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CNN Defends the Fed – Calls Ron Paul Economically Illiterate

Written by The Daily Bell

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Every 2012 contender attended college. They all graduated. They went to schools like the University of Pennsylvania, Columbia, Texas A&M, Morehouse, Penn State and Emory. But decades have passed since these Presidential candidates first stepped onto campus as freshmen. Is it time for an Econ 101 refresher course? America's Econ 101 professors say yes. In their view, the candidates continue to offer ideas and policies that wouldn't pass muster in their classes – populated by 18 year-old college students.

"There are so many economic 'misstatements' being made," said Jonathan Lanning, a professor at Bryn Mawr who is teaching two introductory economics classes this semester. "And it isn't confined to any one candidate." ... Another professor who teaches at the University of North Carolina at Chapel Hill, Michael Salemi, was able to identify statements from six candidates that "would earn failing grades in my Econ 101 class." Salemi called Ron Paul's rationale for returning to the gold standard "one of the most dangerous ideas put forward by a politician in recent years." – CNN Money

Dominant Social Theme: When it comes to economics, Ron Paul doesn't know what he's talking about.     Ron_Paul

Free-Market Analysis: So here comes Dr. Michael Salemi to defend central banking from Ron Paul. And where does his defense appear? On CNN, of course, the pre-eminent US media mouthpiece for the Anglosphere power elite.

The more CNN sinks in the ratings, the more support it gets. It's kind of the anti-news channel in this regard or perhaps the media's most prominent example of the Peter Principal (outside of AOL, another elite-controlled outfit). CNN is constantly failing upward, along with CIA-trained Anderson Cooper.

This statement by Salemi (see article excerpt above) is especially egregious. Ron Paul has written books on free-market economics and was a close friend of the great libertarian economist Murray Rothbard who along with Lew Rockwell founded the Mises Institute.

Today, the numbers of Ludwig von Mises Google cites rival those of the Fabian fraud, John Maynard KeynesFree-market thinking has swept the world, magnified by the megaphone of communications technology and the Internet Reformation. What's Salemi ever done other than to offer up misinformation to overly-trusting students?

This is nothing but a big dominant social theme of the power elite. The meme is simple: Central banks are a natural progression of the money system and anyone who contradicts them is being foolish and economically illiterate.

This isn't true, of course. Central bankers FIX the supply of money by deciding on its volume and price. Price-fixing never works. It merely transfers wealth from those who produce it to those who have not and don't have any idea of how to deploy it efficiently. That's why lottery winners are always going broke and why the government itself – a price-fixing machine – can never get anything right.

Every regulation and law is a price fix, creating unpredictable and destructive results. Eventually, you get to the point where the economy is so distorted that no one knows what to invest in any more. The economy grinds to a halt. No one wants to build anything. Jobs wither and die. That's where we are now.

But the powers-that-be will do ANYTHING to defend central banking, which is the fount and source of all their power. Now they're heading toward SDRs and a world currency. In fact, the plan is becoming abundantly clear: Topple the global economy in order to make the Western middle classes (the enemy of the power elite) so miserable that they will willingly acquiesce to world government.

There is no need for central banks or central banking but they are all over the world now. It is a disease of the 20th century, transmitted to the 21st. The elites know quite well that central banking brings misery and destruction on all. But still they pursue it. The rewards are too great to do otherwise.

But at what cost? They've destroyed America's standard of living, are setting Europe on fire, and soon China may collapse as well. How can anyone deny the history of central banking – or its terrible results?

And this is the penultimate moment. "They" are striking now, putting into motion what seems to be a malicious and bloodthirsty plan that has deliberately degraded the living standards of billions in order to generate the intended result. Here's some more from the article:

Michele Bachmann promised to bring back $2 gas. Tim Pawlenty suggested sustained 5% GDP growth was a realistic target. Rick Perry would balance the budget with lower tax revenues. No dice, say the professors.

Stephen Golub, who is teaching Econ 101 at Swarthmore College this semester, said some of the ideas floated by Presidential candidates would earn a failing grade in his class. "I think it's grossly irresponsible what they are saying," Golub said. "It's not about economics. It's about getting elected. They are promising things that are impossible to deliver or make little sense."

The rhetoric sounds good on the campaign trail. Not in the classroom. The simple laws of supply and demand render Bachmann's $2 gas promise void, said Erik Nelson, an Econ 101 professor at Bowdoin College. Federal Reserve: GOP's whipping boy Rick Perry labeling Federal Reserve Chairman Ben Bernanke as treasonous? "Really over the top," said Golub ... Neither "side" has a "truly comprehensive understanding of even basic economics ... "

See the cleverness that CNN employs in propagating this pro-central banking meme? They lump together Congressman Ron Paul (a profound free-market scholar) with shambling Bilderberg-approved wannabees like Romney and Rick Perry (who can't even remember his own lines).

End the Fed. End the horror. End the economic depressions and their truly genocidal misery. And, hey ... don't bring back the gold standard! Let it arise naturally as the result of competing "money." A private gold and silver standard has been the hallmark of human prosperity for hundreds and even thousands of years. We have no doubt where a free society would end up, moneywise.

The ratio between gold and silver alerts "commoners" to times when the elites are attempting to manipulate gold, which has always been the money of the upper classes. That's why gold and silver have traditionally been paired within free-market environments.

Conclusion: All this is standard stuff but it has been purposefully obscured by the paid liars of the power elite who populate what we laughingly call the West's "university system." Ron Paul has more knowledge about the economy in one tiny finger than these sophists of monetary thuggery have in their entire collective body.

SOURCE: Daily Bell

© Copyright 2008 - 2011 All Rights Reserved. The Daily Bell is an informative compendium of independent economic views and analysis, which is published by The Foundation for the Advancement of Free-Market Thinking (FAFMT).

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