Dr. Paul discusses regulation, the proper role of government, the SEC, moral hazard, etc.
Filed under: Economy—US Dollar | Tagged: 1%, agriculture, banks, ben bernanke, bonds, bush, central banks, commodities, currency, economy, england, europe, farmers, fed, gold, hyperinflation, inflation, interest rates, Jim Rogers, money, paper assets, print money, short-term, tractors, U.S., us election | Leave a comment »
I liked this article by presidential candidate Chuck Baldwin so much that I’m posting it here in its entirety. This is highly recommended reading—a good refresher course for those who have done their own research on the subject, and probably revelatory for those who haven’t. When you’re done reading, take action.
At the time of this writing, the U.S. House and Senate are poised to pass a $700 billion bailout to Wall Street. At the behest of President George W. Bush, the U.S. taxpayers are going to be on the hook for what can only be referred to as the biggest fraud in U.S. history.
Virtually our entire financial system is based on an illusion. We spend more than we earn, we consume more than we produce, we borrow more than we save, and we cling to the fantasy that this can go on forever. The glue that holds this crumbling scheme together is a fiat currency known as the Federal Reserve Note, which was created out of thin air by an international banking cartel called the Federal Reserve.
Filed under: Chuck Baldwin, Economy—US Dollar, liberties, Ron Paul | Tagged: andrew jackson, bailout, bank, banks, Chuck Baldwin, economy, Federal Reserve, house, money, paper, president, presidential candidate, senate, thomas jefferson | 2 Comments »
Here is a letter from Ron Paul to the Wall Street Journal published today:
I was delighted to read in Judy Shelton’s op-ed, “Security and the Falling Dollar” (Feb. 15), that at long last the security implications of the dollar’s collapse have made their way into the mainstream media. The dollar’s strength (or lack thereof) has been of paramount concern to me, and the subject of many of my statements over the past several years. Decades of manipulation by the Federal Reserve have benefited the government and certain politically-connected firms, while gradually destroying the purchasing power of middle-class Americans. Despite numerous warnings in the past, it is only now at a point of acute crisis that Washington insiders are beginning to awaken to the reality of the end of dollar hegemony.
While I desire reform of our current monetary system, my own proposals have not been as all-encompassing as Ms. Shelton’s suggestion to return to a Bretton Woods-style system. Her recommendation, though, that gold backing should make up a component of a future monetary system, is one that we would all do well to heed. My own legislative proposals focus around eliminating the taxes and laws that dissuade individuals and institutions from using gold as currency or as a backing for currency. By allowing market processes to determine the issuance of currency, we can allow individuals to decide for themselves what currency they wish to use. This would lead to a gradual reintroduction of sound money and avoid the market shocks that occur when monetary decisions are mandated by government fiat.
Rep. Ron Paul (R., Texas)
Filed under: Economy—US Dollar, Ron Paul | Tagged: currency, democrat, depression, economy, Election, Federal Reserve, gold, inflation, monetary system, money, politics, presidential candidate, recession, Republican, Ron Paul, security, US Dollar | 1 Comment »
Ron Paul — the only presidential candidate who years ago foresaw our financial troubles coming due to our bad economic policies — schooled Ben Bernake yet again today during a House Financial Services Committee meeting. In regards to Bernake’s adherence to failed policies Paul warned him that “history is against you”.
This comes at a moment when oil prices are hitting record highs and when the Euro is at an all-time high against the dollar. Oil is predicted to climb much higher over the next few months; currently oil is very close to an all-time inflation adjusted high. Gold is also climbing quickly — and gold would be even higher if not for the artificial suppression of it’s price.
Between the tanking dollar (inflation), the housing meltdown, the credit crunch, and a pointless war in Iraq (that costs well over 400 million dollars per day) our economic outlook is not too bright and the middle class could soon be in danger of disappearing. On top of all that you’ve got Alan Greenspan over in the middle east last week encouraging them to drop the dollar peg. Even government can’t be this incompetent… it’s like it’s all being done on purpose! Hmm, so how long until they bring out the Amero?
Ron Paul appeared on the Fox Business channel to further discuss the dollar, monetary policy, the economy, and the events of the FSC meeting:
Market Traders Cheer Paul’s comments.
Filed under: Economy—US Dollar, Ron Paul | Tagged: amero, Austrian economics, Ben Bernake, bernake, dollar, economics, economy, Federal Reserve, history is against you, House Financial Services Committee, inflation, M3 money supply, money, Ron Paul, stagflation, US Dollar | Leave a comment »
I’ve been reading “The 5000 Year Leap,” a book about the principles the Founding Fathers espoused which inspired the formation of the Constitution. Coincidentally I had been reading the chapter about “Free Market Economics” when I was directed to the article I quote below—but in this chapter the author (Cleon Skousen) describes how it had been Thomas Jefferson’s desire to set up the United States so that Congress (not private banks) controlled the issuance of money. Sadly, his desire was never fully implemented in the U.S., and pretty much from day one, because of bad policy amidst an economic depression, the issuance of money was turned over to a private consortium of bankers, and later to the fed, another private bank.
Jefferson seems to be calling from the grave with disapproval:
“If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people to whom it properly belongs. “
Filed under: constitution, Economy—US Dollar, liberties, Ron Paul | Tagged: 2008, banks, economic solutions, economy, Election, federal reserve system, financial policy, fiscal policy, monetary policy, money, news, politics, private banks, Ron Paul, Ron Paul 2008, spending | 1 Comment »
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