U.S. Rep. Ron Paul | Banking |
Banking
State Of The Republic
28 January 1998 1998 Ron Paul 2:62
The international currency crisis: Congress lacks concern and understanding of the significance of the Asian currency crisis. Monetary policy has never excited many Members of the Committee on Banking, let alone other members of Congress. A handful of Members do consistently complain to the Chairman of the Federal Reserve, but inevitably it is to object to the high interest rates and not enough credit being available to either the poor or the rich beneficiaries of Central Bank credit largesse.
Banking
State Of The Republic
28 January 1998 1998 Ron Paul 2:71
The day before we adjourned the first session of the 105th Congress, the Committee on Banking and Financial Services held hearings on the Asian currency crisis, but it was more an attempt to reassure the financial community than to sort out the cause and do something about it.
Banking
State Of The Republic
28 January 1998 1998 Ron Paul 2:99
While crumbs are cast to the poor with programs that promote permanent dependency and impoverishment, the big bucks go to the corporations and the banking elites. The poor welcome the crumbs, not realizing how much long-term harm the programs do as they obediently continue to vote for a corporate-biased welfare state where the rich get richer and the poor get forgotten. Since generally both parties support a different version of interventionism, one should not expect the programs for the rich to be attacked on principle or cut in size. The result of last year’s legislative session should surprise no one.
Banking
State Of The Republic
28 January 1998 1998 Ron Paul 2:139
The budgetary process and the transfer of wealth that occurs through monetary inflation is influenced more by the business and banking elite than by the poor. The $1.7 trillion budget is not an investment in liberty. The kings are gone and I doubt that we will see another Stalin, Hitler, Pol Pot or Mao, but the “majority” in our legislative bodies now reign supreme with one goal in mind: maintaining power.
Banking
Millennium Bug
24 February 1998 1998 Ron Paul 13:2
The General Accounting Office (GAO) has reported unfavorably on the FDIC’s readiness. Before the Subcommittee on Financial Services and Technology, Committee on Banking, Housing and Urban Affairs, US Senate, Jack L. Brock, Jr., Director, Governmentwide and Defense Information Systems, testified on February 10, 1998 (Year 2000 Computing Crisis: Federal Deposit Insurance Corporation’s Efforts to Ensure Bank’s Systems Are Year 2000 Compliant) that the Federal Deposit Insurance Corporation (FDIC) has not met its own “y2k-compliant” standards. According to GAO, the FDIC has not yet completed the assessment phase of the remediation process, despite its own standard that banks under the agency’s supervision should have completed this phase by the end of the third quarter of 1997.
Banking
Millennium Bug
24 February 1998 1998 Ron Paul 13:4
James Mills, of NAFCU, testified before the House Committee on Banking and Financial Services, “Historically, the role of providing education and training is one best performed by the private sector, namely trade associations and industry-related organizations . . . Rather than require federal agencies to offer seminars, perhaps any legislative efforts should require federal agencies to participate in such programs or make it advisable and permissible to participate.” NAFCU believes that the focus of H.R. 3116 should be strictly limited to ensuring compliance. In its present form, H.R. 3116 contains a broad and permanent expansion of NCUA’s examination and regulatory authority . . . Legitimate questions may be raised as to whether, absent the year 2000 issue, NCUA, as a federal financial regulatory agency, should have the authority not just to examine but to actually regulate private business enterprises incorporated under the laws of various states. The authority given to NCUA in H.R. 3116, is not limited to the examination and regulation of credit unions, but would allow NCUA to examine and regulate third-party businesses, vendors and outside providers. Do the members of the Committee intend to give NCUA authority to regulate private entities?”
Banking
The Folly Of Foreign Intervention — Part 3
25 February 1998 1998 Ron Paul 18:21
If we argue our case correctly, if we argue the more argument, the constitutional argument, and the argument for peace as well, I cannot see how the American people cannot endorse a policy like that, and I challenge those who think that we should go carelessly and rapidly into battle, killing those who are not responsible, further enhancing the power and the authority of those who would be the dictators. They do not get killed. Sanctions do not hurt them. The innocent people suffer. Just as the economic sanctions that will be put on Southeast Asia as we give them more money, who suffers from the devaluations? The American taxpayer, as well as the poor people, whether they are in Mexico or Southeast Asia, in order to prop up the very special interests. Whether it is the banking interests involved in the loans to the Southeast Asians, or our military-industrial complex who tends to benefit from building more and more weapons so they can go off and test them in wars that are unnecessary.
