Recently by Robert Wenzel: D.C. Scanners and the Bankster and Global EliteConnection
In his vicious attempt to put a straight jacket around Ron Paul, Paul Krugman implies that Ron Paul believes that the monetary base is the money supply, and the one and only money supply, and that Congressman Paul believes that there is a very hard correlation between the monetary base and inflation. I provide the video below of Nobel Laureate Hayek, for all practical purposes, bitch slapping Nobel Laureate Krugman for these comments.
The video is of Hayek discussing Milton Friedman, but what should be noted is that it is Hayek promoting the idea of competing currencies, a concept that Congressman Paul has adopted and mentions frequently during interviews. Congressman Paul clearly respects Hayek’s thinking.
On page 51 of End the Fed, Congressman Paul writes:
I had the pleasure of hearing Hayek lecture in Washington, D.C., around 1980. Following that meeting, we had a private dinner together and spent several hours visiting. This dinner, which I remember well, further solidified my interest and confidence in Austrian economics.
When Krugman writes:
It’s kind of terrifying, in a way, to realize that the politically dominant faction in America right now has a view of money, what it is, and how it works that hasn’t been true since the early 19th century, if it ever was.
December 24, 2010
