The Fed has one power that is unique to it alone: it enables the creation of money out of thin air. Sometimes it makes vast new amounts. Sometimes it makes lesser amounts. The money takes a variety of forms and enters the system in various ways. And the Fed does this through techniques such as open-market operations, changing reserve ratios, and manipulating interest rates, operations that all result in money creation.
Ron PaulA citizen walking through the airport today is bombarded with 1984-style propaganda messages that are designed to make us fear some amorphous threat and also be suspicious of others. The government designs these messages to make us feel dependent and heavily lorded over in every aspect of our lives. These messages are becoming ever more pervasive, hitting us even in grocery stores when we are shopping.
Ron PaulEveryone who believes in freedom must work diligently for sound money, fully redeemable. Nothing else is compatible with the humanitarian goals of peace and prosperity.
Ron Paul