"But there are further effects that would become apparent during transition to a gold system. ... Unless such a transition begins quickly, we can expect to see the most massive failure of depository institutions in our history.
A movement toward sound money, while opening up all financial institutions to the sort of competition they should have faced all along, will, at the same time, relieve some of the pressure on the most critical of these institutions.
The alternative, of course, is massive government bailouts costing tens - perhaps hundreds - of billions of dollars."
- Ron Paul and Lewis Lehrman, 1982
It took only 16 years and here we had the government spending billions. According to this site, the TARP put some $250 billion into banks. I would like to know how much of this has been returned back and how much never will...
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