Ron Paul talks the ‘price of money’ with Jim Grant a Lewis Lehrman
Leave it to Ron Paul to keep the important issues being discussed whilst the rest of Congress go home in preparation for the elections next month. And this congressional hearing, which is probably Ron Paul’s last, get’s to the the very heart of what is wrong in the world today. The price of money, or rather the MIS-price of money.
If an interest rate is simply just a price (of money), then it must follow that we ask the question just who and how is that price set. At the moment we let the most important price in the entire economy, money which is one half of every transaction, be set by a group of mandarines sat round a table essentially taking what is an (un)educated guess what that price should be.
Which is an rather odd set-up when you think about. After all let’s say that someone proposed that the price of all sandwiches should be set by the National Central Sandwich Bank, and they set the price of your BLT that you buy for lunch everyday. The idea would be, quite rightly, laughed out of town for being abusrd. And yet no-one seems to mention the rather odd set-up we have with central banks fixing the price of money everyday, a price that is way more important that that of the humble BLT.
Find yourself an hour over the weekend and see what real parliamentary democracy is meant to look like. These are the topics that should be getting wide coverage and discussed fully in parliament, the press and elsewhere. But judging by the poor attendance by the congressmen there’s still is a long way to go before the penny drops just how big a deal the price of money really is.
Jim Grant bio:
James Grant founded Grant’s Interest Rate Observer, a twice-monthly journal of the financial markets, in 1983.
He is the author of five books on finance and financial history: Bernard M. Baruch: The Adventures of a Wall Street Legend (Simon & Schuster, 1983), Money of the Mind (Farrar, Straus & Giroux, 1992), Minding Mr. Market (Farrar, Straus & Giroux, 1993) and The Trouble with Prosperity (Times Books, 1996), and Mr. Market Miscalculates (Axios Press, 2008). John Adams: Party of One, a biography of the second president of the United States was published in March 2005 by Farrar, Straus & Giroux.
His latest book, “Mr. Speaker! The Life and Times of Thomas B. Reed, the Man Who Broke the Filibuster,” will be published in May by Simon & Schuster.
Mr. Grant’s television appearances include “60 Minutes,” “The Charlie Rose Show,” “CBS Evening News,” and a 10-year stint on “Wall Street Week”. His journalism has appeared in a variety of periodicals, including the Financial Times, The Wall Street Journal and Foreign Affairs, and he contributed an essay to the Sixth Edition of Graham and Dodd’s Security Analysis (McGraw-Hill, 2009).
Lewis Lehrman bio:
Lewis E. Lehrman was presented the National Humanities Medal at the White House in 2005 for his work in American history. He is a member of the Advisory Committee of the Abraham Lincoln Bicentennial Commission and the Lincoln Forum. He has written and lectured widely on American history and economics. He also writes for the Lincoln Institute (www.abrahamlincoln.org) which has created award-winning websites on the 16th President, all linked to: www.AbrahamLincolnsClassroom.org. He is the author of Lincoln at Peoria: The Turning Point (Stackpole Books, 2008)
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