Thursday, July 02, 2009

Congressman Ron Paul Debates Federal Reserve Governor Charles Partee November 1983.

This is really an amazing set of videos that took place in a formal debate between Ron Paul and lifelong Fed employee and governor Charles Partee. One of my favorites parts is in Part 5 beginning at about 4:30. Ron Paul talks about the falacy of believing that the creation of money and credit has any meaningful long-term productive benefit. He goes on to say:
[Money printing and credit creation] does [create productive output], in an inflationary climate at the early stages of an inflation, by deceiving the people and creating new money there's a deception, and yes people do feel better and it might stimulate for a while, maybe even for decades, but eventually it does the opposite and that's what I'm afraid we're moving into now, where even the stimulation that we have today will not produce what we want and desire, and that each time, we need more and more...
Read that again. This was written in 1983 and it just nails it. Nails it.

These are a must watch. The Charles Partee segments are perhaps 20% of the total video and definitely worth skipping.

Click here for a link to the video series.