counterfeiting? But the economic reasons are overwhelming: the Federal Reserve is the creature that destroys value.
Paul, Ron. End the Fed. Grand Central Publishing, 2009.
The legislation creating the Federal Reserve Board was then being debated. A few days later it passed despite reservations from Lodge and others. The powers relegated to the Federal Reserve Board have been debated ever since.
The ‘Fed’ refers to the Federal Reserve Board, the strength of which lies in its independence from politics. Some, however, believe that there should not be any entity that performs a major function in our society which is not accountable to the Executive Branch or the Congress or both.
Most of the Founding Fathers would be scandalized by the banking and finance system we have in modern times. There is not a single bank in the nation that would meet Adams’ criteria for not being a “cheat.” See {615649} for a similar view and {630666} for another quote by Adams regarding banks. Interestingly, Adams was a very conservative politician and generally supported the establishment, but banks at that time were not thought of as part of the establishment. They had a somewhat unwholesome reputation at best.
This is an oft quoted statement because of the Great Depression which occurred the following year after Strong had passed away. The Federal Reserve followed the lead of President Hoover and did nothing while they watched the nation’s money supply shrink a third over the next 3 years, making a business comeback very difficult. If Strong had lived longer, he might have persuaded the others to increase the money supply and act as the nation’s safety valve. As the President of the New York Bank, he was the first among equals.
Stamp was a banker and the 2nd richest man in England at the time. Yet he warned about aspects of banking that needed reform and regulation.
Ronald Ernest Paul is an American author, physician, and retired politician who served as the U.S. Representative for Texas's 22nd congressional district from 1976 to 1977 and again from 1979 to 1985, and for Texas's 14th congressional district from 1997 to 2013. On three occasions, he sought the presidency of the United States: as the Libertarian Party nominee in 1988 and as a candidate for the Republican Party in 2008 and 2012. A self-described constitutionalist, Paul is a critic of the federal government's fiscal policies, especially the existence of the Federal Reserve and the tax policy, as well as the military–industrial complex, the war on drugs, and the war on terror. He has also been a vocal critic of mass surveillance policies such as the USA PATRIOT Act and the NSA surveillance programs. He was the first chairman of the conservative PAC Citizens for a Sound Economy, a free-market group focused on limited government, and has been characterized as the "intellectual godfather" of the Tea Party movement, a fiscally conservative political movement that is largely against most matters of interventionism.
