Saturday, October 22, 2011

The anti Federal Reserve cult

I have been involved in a discussion with a few individuals in the Ron Paul anti-Federal Reserve cult the past few days. I call it a cult because these people have completely drank the kool-aid. They believe exactly what they have been told and completely ignore any factual information that might cause them to question their beliefs. They try to proselytize and bring others into their cult by screaming about conspiracy theories and completely ignoring facts. They talk about the Fed being run by a secret cabal of mysterious individuals who don't have to answer to anyone. They scream about all of the harm the Fed has done while ignoring the Fed's positive accomplishments. They are cultists and Ron Paul is their prophet and supposed savior.

To be honest I am not the Fed's biggest supporter, I think Alan Greenspan helped to put our economy into the crisis situation it is in now with his complete faith in the Chicago School of Economics. But the mistakes of Alan Grenspan, large as they may be, are no reason to destroy an organization that has allowed us to not suffer through the wild swings of inflation and deflation that our country endured before the Fed existed. The Fed also brought us through the transition away from the gold standard which had we stayed on it would have destroyed the middle class in the US with the fairly constant supply of gold versus the quickly increasing US population after World War II. The Fed is far from perfect and could use a bit of restructuring, as could all of our economic institutions, but to claim that it is solely responsible for everything from our current economic woes to the murder of of US House of Representatives member Louis McFadden, to the Great Depression is not a sign of political involvement, it is a sign of insanity. To those Ron Paul supporters who may be reading this, think about your vote, I worry that Ron Paul, if elected, could become the economic version of Jim Jones.

No comments:

Post a Comment