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 PaulWhy does the U.S. care which flag will be hoisted on a small piece of land thousands of miles away?
Ron PaulWithout question, the true goal of some in Congress is to create a system of socialized medicine. It's politically expedient to slap a "patientsโ rights" label on legislation that simply leads us closer to a complete government takeover of medicine.
Ron Paul