Banking
The Bubble
28 April 1998 1998 Ron Paul 39:55
The debate so often seems only to be who should get the expanded credit, the business-banking community or the welfare recipients who will receive it indirectly through the monetization of an ever-expanding government deficit. In Washington there is a craving for power and influence, and this motivates some a lot more than their public display of concern for helping the poor.
Banking
FDIC Problem
13 May 1998 1998 Ron Paul 51:3
Earlier, somebody quoted Hamilton as being opposed to an integration of commerce in banking. Well, of course, at that particular time in history we had the Jeffersonians, and they were strongly in support of the market and even against central banking.
Banking
FDIC Problem
13 May 1998 1998 Ron Paul 51:6
We have to think about how we got here. In the 1920s, the Federal Reserve created a lot of credit. They created a boom and a booming stock market and good times. Then the Federal Reserve raised the interest rates and there was a stock market crash and a depression. And out of the depression came the desire to regulate banking and commerce. That caused the depression, which was erroneous, because the cause of the depression was excessive credit and then a deflated bubble, which should be all laid at the doorstep of the Federal Reserve.
Banking
FDIC Problem
13 May 1998 1998 Ron Paul 51:7
This is the size of the Glass-Steagall Act, a few pages, in order to solve a problem that did not exist. But we have been living with this for all these years. And now, over these several years, we have been trying to solve the problem. Now, this is the size of the solution. This is H.R. 10, this is the version of the Committee on Commerce as well as the version of the Committee on Banking and Financial Services that went to the Committee on Rules.
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The Indonesia Crisis
19 May 1998 1998 Ron Paul 52:1
BACKGROUND Mr. PAUL. Mr. Speaker, the Soviet system, along with the Berlin Wall, came crashing down in 1989, the same year the new, never-to-end, era came to a screeching halt in Japan. The Japanese economic miracle of the 1970’s and the 1980’s, with its “guaranteed” safeguards, turned out to be a lot more vulnerable than any investor wanted to believe. Today the Nikkei stock average is still down 60% from 1989, and the Japanese banking system remains vulnerable to its debt burden, a weakening domestic economy and a growing Southeast Asian crisis spreading like a wild fire. That which started in 1989 in Japan — and possibly was hinted at even in the 1987 stock market “crash” — is now sweeping the Asian markets. The possibility of what is happening in Asia spreading next to Europe and then to America should not be summarily dismissed.
Banking
The Indonesia Crisis
19 May 1998 1998 Ron Paul 52:18
The philosophy of the free market, holds a lot of answers, yet the difference between free market capitalism and interventionist political cronyism has not been considered by any of the world banking and political leaders currently addressing the exploding Southeast Asian crisis.
Banking
The Indonesia Crisis
22 May 1998 1998 Ron Paul 54:1
Mr. PAUL. Mr. Speaker, the Soviet system, along with the Berlin Wall, came crashing down in 1989, the same year the new, never-to-end, era came to a screeching halt in Japan. The Japanese economic miracle of the 1970’s and the 1980’s, with its “guaranteed” safeguards, turned out to be a lot more vulnerable than any investor wanted to believe. Today the Nikkei (Tokyo) stock average is still down 57% from 1989, and the Japanese banking system remains vulnerable to its debt burden, a weakening domestic economy and a growing East Asian crisis spreading like a wild fire. That which started in 1989 in Japan — and possibly was hinted at even in the 1987 stocke market “crash” here — is now sweeping the Asian markets. The possibility of what is happening in Asia spreading next to Europe, and then to America, should not be summarily dismissed.
Banking
The Indonesia Crisis
22 May 1998 1998 Ron Paul 54:18
The philosophy of the free market holds a lot of answers — yet the difference between free market capitalism and interventionist political cronyism has not been considered by any of the world banking and political leaders currently addressing the exploding East Asian crisis.
Banking
Revamping The Monetary System
24 September 1998 1998 Ron Paul 102:15
This is a very dangerous way to go, but the movement is on. As I mentioned, it has already been written up in the New York Times. George Soros not too long ago, last week, came before the Committee on Banking and Financial Services making the same argument. What does he happen to be? A hedge fund operator, the same business as Long-Term Capital Management, coming to us and saying, “Oh, what you better do is protect the system.”
