Debate: End the Fed by Ron Paul

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A moral hazard is where people are systematically encouraged to engage in reckless or irresponsible behavior. Is such a system good? Is such a system to be encouraged and praised or minimized and condemned? The effect of our central bank on our country’s national security, economic health and destruction of wealth is both, non-partisan and undeniable to the educated citizenry.

What if we were to legalize bank robbery, what would one expect? Imagine eloquent speeches on how everyone would benefit from such a system. How about legalizing counterfeiting as well? How can we argue against legalizing bank robbery and counterfeiting when that is precisely what has BEEN DONE FOR A CENTURY by the Federal Reserve, our central bank, with their inflationary monetary policy and interest rate price fixing, and our central government, with their economic policy of deficit spending?

Proof of legalized bank robbery and counterfeiting comes in 3 undeniable forms. First, the dollar used to be pegged to $35/oz of gold. Now it is worth $1,100 /oz, a 97% loss of value, akin to 97% of all money robbed from banks. Second, $12 trillion in debt which shows our complacency, if not complicity, in letting politicians rob our children and grandchildren rather than us - for no generation can receive benefits without paying for them unless another generation pays for benefits without receiving. Third, the depression we are now in as witnessed by the record number of people out of work, foreclosed on and - now that their banks have been robbed - bankrupt!

Unfortunately, President Obama is hoping to get out of this mess by getting into more debt! This has the effect of removing capital from business, the source of wealth. President Obama is hoping to put out the roaring fire by putting more gasoline on it as no nation ever borrowed its way to prosperity. A century of central banking has turned us from the world’s greatest lender to its greatest debtor, the wealthiest nation into economic slaves as no nation pays as much taxes as us. If you aren’t outraged, you aren’t paying attention. Central planning and central banking is a moral hazard! --Peterporcaro 11:35, 4 January 2010 (EST)