Ron Paul (in 2009)

The Federal Reserve in collaboration with the giant banks has created the greatest financial crisis the world has ever seen. The foolish notion that unlimited amounts of money and credit created out of thin air can provide sustained economic growth has delivered this crisis to us. Instead of economic growth and stable prices, it has given us a system of government and finance that now threatens the world’s financial and political institutions. Real unemployment is now 20 percent and there has not been any economic growth since the onset of the crisis in the year 2000 according to non-government statistics. Pyramiding debt and credit expansion over the past 38 years has come to an abrupt end as predicted by free market economists. Pursuing the same policy of excessive spending, debt expansion and monetary inflation can only compound the problems and prevent the required corrections. Doubling the money supply didn’t work; quadrupling it won’t work either.