Thomas Sowell: Federal Reserve a 'Cancer'

Complete video at: http://fora.tv/2010/12/14/Uncommon_Knowledge_Basic_Economics_with_Thomas_Sowell

Economist Thomas Sowell explains why he supports Ron Paul's stance on abolishing the Federal Reserve. When asked by Peter Robinson what should replace the Fed, Sowell replies: "When someone removes a cancer, what do you replace it with?"

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Thomas Sowell has studied and taught economics, intellectual history, and social policy at institutions that include Cornell University, UCLA, and Amherst College. Now a senior fellow at the Hoover Institution, Sowell has published more than a dozen books, the latest of which is a revised and updated edition of his classic volume, Basic Economics.

"Through its various editions," Sowell writes, "the fundamental idea behind Basic Economics remains the same: Learning economics should be as uncomplicated as it is informative."

Here, Sowell seeks to uncomplicate some of the economic issues confronting the country today, from the financial crisis and the role of the Fed to the economics of health care and trade imbalances. - Hoover Institution

Thomas Sowell is an American economist, political writer, and commentator. He is currently a senior fellow of the Hoover Institution at Stanford University. In 1990, he won the Francis Boyer Award, presented by the American Enterprise Institute. In 2002 he was awarded the National Humanities Medal for prolific scholarship melding history, economics, and political science.

Peter M. Robinson is a research fellow at the Hoover Institution, where he writes about business and politics, edits Hoover's quarterly journal, the Hoover Digest, and hosts Hoover's television program, Uncommon Knowledge.

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[koolkamel322]

"If the gov't had taken the bailout money, and given it every person in America, each person would have obtained an estimated $3,000. Instead, we gave it to the banks to prevent a recession that came shortly after anyway." - Dr. Ron Paul

How can you read that and still say libertarians are crazy?

[MondoBeno]

J.P. Morgan may have been something of a robber baron, but like most millionaires of the time (Carnegie, Rockefeller, Ford, Vanderbilt, Whitney, Guggenheim) he felt a sense of accountability to the nation. These guys put huge piles of cash into schools, universities, libraries, and hospitals.

They also did it without government bailouts.

[Brantoc]

Everyone says 'Gold Standard' as if that is the only option. Surely there is an alternative that meets certain basic requirements, one of which is it be a closed system to prevent rampant inflation, and money printing. That doesn't mean tied to Gold or another commodity that can be exploited.

I'd say something tied to GDP or a multiple there of, but that can also be exploited. Surely there is another answer.



[Xantheus07]

@hapz3000 Just like in 1900s changed from the 1800s right so again whats your point?

[hapz3000]

@Xantheus07 the times have changed im sure you understand that the truth is as clear as water

[Xantheus07]

@hapz3000 How can i understand your point when its as clear as mud?

[hapz3000]

@Xantheus07 there was tech at that time just understand my freaking point please

[DRourk]

@MondoBeno Carnegie, Rockefeller, Ford, Vanderbilt, et al did not feel a sense of accountability. They put huge piles of cash into schools, universities, libraries,etc for a combination reasons: good PR, self indulgence, monuments to themselves, to hide their wealth, but more than anything else to manipulate society to do what they wished.

These are evil men through and through. That you and others think otherwise ignores history, and buys into the propaganda they've sold you.

[Xantheus07]

@hapz3000 WTF No tech in the 1900s? Just because YOU dont consider them techs doesn't mean they weren't.

[TheRimelo]

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FUCK RON PAUL!

[TheRimelo]

KILL RON PAUL!!