Banking
Congress Relinquishing The Power To Wage War
2 February 1999 1999 Ron Paul 4:56
The recent know-your-customer plan was designed by Richard Small, Assistant Director of the Division of Banking Supervision Regulation at the Federal Reserve. He is not happy with all of the complaints that he has received regarding this proposal. His program will require that every bank keep a detailed profile on every customer, as to how much is deposited, where it comes from, and when and how the money is spent. If there is any deviation from the profile on record, the bank is required to report this to a half dozen government agencies, which will require the customer to do a lot of explaining. This program will catch few drug dealers, but will surely infringe on the liberty of every law-abiding citizen.
Banking
Free Trade
27 July 1999 1999 Ron Paul 82:6
Genuine free trade would involve low tariffs and no subsidies. Export-Import Bank funding, OPIC, and trade development subsidies to our foreign competitors would never exist. Trading with China should be permissible, but aid should never occur either directly or through multilateral banking organizations such as the IMF or World Bank. A true free trade policy would exclude the management of trade by international agencies such as the WTO and NAFTA. Unfortunately, these agencies are used too frequently to officially place restrictions on countries or firms that sell products “too cheaply” — a benefit to consumers but challenging to politically-favored domestic or established “competitors.” This is nothing more than worldwide managed trade (regulatory cartels) and will eventually lead to a trade war despite all the grandiose talk of free trade.
Banking
Conference Report On S. 900, Gramm-Leach-Bliley Act
4 November 1999 1999 Ron Paul 113:9
The better alternative is to repeal privacy busting government regulations. The same approach applies to Glass-Steagall and S. 900. Why not just repeal the offending regulation? In the banking committee, I offered an amendment to do just that. My main reasons for voting against this bill are the expansion of the taxpayer liability and the introduction of even more regulations. The entire multi-hundred page S. 900 that reregulates rather than deregulates the financial sector could be replaced with a simple one-page bill.
Banking
A Republic, If You Can Keep It
31 January 2000 2000 Ron Paul 2:25
Mr. Speaker, let there be no doubt. For the true believers in big government, they see this technology as a great advantage for their cause. We are currently witnessing an ongoing effort by our government to develop a national ID card, a medical data bank, a work data bank, “Know Your Customer” regulations on banking activity, a national security agent all-pervasive telephone snooping system called Echelon, and many other programs. There are good reasons to understand the many ramifications of the many technological advancements we have seen over the century to make sure that the good technology is not used by the government to do bad things.
Banking
A Republic, If You Can Keep It
31 January 2000 2000 Ron Paul 2:99
It is also advantageous for the politicians to ignore the negative effects from such a monetary arrangement, since they tend to be hidden and disseminated. A paper money system attracts support from various economic groups. Bankers benefit from the float that they get with the fractional reserve banking that accompanies a fiat monetary system. Giant corporations who get to borrow large funds at below market interest rates enjoy the system and consistently call for more inflation and artificially low interest rates. Even the general public seems to benefit from the artificial booms brought about by credit creation, with lower interest rates allowing major purchases like homes and cars.
Banking
A Republic, If You Can Keep It
31 January 2000 2000 Ron Paul 2:119
The promoters of the bureaucratic legislation claim to have good intentions, but they fail to acknowledge the cost, inefficiency or the undermining of individual rights. Worker safety, environmental concerns, drug usage, gun control, welfarism, banking regulations, government insurance, health insurance, insurance against economic and natural disaster, and the regulation of fish and wildlife. Are just a few of the issues that prompts the unlimited use of Federal regulatory and legislative power to deal with perceived problems.
Banking
AMERICAN HOMEOWNERSHIP AND ECONOMIC OPPORTUNITY ACT OF 2000
April 6, 2000 2000 Ron Paul 27:18
Mr. Chairman, let me first thank the gentleman from Iowa (Chairman Leach ), the gentleman from New York (Mr. Lazio ), as well as the gentleman from New York (Mr. LaFalce ), the ranking member, for the fine work that they have done and the entire Committee on Banking and Financial Services. I was a former Member of that committee, and I know the hard work that they do.
