Texas Congressman Ron Paul has slammed the Federal Reserve for printing money to manipulate interest rates and undermining the salaries of workers and savings of older people.
Paper money from pure fiat central banking, backed by nothing other than government debt - a process that was born after the gold standard was lifted by the United States which has led to rampant inflation since then - is a mystery to most ordinary people.
Secretive System
"Few Americans give much thought to the Federal Reserve System or monetary policy in general," Ron Paul wrote in his column this week.
"But even as they strive to earn a living, and hopefully save or invest for the future, Congress and the Federal Reserve Bank are working insidiously against them. Day by day, every dollar you have is being devalued.
"The greatest threat facing America today is not terrorism, or foreign economic competition, or illegal immigration.
"The greatest threat facing America today is the disastrous fiscal policies of our own government, marked by shameless deficit spending and Federal Reserve currency devaluation."
Ron Paul is one of the few politicians of the world who understands the intricacies of fiat money. He is on the House Committee on Financial Services.
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Paul is echoing the words of an earlier generation of elected representatives who tried to stop the Federal Reserve bill being passed into law in 1913.
"The worst legislative crime of the ages is perpetrated by this banking bill," Charles Lindberg said of the proposed Fed bill almost a century ago.
"This is the strangest, most dangerous advantage ever placed in the hands of a special privileged class by any Government that ever existed."
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