Senior Fed Economist Calls Ron Paul a Pinhead

Senior Fed Economist Calls Ron Paul a Pinhead

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David Andolfatto, Vice President in the Research Division of the Federal Reserve Bank of St. Louis, makes one of the most ludicrous arguments against Ron Paul’s attack on the Fed that one could make. I mean even for a Fed apologist, it is off the wall.

He attacks this paragraph in Ron Paul’s book End the Fed:

One only needs to reflect on the dramatic decline in the value of the dollar that has taken place since the Fed was established in 1913. The goods and services you could buy for $1.00 in 1913 now cost nearly $21.00. Another way to look at this is from the perspective of the purc

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Ahh, and the war of words, as to be expected, begins to escalate in the ongoing battle between Dr Paul and the ever-criminalistic counterfeiting organization known as the Fed.

So let's see, because Paul is exposing just how disastrous and criminal this private cabal's monetary policy has been in driving down the value of the dollar and the american standard of living, he is referred to as a "pinhead" for not going along with their continued failed policy?

A case of attacking the messanger, rather than the message? A sign of desperation perhaps?

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Originally posted by DimensionalDetective


Ahh, and the war of words, as to be expected, begins to escalate in the ongoing battle between Dr Paul and the ever-criminalistic counterfeiting organization known as the Fed.

So let's see, because Paul is exposing just how disastrous and criminal this private cabal's monetary policy has been in driving down the value of the dollar and the american standard of living, he is referred to as a "pinhead" for not going along with their continued failed policy?

A case of attacking the messanger, rather than the message? A sign of desperation perhaps?

www.infowars.com
(visit the link for the full news article)

Yeah these guys don't care. I mean ron paul is messing up their money. They are thieving criminals and could care less about the general public and "constitutional boundaries".

What exactly do you expect coming from Fed economist who knows he has no way of debating the facts with Paul and that hardly anyone believes them any more? They must turn to unfounded attacks and baseless insults because that is all they have left.

Now I do have a question for anyone here who would be kind enough to give me a thorough answer.

Per se we return to a gold standard for currency as Ron Paul proposed, how would prices fall? For example something now costing $20 dollars how much approximately would it cost on the gold standard?

Well, ummm, he's kinda right, ya know?

reply to post by DimensionalDetective


Dr. Ron Paul has won election to Congress several times. Dr Paul has been consistent and clear in his views about
how the government should operate and the goal of maintaining the store house of value in the US Dollar.

It appears to me that an appointed official should show deference to the views of a popular elected representative.

Explain to us why your differ with Dr Paul but remember he is elected to speak for thousands of people in his congressional district.

I will worry that Dr. Paul's statement is wrong when a non-fed economist comes out and challenges the statement and/or book.

Economic dogma is not to be questioned. Especially by someone who walks among the cabal of supporters of the paradigm that keeps their 'status quo' predictable.

I can't imagine how those supporting the current economic travesty can simply forgo history as a consideration of the facts.

The Federal Reserve bank was secretly created by a private banking cartel and the political appointees that were loyal to them. The secrecy became fraud as they literally purchased the media to control their editorial policy, ensuring the public were unlikely to ever be exposed to the question "How 'Federal' is the Federal Reserve Bank?"

Somehow, they expect the American people to simply overlook that the official story is intended to convince us that "we [the people]" wanted this private banking cartel to have a monopoly on currency and setting credit ratings.... as if we were given a choice. In the dead of the night, during Christmas recess, they seized the power (some say with malice of forethought purposefully neglecting State's actual voting records) - while surrendering to them, the power to tax the fruits of our labor, then subsequently gave to them via the IRS the power to compel the surrender of that wealth for which we traded our labor.

We are likewise expected to accept the nature of "banking" in their wisdom (fractional reserve lending) which multiplies their actual holdings "by fiat" and allows them to leverage unrealized profits into wealth, is sound. Yet it repeatedly succeeds only in redistributing wealth to the bank and bankers associates. They create a meme that sets up a 'laugh curtain' against any who dare challenge the institution; and malign any notion of reversing the direction or severity of the redistribution as 'communistic' or 'socialistic' ignoring the hunger and suffering their 'entitlement' to wealth causes.

Their monopoly is the cruel joke... and the politicians are slaves to it. The golden rule.

The entire construct is suspect. I for one, would refrain from characterizing people who challenge it.... the people who challenge it are not the problem... the Fed is the problem.

reply to post by Misoir

how would prices fall?

I do not know the specific figures, but would go something like this. Lets say there is $500 Trillion USD floating around the global market. The USA can only get their hands on $50 Trillion USD worth of gold. When this new gold back dollar is introduced there will be an exchange rate of $10 old USD for $1 new USD. This will bring all prices down by 90%.

One problem I have with a gold back dollar is that the currency is now subject to fluctuations in the gold market. On the positive side, if all international currencies are backed by gold then it will make international trading a lot easier and fairer. There are advantages with a fiat system where the dollar is backed by nothing as there are no single asset fluctuations to affect the currency value, but the Fed has shown there is also risks with mismanagement, corruption and breakdown of regulation.