Banking
Statement of Ron Paul on the Misuse of the Social Security Number
May 11, 2000 2000 Ron Paul 35:5
Since I introduced this legislation on the first day of the 106th Congress, my office has received countless calls, letter, faxes, and e-mails from Americans around the country who are tired of having to divulge their national ID number in order to get a job, open bank account, or go fishing. The strong public outrage over the federal banking regulators’ “know your customer” scheme, as well as the attempt to turn state drivers’ licenses into a national ID card, and the Clinton Administration’s so-called “medical privacy” proposals all reveal the extent to which the American people oppose the “surveillance state.” These Americans believe that since Congress created this problem, Congress must fix it.
Banking
Statement of Ron Paul on the Freedom and Privacy Restoration Act (HR 220)
May 18, 2000 2000 Ron Paul 38:1
Mr. Chairman, thank you for holding this hearing on my legislation, HR 220, the Freedom and Privacy Restoration Act. I greatly appreciate your commitment to the issue of personal privacy. Protecting privacy is of increasing importance to the American people. Since I have introduced this bill, my office has received countless calls of support from Americans all across the country who are opposed to the use of uniform identifiers. I have also worked with a bipartisan coalition of members on various efforts to protect Americans from the surveillance state, such as the banking regulators’ “know your customer” scheme, and the attempt by the Post Office to violate the privacy of all Americans who use Commercial Mail Receiving Agencies (CMRAs).
Banking
THREATS TO FINANCIAL FREEDOM
October 19, 2000 2000 Ron Paul 88:1
* Mr. Speaker, I recently had the pleasure of hearing remarks made by our former House colleague, Bob Bauman of Maryland, at a meeting of the Eris Society in Colorado. Since his talk centered on banking, financial and related privacy issues pending before the Congress, I want to share his view with the House as an informed statement of the threats to financial freedom posed by the Clinton administration’s policies.
Banking
THREATS TO FINANCIAL FREEDOM
October 19, 2000 2000 Ron Paul 88:5
The second is from Mayer Amschel Rothchild (1743-1812), founder of the famous banking dynasty, the House of Rothchild, who said: ‘Give me control over a nation’s currency and I care not who makes its laws.’ Both quotes have relevance to what I have to say.
Banking
THREATS TO FINANCIAL FREEDOM
October 19, 2000 2000 Ron Paul 88:7
I say ‘suspect’ because Citibank views these wealthy people, who control approximately 21 trillion-six hundred billion dollars, as potential financial criminals simply because of their wealth. Citibank announced last year that their 40,000 private banking clients, each of whom had to prove a personal net worth of $3 million in order to qualify for the bank’s services, are watched every minute of every day to see if they may be engaged in money laundering or other financial crimes. I am certain other banks do as well.
Banking
THREATS TO FINANCIAL FREEDOM
October 19, 2000 2000 Ron Paul 88:8
The constant surveillance is accomplished, as is most privacy invasion these days, by a special banking computer software program called ‘America’s Software’ which allows every transaction in any account to be watched constantly. It produces a daily record for bank officials, who now have certain obligations imposed by US law that require the reporting of ‘suspicious activities’ to federal agents. Transfers of large amounts of cash or other unusual account activity rings alarm bells and results in an investigation not revealed to the ‘suspect’ banking client under penalty of law.
Banking
THREATS TO FINANCIAL FREEDOM
October 19, 2000 2000 Ron Paul 88:9
We can conclude from this Draconian arrangement, for one thing, that a person of great wealth who establishes a private banking relationship with a major bank now is presumed to be a
Banking
THREATS TO FINANCIAL FREEDOM
October 19, 2000 2000 Ron Paul 88:14
For the last 20 years the policies adopted by the United States and allied governments have constituted a stealth war against wealth and against financial privacy. While the free flow of capital is extolled as appropriate and essential, the governments of major nations have turned upside down the traditional role of banks and banking. As a child I was made to believe that the people you dealt with at your bank and other financial institutions were fiduciaries to whom you could entrust your money.
Banking
THREATS TO FINANCIAL FREEDOM
October 19, 2000 2000 Ron Paul 88:32
All this is really a smoke screen for increased tax collection. Feeling the tax drain, the rich nations want an end to all those factors that make tax haven attractive: They demand that taxes be imposed where there are none, want an end to financial and banking privacy and ‘free exchange’ of information, want complete ‘transparency’, and want these small nations to become tax collectors for the rich, welfare state nations. In other words, they want tax havens to become just like the profligate major nations.
