I have come to one firm conviction after these many years of trying to figure out the plain truth of things. The best chance for achieving peace and prosperity, for the maximum number of people worldwide, is to pursue the cause of liberty. If you find this to be a worthwhile message, spread it throughout the land.

As bank customers, we tend to believe that we can have both perfect security for our money, drawing on it whenever we want and never expecting it not to be there, while still earning a regular rate of return. In a true free market, however, there tends to be a tradeoff: you can enjoy a money warehouse or you can hope for a return on your investment. You can't usually have both. The Fed, however, by backing up this fractional-reserve system with a promise of endless bailouts and money creation, attempts to keep the illusion going.

In time it will become clear to everyone that support for the policies of pre-emptive war and interventionist nation-building will have much greater significance than the removal of Saddam Hussein itself.

Just think of what Woodrow Wilson stood for: he stood for world government. He wanted an early United Nations, League of Nations. But it was the conservatives, Republicans, that stood up against him.

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.

What you are inferring is, If we were to legalise heroin tomorrow everybody would use heroin. How many people here would start using heroin? I bet nobody would. Oh yeah, I need the government to take care of me. I don't want to use heroin, so I need these laws.

A system of capitalism presumes sound money, not fiat money manipulated by a central bank. Capitalism cherishes voluntary contracts and interest rates that are determined by savings, not credit creation by a central bank.