Ephemera 21

August 10, 2007. Ron Paul tells cnbc’s Larry Kudlow how he would handle the credit crisis. – Larry Kudlow: Let me just ask you, talking about Armageddon, are you an economic pessimist about the future of America (Larry’s sick of all the economic pessimism)? – Ron Paul: No, I’m an optimist if we did the right things, if we restrained the FED from creating money out of thin air and causing all the malinvestment and encouraging Big Government spending, see we can’t have the spending if we don’t have the FED to bail the politicians out by monetizing the debt. ————————— “History told me that the urgency to acquire power is inherent in the State, any State. The American State had been held in leash by its peculiar Constitution, adopted at a time when the people were conscious of this urgency and were intent to hold it within bounds. They were particularly aware of the fact that the power of the State is in proportion to its income, and made sure that the State would not go hog-wild by limiting its power to tax. But, within a century new peoples with new ideas came upon the scene and this limitation was removed.” (-Out of Step- by Frank Chodorov)