“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.”
Quote by Ron Paul
Author
Ron Paul
Ron Paul, a former U.S. Representative, was born on August 20, 1935. He is a renowned politician, physician, and author who served as a U.S. Representative from Texas from 1976 to 1985. Paul ran for the Republican presidential nomination in 2008 and 2012. He is known for his libertarian views and criticism of monetary policy. more
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