Congressman Ron Paul delivered this Congressional lecture on "The Great Enabler: The Rise of the Federal Reserve and the Growth of Government." The introduction was given by Senator Rand Paul. As a continuing educational tool this lecture was filmed and is provided to the public.
Congressman Paul explains in this lecture the Federal Reserve's role as the enabler of big government. Through purchases of government debt, the Fed allows the government to spend beyond its means and contributes to the growth of the welfare-warfare state. If leviathan government is to be countered, understanding monetary policy and the fundamental role it plays in the relentless growth of government is a necessary first step.
Ron Paul Lecture - "The Great Enabler: The Rise of the Federal Reserve and the Growth of Government"
Rep. Ron Paul sponsored this Congressional lecture on "What Is the Fed's Future?", the final lecture in a three part series on the Federal Reserve System for Congressional staff. As a continuing educational tool this lecture was filmed and is provided to the public. The lecture was delivered by Dr. Roger Garrison, Professor Emeritus of Economics at Auburn University.
Dr. Garrison's lecture describes how the economic precepts on which the Fed operates are fundamentally flawed, making it only a matter of time before the Fed is the creator of its own demise. By contrasting the Keynesian macroeconomic theory upon which the Fed is based with the Austrian macroeconomic theory, what Garrison calls the capital-based framework, Dr. Garrison illustrates the market-distorting effects of the Fed's actions on the structure of production. Using this comparison, Professor Garrison provides a simple yet comprehensive explanation of how the Fed's monetary policy actions created the housing bubble and the subsequent financial crisis. He concludes by highlighting the bleak future for the Fed's ability to manage the economy, and emphasizes the necessity of decentralized banking.
"What is the Fed's Future?" with Roger Garrison -- Ron Paul Fed Lecture Series, Pt 3/3
Other lectures in the Fed series:
Pt. 1: Why Was the Fed Created? -- http://www.youtube.com/watch?v=JeIljifA8Ls
Pt. 2: What Does the Fed Do? -- http://www.youtube.com/watch?v=pRipVd5wxhI
Pt. 3: What Is the Fed's Future? -- http://www.youtube.com/watch?v=IdX60JgPTmA
Related: Ron Paul Money Lecture Series
Pt. 1: "What is Money" -- http://www.youtube.com/watch?v=vowbrq_g5NM
Pt. 2: "What is Constitutional Money?" -- http://www.youtube.com/watch?v=k6gMkKmQSW4
Pt. 3: "What About Money Causes Economic Crises?" -- http://www.youtube.com/watch?v=npJ0CUT8d_Y