The introduction of Central Banks and fiat currency has allowed for the monetization of non-material capital and fueled the economic growth that the world has seen in the last 100 years. To go back to “Wealth of Nations”, the very wealth which Smith was speaking of was the untapped human capital nations already possessed, not gold or some other arbitrary metal.
Ron Paul is an advocate of a system which is unproven and theoretical (sound familiar?) It's a system which allows for no mitigation of risk and limits credit, credit which spurs innovation.
Freepers who support Paul would do well to research Murray Rothbard and the Austrian School.
The Austrian school categorically rejects any empirical attempt to confirm or deny its conclusions. I don’t understand how any conservative could be in favor of such an approach.
Because the Keynesian system we currently have is working out so well?/s
The Austrian School is NOT "untested", nor "theoretical" --it is the economic system that we functioned under until the creation of the Federal Reserve in 1913. Commodity (gold) backed currency, banks only lending the money they had on account, non-interference in the market, were the elements of the economy we had until the bankers and government figured out that they could rig the game in their favor by embracing Keynesianism.
No man is a free man if his economic worth is only subject to the whims & will of a State-run banking cartel that artificially manipulates its value to suit its and government's needs. That is common sense.
Look at what's happening right now -- "quantitative easing" -- which will deliberately create inflation. What will that do? Not only will it reduce the value of the dollars in your pocket, it will also up taxes without actually "raising taxes". Not only will everything cost more and increase prices, but even if someone manages to keep up and get ahead of inflation, they'll be bumped into higher tax brackets, paying more to Uncle Sam. The threshold for "the rich" will get lower and make more people a target for tax increases, as the poor get poorer.
Keynesianism is a scam, and always has been a scam. It didn't surprise me when I read that John Maynard Keynes was actually a pedophile rapist who took joy in destroying the values of thrift and savings of Christian America!