Banking
CHALLENGE TO AMERICA: A CURRENT ASSESSMENT OF OUR REPUBLIC —
February 07, 2001 2001 Ron Paul 7:74
We must reassess the responsibility Congress has in maintaining a sound monetary system. In the 19th Century, the constitutionality of a central bank was questioned and challenged. Not until 1913 were the advocates of a strong federalist system able to foist a powerful central bank on us, while destroying the gold standard. This banking system, which now serves as the financial arm of Congress, has chosen to pursue massive welfare spending and a foreign policy that has caused us to be at war for much of the 20th Century.
Banking
IDENTITY THEFT — HON. RON PAUL
Tuesday, February 13, 2001 2001 Ron Paul 11:25
Financial author Martin Mayer rightly says that there are no economies of scale in banking, but the loan approval operation of too many consumer lenders suggests there are dis-economies of scale. It seems that the bigger a bank gets, the sloppier it gets. To maximize revenue growth and control costs, consumer lenders use statistical screening tools and computer models to make credit decisions. In other words, they use the law of large numbers and simply roll the dice. If a criminal finds a Social Security number with a clean history, he’s off to the races.
Banking
Inflation Is Still With Us
3 May 2001 2001 Ron Paul 30:10
But this is an expected consequence of monetary debasement, which generally leads to social unrest. But, blaming capitalism and freedom for the harm done by inflationism, special interest corporatism, and interventionism presents a danger to us all, since the case for commodity money and individual liberty is lost in the shouting. Unless this message is heard and distinguished from the current system, freedom and prosperity will be lost. Leaders of the current worldwide system that has evolved since the collapse of the Soviet empire pay lip service to free trade and free markets, but tragically they are moving us toward a fascist system of partnerships with government, big businesss, and international banking at the expense of the middle class and the poor.
Banking
“Postal Service Has Its Eye On You”
27 June 2001 2001 Ron Paul 47:26
Both Singleton and Nojeim say “Under the Eagle’s Eye” unfairly targets the poor, minorities and immigrants — people outside of the traditional banking system. “A large proportion of the reports will be immigrants sending money back home,” Nojeim says. Singleton adds, “It lends itself to discrimination against people who are sort of marginally part of the ordinary banking system or who may not trust things like checks and credit cards.”
Banking
The US Dollar and the World Economy
September 6, 2001 2001 Ron Paul 75:43
Likewise, an imperialistic foreign policy can only be supported by inflation and high taxation. This policy compounds the threat to liberty, because all too often our leaders get us involved in overseas military adventurism in which we should have no part. Today that danger is greater than ever before, as we send our dollars and troops hither and yon to areas of the world most Americans have no knowledge or interest in. But the driving force behind our foreign policy comes from our oil corporations, international banking interests and the military-industrial complex, which have high-stake interests in the places our troops and foreign aid, are sent.
Banking
The US Dollar and the World Economy
September 6, 2001 2001 Ron Paul 75:44
If, heaven forbid, the economy sinks as low and for as long as many free market economists believe, what policy changes must we consider? Certainly the number one change ought to be to reject the ideas that created the crisis. But rejecting old ways that Congress and the people are addicted to is not easy. Many people believe that government programs are free. The clamor for low interest rates, (more monetary inflation) by virtually all public officials and prominent business and banking leaders is endless. And, the expectation for government to do something for every economic malady-even if ill-advised government policy has created the problem-drives this seductive system of centralized planning that ultimately undermines prosperity. A realization that we cannot continue our old ways may well be upon us, and, the inflating, taxing, regulating, and centralized planning programs of the last thirty years must come to an end.
Banking
Statement for the Government Reform Committee Hearing on National ID Card Proposals
November 16, 2001 2001 Ron Paul 97:3
A national ID card threatens liberty, but it will not enhance safety. Subjecting every citizen to surveillance actually diverts resources away from tracking and apprehending terrorists toward needless snooping on innocent Americans! This is what has happened with “suspicious activity reports” required by the Bank Secrecy Act. Thanks to BSA mandates, federal officials are forced to waste time snooping through the private financial transactions of innocent Americans merely because their banking activities seem suspicious to a bank clerk.
