Ron Paul Hearing on Fractional Reserve Banking and High-Powered Money -- 6/28/12

This hearing of the Domestic Monetary Policy Subcommittee examined fractional reserve banking, its relationship to monetary policy, and its effect on the economy.

The hearing was held on Thursday, June 28, 2012, at 2 p.m. in Room 2128 of the Rayburn House Office Building and was titled, "Fractional Reserve Banking and the Federal Reserve: The Economic Consequences of High-Powered Money."

Witnesses:
§ Dr. John Cochran, Emeritus Professor of Economics and Emeritus Dean, School of Business, Metropolitan State College of Denver
§ Dr. Joseph Salerno, Professor of Economics, Lubin School of Business, Pace University
§ Dr. Lawrence H. White, Professor of Economics, George Mason University

"Fractional reserve banking underpins the entire banking system, yet its effects on society are completely ignored. Our financial system consists of vast amounts of credit pyramided on top of very small amounts of real savings--all backstopped by explicit and implicit government guarantees. This poses significant risks to the stability of the economy and monetary system, which ought to give pause to any serious observer of financial markets. Hopefully this hearing will create a greater understanding among the American people about the nature of the banking system, and begin the movement towards serious systematic reform. The American people deserve a financial system that is stable and efficient; one that operates without taxpayer subsidies and bailouts." - Congressman Ron Paul

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  News & Politics

[nair0bij0nes]

It's an empty building !

Such an important topic and not a sole around..

Pathetic !

America holds all the cards in world affairs yet instead of having reason at the helm they have bank and corporation "hit &run" puppets feathering their (post office) nests and that of their fat friends.

In Ron America has REAL "founding farther" material, yet no one even turns up ..

Present day America is truly a very sorry state of affairs indeed :(

[TheMraptor]

quick intro

ifni.co/articles/economics/mon­ey#fb

[AzzABla]

start today senator jones! dr paul started 30 years ago and hasent let up yet. to hear u admit you wont see this change in ur life ur already admitting to taking the next bribe.

[AzzABla]

is senator Jones crying? i mean he did ask some real-ass shit, very honest/respectable. but then u just went back down a peg ya baby! man up, ron aint takin no bribes, and hes not crying. if youre ashamed of any past actions use that to change ya dummy

[damiaxxx]

Guess this wasn’t important enough of an issue for more than a few congressmen to show up.

[ryan cameron]

Why has the US not realized this was their chance?

[TeaParty1776]

Its worse than debt-based pseudo-money because govts inflate "money" to pay debts, lowering the value of "money." Thus we have politician's hot air "money." I'll give you One Obama for 10 Pelosis. TRASH THE FED AND LEGAL TENDER. PRIVATE MONIES ONLY. GIVE BACK THE GOLD STOLEN BY ROOSEVELT.