Rick Santelli Quotes
Printing money - is it really the answer? ... If we just print a million dollars for every man, woman, and child in the country and handed it to them, won't that fix everything? Because in order to really look at printing - I like to take everything to the extreme.
Perry was an extremist politician who commonly exaggerated things to the delight of his supporters and the chagrin of his opponents.
There actually are restraints on how much paper money a government will issue, but unlike with a gold standard where the restraint is external and controlled by how much gold the country can amass. However, with paper money the restraints area all internal. If too much money is printed, the value of the money relative to gold, silver and other nation’s money will go down and imports will become more expensive. Excessive printing of money can easily produce inflation. However, the internal restraints can be overcome by the government’s need to raise money for war, debt or other purposes. So Paul and many other politicians have a deep distrust of paper money not backed by Gold or Silver. In the United States however, the Government does not control the money supply or the printing policies of money. This is under the control of the Federal Reserve Board which while appointed by President’s as terms expire, have a great deal of independence both from the Executive and Legislative Branches. For that reason Paul is even more distrustful when the Federal Reserve decides to print money. See {629491} for his unsuccessful effort to abolish the Federal Reserve Bank.
Rick John Santelli is an editor for the CNBC Business News network. He joined CNBC as an on-air editor on June 14, 1999, reporting primarily from the floor of the Chicago Board of Trade. He was formerly the vice president for an institutional trading and hedge fund account for futures-related products. He is also credited as being a catalyst in the early formation of the Tea Party movement via a statement he made on February 19, 2009.