"There is no power greater than the power over money- the power to create and contract the money supply, the power to control the purchasing power of your money. Throughout history, this has proven to be the most sought after, monopolistic power of man."
--Ron Paul 1983
I recently was reminded of a debate between Ron Paul and Charles Partee, a member of the Federal Reserve Board of Governors from way back in 1983. In it, Paul uses the same analogy I did in this post:
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"...I see the issue of power and control over money to be something that we cannot ignore-we must address. I believe closely associated with this is the issue of morality, as well. By what moral right do we have to create purchasing power out of thin air? Whether it's done by the creation of credit and federal reserve notes- or it's done by the creation of SDR's on an international scope, by what right do they do this? Is it any more moral to dilute the value of the money supply that you hold in your wallet than it is for the farmer to dilute the milk supply with water? I would say there is an issue of morality here just as strong as the issue of power. I happen to believe, also, that because it's a moral issue more than an economic issue- it is for this reason that people have lost trust in the government, trust in the banks, trust in business, trust in themselves- and that we are a nation of distrust."
I knew I had "jacked" that milkman analogy from somewhere, just couldn't remember where! Turns out is was Ron Paul!
I watched the entire debate between Paul and Partee a long time ago. I remember it being very interesting and educational. The video quality is certified poor, but it is worth fighting through it, trust me! Here is the debate in it's entirety:
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