Monday, January 2, 2012

My Letter to the Kingston Freeman Concerning Gary Weiss's Op Ed

The Kingston Freeman published my letter in response to Gary Weiss's Op Ed concerning Ron Paul:

Dear Editor:

Congressman Ron Paul disavows letters which he says he did not write (syndicated columnist Gary Weiss, The Street – Freeman website, Dec. 28, “Ron Paul captures the crackpot vote").

Contrast that Christmas-sized portion of hate doled to Paul to your handling of Barack Obama.

In 2008, there was no criticism of then-Sen. Obama’s associations with anti-Semites and felons, to include Bill Ayers, Jeremiah Wright, and Father Pfleger. In contrast, Weiss convicts Paul without trial.

Paul is the only candidate to question both parties’ refusal to discuss the bipartisan commitment to the Federal Reserve Bank and its creation of income inequality by diverting wealth from the public to Wall Street.

As Nicola Matthews and James Felkerson of the Jerome Levy Institute reveal,  in the past few years the Fed has purchased $29 trillion in assets.  The assets were financed with dollars the Fed printed from thin air.

We have not felt the effects because central banks prop up the dollar.

To the extent that the toxic assets are less than the $29 trillion, there is a loss to the public, likely in the trillions.

The entire American GDP is about $14 trillion.

But that’s the least of it.

By tripling the money supply since 2008 (from $800 billion to nearly $3 trillion), the Fed and the two major parties have opened the door to the money center banks increasing the American money supply 30-fold.

The potential instability exceeds that of the 1930s.

So far, only Paul has raised these issues.

Maybe I can see Weiss’ point:

Why discuss the Fed when there are plentiful opportunities in the op-ed market to call Paul, R-Texas, and his supporters names, but few to discuss substantive issues? 


West Shokan


Anonymous said...

With all that, how can Gold only be at $1,600?

Mitchell Langbert said...

Only? It's more than six times what it was ten years ago. How high should it be?

Over time, it will go up further because the banks will begin to spend the huge deposits the Fed has made. I am long gold in principle, but am out of it right now because I think the technical correction will continue for a few more weeks. But over the long term, yes, any commodity will be a hedge against the dollar, and gold especially so.