“Let it not be said that no one cared, that no one objected once it’s realized that our liberties and wealth are in jeopardy. -U.S. Congressman from Texas, Ron Paul, M.D.

“The greatest threat facing America today is not terrorism, or foreign

economic competition, or illegal immigration. The greatest threat

facing America today is the disastrous fiscal policies of our own

government, marked by shameless deficit spending and Federal Reserve

currency devaluation. It is this one-two punch -Congress spending

more than it can tax or borrow, and the Fed printing money to make up

the difference -that threatens to impoverish us by further destroying

the value of our dollars.”

“Unfortunately no one in Washington, especially those who defend the

poor and the middle class, cares about this subject. Instead, all we

hear is that tax cuts for the rich are the source of every economic

ill in the country. Anyone truly concerned about the middle class

suffering from falling real wages, under-employment, a rising cost of

living, and a decreasing standard of living should pay a lot more

attention to monetary policy.”

-Texas Congressman Ron Paul, M.D., April 10, 2007

People have hope:

“The official national debt figure, now approaching $9 trillion,

reflects only what the federal government owes in current debts on

money already borrowed…It does not reflect what the federal

government has promised to pay millions of Americans in entitlement

benefits down the road…Those future obligations put our real debt

figure at roughly fifty trillion dollars -a staggering sum that is

about as large as the total household net worth of the entire United

States…Your share of this fifty trillion amounts to about $175,000.”

-Texas Congressman Ron Paul, M.D. March 6, 2007

CNNMoney (See original article here.) By Brian O’Keefe, senior editor, quoting Jim Rogers on the US economy right now:

“Conceivably we could have just had recession, hard times, sliding dollar, inflation, etc., but I’m afraid it’s going to be much worse,” he says. “Bernanke is printing huge amounts of money. He’s out of control and the Fed is out of control. We are probably going to have one of the worst recessions we’ve had since the Second World War. It’s not a good scene.”

(The central bank’s second interest rate cut in a week raises the risk of inflation and bails out the banks.)

(Interest rate cut=increased money supply=inflation=hard times for poor and working families)

Rogers looks at the Fed’s willingness to add liquidity to an already inflationary environment and sees the history of the 1970s repeating itself. Does that mean stagflation? “It is a real danger and, in fact, a probability.”