Congressman Ron Paul again took the opportunity to lecture Federal Reserve chairman Ben Bernanke on sound money principles at this morning’s House Financial Services Committee hearing, warning that the financial crisis cannot be solved by merely creating credit out of thin air.
Paul said that yesterday’s record consumer confidence slump was a reflection of monetary policy in Washington and that it was impossible to patch up a failed system.
“This is the end of an era,” said the Congressman, “we can’t reinflate the bubble….if we think that we can reinflate this bubble by artificially creating credit out of thin air and calling it capital, believe me we don’t have a prayer of solving these problems - we have a total misunderstanding of what credit is versus capital.”
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