Ron Paul Liberty Report - The Fed Is The Great Counterfeiter
Aired: 2016-07-31
Duration: 01:04


=== Long-Term Tradition (01:02) ===

[00:00:01]  When governments just create units out of thin air and say it has value and they run the world, if a guy, if an individual did this, if he counterfeited the money, he'd go to prison.
[00:00:12]  The founders actually thought that if you counterfeited the money, you deserve the death penalty.
[00:00:16]  That's how much they hated the inflation.
[00:00:19]  But taxes would go down under the circumstances of the free market because the printing of money is a tax.
[00:00:26]  You value the value of the money, and the government gets the benefit from this.
[00:00:33]  Do you think gold is money?
[00:00:37]  No, it's not money.
[00:00:39]  Even if it's been money for 6,000 years, somebody reversed that and eliminated that economic law.
[00:00:46]  Well, it's an asset.
[00:00:48]  I mean, it's the same.
[00:00:49]  Would you say Treasury bills are money?
[00:00:51]  I don't think they're money either, but they're financial assets.
[00:00:52]  Why do central banks hold it?
[00:00:55]  Well, it's the form of reserves.
[00:00:57]  Why don't they hold diamonds?
[00:01:00]  Well, it's tradition, long-term tradition.
[00:01:02]  Some people still think it's money.