Easy Money II

Published: August 2, 2007, 3:28 am

Scholarship suggests that the Framers intended to prohibit paper money. Any judge who thought today he would go back to the original intent really ought to be accompanied by a guardian rather than be sitting on a bench. - Conservative jurist extraordinaire Robert Bork The second argument advanced by those, like Ron Paul, opposed to the Federal Reserve System and our current FRN paper currency, is that the system engenders inflation. Since 1913, when Congress created the Fed, the US dollar has lost 97% of its buying power the argument goes. A devastating indictment on the surface until you realize that the FRB were not open for business until late November of 1914, and that even at that, the rate of inflation works out to around 3% per year. Nor is the Federal Reserve responsible for much of that amount either. In fact, it wasn't until the late 1990s that the Fed was free of the liberal Keynesian Congressional mandates that forced Fed policy makers

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