Ron Paul, career-long proponent of outmoded and discredited Austrian economic theory, went on Colbert last night to talk about how paper money sucks and he wants you you to be able to go into a store and buy a six-pack with some gold ingots. His proof? Paper money can rot and people have believed in the value of gold for centuries. So, gold is “better” because the collective hallucination around it is stronger. This wouldn’t be disturbing except for the fact that Ron Paul is the new Chairman of the House Financial Services Subcommittee on Domestic Monetary Policy. Yeeeeeks. [More]