Banking
The War On Terrorism
November 29, 2001 2001 Ron Paul 98:56
“Know Your Customer” type banking regulations, resisted by most Americans for years, have now been put in place in an expanded fashion. Not only will the regulations affect banks, thrifts and credit unions, but also all businesses will be required to file suspicious transaction reports if cash is used with the total of the transaction reaching $10,000. Retail stores will be required to spy on all their customers and send reports to the U.S. government. Financial services consultants are convinced that this new regulation will affect literally millions of law-abiding American citizens. The odds that this additional paperwork will catch a terrorist are remote. The sad part is that the regulations have been sought after by federal law-enforcement agencies for years. The 9-11 attacks have served as an opportunity to get them by the Congress and the American people.
Banking
Stimulating The Economy
February 7, 2002 2002 Ron Paul 5:37
Ideas regarding the national debt have been transformed. Presidents Jefferson and Jackson despised government debt and warned against it. Likewise, both detested central banking, which they knew inevitably, would be used to liquidate the real debt through the mischievous process of monetary debasement.
Banking
Stimulating The Economy
February 7, 2002 2002 Ron Paul 5:63
9. There is a danger that personal privacy will be a thing of the past. Even before 9-11, there were attacks on the privacy of all Americans- for good reasons, or so it was argued. The attacks included plans for national ID cards, a national medical data bank, and “Know Your Customer” type banking regulations. The need for enforcement powers for the DEA and the IRS routinely prompted laws that violated the Fourth amendment. The current crisis has emboldened those who already were anxious to impose restrictions on the American people. With drug and tax laws, and now with anti-terrorist legislation sailing through Congress, true privacy enjoyed by a free people is fast becoming something that we will only read about in our textbooks. Reversing this trend will not be easy.
Banking
Introduction of the Monetary Freedom and Accountability Act
February 13, 2002 2002 Ron Paul 8:5
GATA has also produced evidence that American officials are involved in gold transactions. Alan Greenspan himself referred to the federal government’s power to manipulate the price of gold at hearings before the House Banking Committee and the Senate Agricultural Committee in July, 1998: “Nor can private counterparts restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise .” [Emphasis added].
Banking
Introduction of the Monetary Freedom and Accountability Act
February 13, 2002 2002 Ron Paul 8:12
Many analysts believe that this problem is nowhere more evident than at the nation’s bullion banks, and particularly at the House of Morgan (J.P. Morgan Chase). One of the world’s leading banking institutions and a major international bullion bank, Morgan Chase has received heavy media attention in recent weeks both for its financial relationships with bankrupts Enron and Global Crossing Ltd. as well as the financial collapse of Argentina.
Banking
Introduction of the Monetary Freedom and Accountability Act
February 13, 2002 2002 Ron Paul 8:13
It is no secret that Morgan Chase was one of Enron’s biggest lenders, reportedly losing at least $600 million and, perhaps, billions. The banking giant’s stock has gone south, and management has been called before its shareholders to explain substantial investments in highly speculative derivatives C hidden speculation of the sort that overheated and blew up on Enron.
Banking
Introduction of the Monetary Freedom and Accountability Act
February 13, 2002 2002 Ron Paul 8:22
While all the defendants flatly deny participation in such a scheme, Howe’s case is being heard. Howe tells Insight he has provided the court with very compelling evidence to support his claim, including sworn testimony by Greenspan before the House Banking Committee in July 1998. Greenspan assured the committee, “Nor can private counterparties restrict supply of gold, another commodity whose derivatives are often traded over the counter, where central banks stand ready to lease gold in increasing quantities should the price rise.” Howe and other “gold bugs” cite this as a virtual public announcement “that the price of gold had been and would continue to be controlled if necessary.”
Banking
Don’t Expand Federal Deposit Insurance
May 22, 2002 2002 Ron Paul 47:3
In the event of a severe banking crisis, Congress likely will transfer funds from general revenues into the Deposit Insurance Fund, which could make all taxpayers liable for the mistakes of a few. Of course, such a bailout would require separate authorization from Congress, but can anyone imagine Congress saying "No" to banking lobbyists pleading for relief from the costs of bailing out their weaker competitors?
