Learning from history

The only thing we learn from history is that we don't learn from history. As you can read in this article, central banks around the world have caused more mayhem by printing money out of thin air, just like our Fed does. The U.S. had five major recessions/depressions in the 1800's. Did we learn from them? Of course not. The great contraction that kicked off in late 1929 was the direct result of foolish monetary policy by the neophyte economists at the Fed. And how did the 2000 dot.com and telecommunications bubble form and burst? You guessed it: a dramatic expansion of the money supply, leading to easy credit and malinvestment.

Only sound money prevents the severe dislocations that we now see here in America and around the world. It's getting ugly out there. One guy in Congress does get it however, and he gave the ex-Fed chairman Greenspan a hard time for over a decade. Yeah, that's right: Ron Paul.

Kudos the lewrockwell.com for posting a link to the article.