Ron Paul Fox News 9/17/08 AIG bailout
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The gold standard would not stop check kiting. That's all this was, a gigantic check kiting scheme, borrowing on money against money they didn't have in order to make more money. Pigs are pigs. What we use to determine monetary values doesn't change that. When we had the gold standard there were robber barons then too.
I believe the government's enstatement of the federal reserve is also partially to blame. The free distribution of unregulated credit lead to the greedy business types clamoring for profit by creating derivatives on top of derivatives, which culminated and blew up after this mess began. Its the sheer fact that bankers run our money supply and its creation is profit driven, that makes this kind of thing possible and almost inevitable.
I was channel surfing a few moments ago on the T.V., and on Telemundo, (a spanish language television network,) there was a bikini contest in a resort in Mexico -
partly sponsored by AIG... The judge wore a black t-shirt with the AIG logo. The girls were alright...
Wow - our tax money is paying for bikini contests in the tropics! I wonder if I can get a goverment job as a bikini inspecter...
Pattern that put the banking Mafia in Charge: Community Rein Act, its enhancement in 95 under Clinton; ending the 1933 Glass-Steagall Act; Sarbanes-Oxley Act of July 2002; lifting of leveraging rules; TARP; elimination of the Uptict Rules; FED now rules commodity market = electronic counterfeiting of commodities (ending of 5th Amnd constitution of title); counterfeiting of securities is the new drug!
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