Lender, Spender, Whatever

Last weekend Ron Paul spoke at the Campaign for Liberty conference in St. Louis. Click over to watch the videos of his speech…I haven’t had a chance to see them all yet. But I did catch this big “ouch” in the transcript…

The Federal Reserve was brought into existence in 1913 because they said they needed a “lender of last resort” and they needed a “stable currency”. Now, I don’t think it is a lender of last resort, I think it’s become a spender of first resort.

Technically, they are more of a printer than a spender. Congress is turning spending duties over to the Executive branch. And who can blame them? Baseball season is just around the corner, and they have to concern themselves with making sure no one is using steroids.

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