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Honestly, I don’t know much about Chuck Norris outside of the Chuck Norrisisms and the movies that I’ve seen. It was a very pleasant surprise when I found this. Chuck Norris writes an intelligent piece advocating the abolition of the Federal Reserve or at least the passing of HR 1207–Ron Paul’s Audit the Fed Bill.

Last week, the Senate blocked the bill even before it was introduced on the floor under “procedural grounds”. What the hell is that?

The truth of the matter is that the leaders in the Senate do not want the Federal Reserve audited. It is their “cash cow” so to speak. The Federal Reserve doesn’t make money the way the rest of us do, they make money by literally “making” it with paper and printing presses. This is good for the politicians who want their programs funded, bad for the rest of us.

Norris quotes Henry Ford on the banking and monetary system–controlled by the Fed–of the United States:

“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”

I believe that the nation would be in revolution if we all knew the reality of the Federal Reserve and how they manipulate our monetary system. So let’s inform the people!

I may not have a degree in economics but, neither do these AP writers who wrote about recessions turning into depressions. As someone who reads a great deal of works from the Austrian School of Economics, there is just an enormous amount of misinformation in that particular AP article.

The article wastes time by going into what defines a depression. I don’t see how the terminology is going affect the real situation that people are facing. So while the article tries to define what a depression is, it makes many economic fallacies.

“Morici says a depression is a recession that “does not self-correct” because of fundamental structural problems in the economy, such as broken banks or a huge trade deficit.”

There are no such things as recessions or depressions that do not self-correct. They always self-correct. The depression or recession can also be called a correction. It is a correction on a massive scale due to the massive boom created by artificial means–eg: arbitrary interest rates set by a central bank.

When stock prices go up to astronomical levels in respect to the company’s earning potential, then there is a bubble. When that bubble bursts and the stock price pulls back, we call it a correction. It is exactly the same when entire industries or economies are in a bubble and that bubble bursts. A correction is taking place. To try and stop the correction is trying to maintain an illusion.

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Great questioning from Ron Paul. Barney Frank interrupted Paul in the beginning there and then failed to realize what Paul was talking about in the end–foolish.

Bernanke said at one point that the Fed cannot create capital and that lending should come from private hands and thats why we need the stimulus. The problem with that view is that the stimulus is just creating money and giving it to “private” banks. No capital was created.

I really wanted to hear what Bernanke would have said about Paul’s last question regarding World War II.

Ron Paul questions Bernanke and, as usual, Bernanke answers in some convoluted way that explains nothing. He has also clearly learned nothing in his study of the Great Depression as he continues to suggest that the Fed didn’t do enough in the 1930s. Paul has the final word in the video that is exactly correct.