Ron Paul wants to fire Ben Bernanke and close the most profitable bank in history (UNCIF, CRZBY, CRARY)
In the year that the Federal Reserve under Ben Bernanke was the most profitable bank in history and international lenders such as Unicredit ( UNCFF , quote ), Commerzbank ( CRZBY , quote ) and Credit Agricole ( CRARY , quote ) are tottering, Republic presidental contender Dr. Ron Paul wants to banish the Fed to "the ash heap of history."
After reading an article in The Wall Street Journal about the ineptitude of the Federal Reserve in responding to the financial crisis in 2006 by Jon Hilsentarth, Luca Di Leo and Michael S. Derby, "Little Alarm Shown at Fed at Dawn of Housing Bust," many might agree with Dr. Paul's assessment.
But, the Federal Reserve is much like the United Nations in that if it did not exist, for all its flaws, inevitably a similar institution would be created due to great demand.
In an op-ed in USA Today , "Fed causes booms and busts," Dr. Paul wrote that, "Throughout its nearly 100-year history, the Federal Reserve has presided over the near-complete destruction of the United States dollar. Since 1913, the dollar has lost over 95% of its purchasing power, aided and abetted by the Fed's loose monetary policy."
In 2011, the Federal Reserve deposited $77 billion in profits into the U.S. Treasury, making it the most profitable financial institution in history, according to the The New York Times .
Over that same period, Commerzbank AG (CRZBY) of Germany, Unicredit (UNCIF) of Italy and Credit Agricole (CRARY) of France lost the great bulk of their market capitalization and are imperiled with the euro declining in value and the dollar soaring, as detailed in a previous article on www.emergingmoney.com .
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