A plaque remaining from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem.

Above, a 1934 plaque from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem. Discarded as trash in 2006.

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Entry from December 02, 2013
“Easy money causes hard times”

"The Mythical Merits of Paper Money” is an essay by American author and politician Ron Paul that was published on November 26, 2013. “Paper money is not wealth,” Paul wrote. “Wealth comes from production. There’s no other way to create it.” Paul ended:

“’Easy’ money causes hard times.”

“Ron Paul Rages: ‘Easy’ Money Causes Hard Times” was republished on the financial blog Zero Hedge on December 2, 2013.


Wikipedia: Ron Paul
Ronald Ernest “Ron” Paul (born August 20, 1935) is an American physician, author, and former politician who served as the U.S. Representative for Texas’ 14th and 22nd congressional districts. He represented the 22nd congressional district from 1976 and 1977 and from 1979 and 1985 and then represented the 14th congressional district, which included Galveston, from 1997 to 2013. On three occasions, he sought the presidency of the United States: as the Libertarian Party nominee in 1988 and as a candidate in the Republican primaries of 2008 and 2012. Paul is a critic of the federal government’s fiscal policies, especially the existence of the Federal Reserve, the tax policy, the military–industrial complex, and the War on Drugs. Paul was the first chairman of the conservative PAC Citizens for a Sound Economy and has been characterized as the “intellectual godfather” of the Tea Party movement.

Daily Reckoning
The Mythical Merits of Paper Money
by Ron Paul.Posted Nov 26, 2013.
One economic myth is that paper money is wealth. The proponents of big government oppose honest money for a very specific reason. Inflation, the creation of new money, is used to finance government programs not generally endorsed by the producing members of society. It is a deceptive tool whereby a “tax” is levied without the people as a whole being aware of it. Since the recipients of the newly created money, as well as the politicians, whose only concern is the next election, benefit from this practice, it’s in their interest to perpetuate it.

For this reason, misconceptions are promulgated about the “merits” of paper money and the “demerits” of gold. Some of the myths are promoted deliberately, but many times they are a result of convenient rationalizations and ignorance.
(...)
Paper money is not wealth. Wealth comes from production. There’s no other way to create it.
(...)
Fact: Paper money is not wealth, it steals wealth.
(...)
There is no substitute for sound money, and the sooner we realize this the better.

“Easy” money causes hard times.

Regards,

Ron Paul
for The Daily Reckoning

Twitter
Ken of Zen
‏@holymully
“Easy” money causes hard times. - Dr. Ron Paul
4:01 PM - 26 Nov 13

Zero Hedge
Ron Paul Rages “‘Easy’ Money Causes Hard Times”
Submitted by Tyler Durden on 12/02/2013 22:35 -0500
Submitted by Ron Paul via The Daily Reckoning blog,

Twitter
Trig Trader
‏@trigtrader
Ron Pual: “Easy” money causes hard times!
No shit! Just wish Uncle Ben understood that ... sad future ahead!
11:09 PM - 2 Dec 13

Posted by Barry Popik
New York CityBanking/Finance/Insurance • Monday, December 02, 2013 • Permalink