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Ron Paul: 'Biggest Counterfeiter in the World Is the Federal Reserve' (VIDEO)

by Jeremy Taylor, posted Apr 26th 2011 2:15PM
Texas congressman Ron Paul is expected to announce on Tuesday that he is running for president. Monday night, the iconoclastic libertarian stopped by 'The Colbert Report' (weekdays, 11:30 PM ET on Comedy Central), were he argued that by printing money and reducing the value of the dollar, the Federal Reserve is responsible for the high price of gas.

"There is a law on the books that says you are not allowed to counterfeit, and the biggest counterfeiter in the world is the Federal Reserve," Paul said, continuing to go after America's central bank. "They just print money, trillions of dollars, and they give it out to their friends."

If this is true, Federal Reserve Chairman Ben Bernanke must be one popular guy.

Watch the full interview here:

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Kristiel Opez

Rep. Ron Paul has some big news to break tomorrow http://bit.ly/g9d3So

April 27 2011 at 1:08 AM Report abuse rate up rate down Reply
Crisco Christopher

by printing money and reducing the value of the dollar, the Federal Reserve is responsible for the high price of gas.

April 26 2011 at 11:26 PM Report abuse rate up rate down Reply
1 reply to Crisco Christopher's comment
Deefburger

It is true, the more "dollar" notes in circulation, electronic or otherwise, the more of them it takes to buy anything. The reason this happens is simple, if there are more available, their realative value to the things they can buy decreases. So market players like sellers of goods will raise their prices to capture more of the available currency.

In a sound money system, using tangible intrinsic value money like gold or silver or beans, the tendency in the market is to lower prices rather than raise them. The reason is the relatively fixed amount of currency in the system is buying larger and larger amounts of labor and newly produced goods. This allows tangible money saved, even saved under the mattress, to gain in value the longer it is kept.

April 27 2011 at 6:21 PM Report abuse rate up rate down Reply

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