One old geezer they are afraid of.....

Remains to be seen how long the old man can last against the gang and their buddies in the media. or the nut jobs on the left with guns!


EconomicPolicyJournal.com: Is This the Best the Fed Can Do in Its Defense?

Hobby makes clear right at the start this is about Ron Paul:

Defense of our central bank is imperative just now because the House Financial Services Subcommittee, which provides congressional oversight of the Federal Reserve System, has a new chair — U.S. Rep. Ron Paul, R-Lake Jackson. Paul is a frequent critic who has published a book titled End the Fed. Almost certainly, Paul will seek to make a fundamental inquiry into whether the United States will retain the ability to conduct monetary policy at all.

Then he says:

No one who studies the global economic issues today would forfeit this nation's ability to conduct monetary policy through a central bank.

This statement is simply factually wrong. Congressman Paul has certainly studied the issue and has not reached that conclusion, as have many economists, mostly from the Austrian school of economics.

I'm hoping Hobby isn't trying to be serious when he writes:

Part of the problem in this public debate is that few of us have much personal experience with, or perspective on, monetary policy. It is simply not a visible part of most people's daily lives

The problem is that most Americans have too much experience with the Federal Reserve through Federal Reserve notes that buy less and less food, clothing and gasoline every year.

A hint to Hobby, they don't riot in Third World countries over central bank created inflation because they don't have personal experience with inflation. It's very personal.

Hobby then tells us that the financial system went through a "near death experience" without once discussing the role of Austrian economists, before the fact, warning that such a crisis would come about because of Federal Reserve policies.