Dr. Pauls statement before the Joint Economic Committee
Read his statement from today. Here’s an excerpt:
The latest regulatory plan from the Treasury Department, with the potential to turn the Federal Reserve into a super-regulator overseeing state-chartered banks, bank holding companies, and acting as a guarantor of market stability, is another in a long line of half-baked government responses to financial difficulty. Recession after recession has not impressed upon government leaders the reality that the Federal Reserve’s monetary policy activities are what lead to market instability.
The business cycle, contrary to what Secretary Paulson and others seem to believe, is not endemic to the free market. It is always and everywhere the result of monetary inflation and subsequent malinvestment, which when it is discovered must of necessity be liquidated in order for a true recovery to occur. Delaying the liquidation will only prolong the crisis and ensure that the next crisis will be more severe.
http://blog4paul.blogspot.com/2008/04/dr-pauls-statement-before-joint.html
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