Ron Paul in the Financial Times

A few of weeks ago, I noted one of the greatest pieces economic commentary that had appeared in the Wall Street Journal in some time. Although I am a late with this, I still am happy to direct you to what has to be the best economic commentary that the Financial Times has published in just as long. U. S. Congressman Ron Paul has written an outstanding essay explaining that "Our central bankers are intellectually bankrupt."

He correctly notes the following:

• Way too many mainstream economists inconsistently oppose wage and price controls, but embrace Fed manipulation of interest rates.
• Printing unlimited amounts of money does not result in prosperity.
• Re-inflating the economy in response to an inflation-induced business cycle merely sows the seeds for another boom/bust cycle. 

He concludes his essay with a powerful plea warning against state-controlled money.

Control of the world’s economy has been placed in the hands of a banking cartel, which holds great danger for all of us. True prosperity requires sound money, increased productivity, and increased savings and investment. The world is awash in US dollars, and a currency crisis involving the world’s reserve currency would be an unprecedented catastrophe. No amount of monetary expansion can solve our current financial problems, but it can make those problems much worse.

All in all, a very impressive achievement and the best economic analysis to appear in the Financial Times in years.