This has been floatin around a lot on Twitter, so I’m not sure where I originally saw it or where to give credit. Regardless, here’s Ron Paul’s canny prediction from 1982:
This conference report is an open-ended guarantee of hyperinflation. . . . Not only is the FDIC given unlimited power to act unilaterally, its actions may include loans, deposits, exchanges, and gifts to any of the 15,000 insured banks that the FDIC chooses. . . . This conference report makes clear exactly what “lender of last resort” means. It means that the Government stands ready to print any amount of paper money or create credit for anyone, at anytime, in order to keep a financial institution open…The FDIC has about $11 billion in reserves and insures deposits totaling over $1 trillion. But that is not really important any longer. Last March, the Congress passed House Concurrent Resolution 290, pledging the full faith and credit of the U.S. Government to deposits in insured institutions. It is not any longer simply a matter of using up $11 or $12 billion. The Government has made a moral obligation to bailout everyone, everywhere, to the tune of $1 trillion.