Banking
Don’t Expand Federal Deposit Insurance
May 22, 2002 2002 Ron Paul 47:4
Government subsidies lead to government control, as regulations are imposed on the recipients of the subsidies in order to address the moral hazard problem. This is certainly the case in banking, which is one of the most heavily regulated industries in America. However, as George Kaufman, the John Smith Professor of Banking and Finance at Loyola University in Chicago, and co-chair of the Shadow Financial Regulatory Committee, pointed out in a study for the CATO Institute, the FDIC’s history of poor management exacerbated the banking crisis of the eighties and nineties. Professor Kaufman properly identifies a key reason for the FDIC’s poor track record in protecting individual depositors: regulators have incentives to downplay or even cover-up problems in the financial system such as banking failures. Banking failures are black marks on the regulators’ records. In addition, regulators may be subject to political pressure to delay imposing sanctions on failing institutions, thus increasing the magnitude of the loss.
Banking
Don’t Expand Federal Deposit Insurance
May 22, 2002 2002 Ron Paul 47:5
Immediately after a problem in the banking industry comes to light, the media and Congress inevitably will blame it on regulators who were "asleep at the switch." Yet, most politicians continue to believe the very regulators whose incompetence (or worse) either caused or contributed to the problem will somehow prevent future crises!
Banking
Don’t Expand Federal Deposit Insurance
May 22, 2002 2002 Ron Paul 47:7
Finally, I would remind my colleagues that the federal deposit insurance program lacks constitutional authority. Congress’ only mandate in the area of money and banking is to maintain the value of the money. Unfortunately, Congress abdicated its responsibility over monetary policy with the passage of the Federal Reserve Act of 1913, which allows the federal government to erode the value of the currency at the will of the central bank. Congress’ embrace of fiat money is directly responsible for the instability in the banking system that created the justification for deposit insurance.
Banking
Export-Import Bank Is Corporate Welfare
5 June 2002 2002 Ron Paul 53:4
I am a strong advocate for free trade, and for that reason I think this bill should not be passed. There are good economic reasons not to support this. Because some who favor this bill argue that some of these companies are doing risky things and they do not qualify in the ordinary banking system for these loans and, therefore, they need a little bit of help. That is precisely when we should not be helping. If there is a risk, it is telling us there is something wrong and we should not do it. It is transferring the liability from the company to the taxpayer. So the risk argument does not hold water at all.
Banking
Has Capitalism Failed?
July 9, 2002 2002 Ron Paul 66:10
Capitalism should not be condemned, since we haven’t had capitalism. A system of capitalism presumes sound money, not fiat money manipulated by a central bank. Capitalism cherishes voluntary contracts and interest rates that are determined by savings, not credit creation by a central bank. It’s not capitalism when the system is plagued with incomprehensible rules regarding mergers, acquisitions, and stock sales, along with wage controls, price controls, protectionism, corporate subsidies, international management of trade, complex and punishing corporate taxes, privileged government contracts to the military- industrial complex, and a foreign policy controlled by corporate interests and overseas investments. Add to this centralized federal mismanagement of farming, education, medicine, insurance, banking and welfare. This is not capitalism!
Banking
The Price Of War
5 September 2002 2002 Ron Paul 83:5
The innocent victims who have suffered at the hands of our militarism abroad are rarely considered by our government; yet, they may well be a major factor in this hatred now being directed toward America. It is not currently popular to question corporate or banking influence over the foreign policy that replaced that of Washington and Jefferson. Questioning foreign government influence on our policies, although known about for years, is not acceptable in the politically correct environment in which we live.
Banking
Statement Opposing the use of Military Force against Iraq
October 8, 2002 2002 Ron Paul 96:38
Reality: That may be true. However, according to UNSCOM’s chief weapons inspector 90-95 percent of Iraq’s chemical and biological weapons and capabilities were destroyed by 1998; those that remained have likely degraded in the intervening four years and are likely useless. A 1994 Senate Banking Committee hearing revealed some 74 shipments of deadly chemical and biological agents from the U.S. to Iraq in the 1980s. As one recent press report stated:
Banking
Republic Versus Democracy
29 January 2003 2003 Ron Paul 6:36
Those who champion liberty are rarely heard from. The media, banking, insurance, airlines, transportation, financial institutions, government employees, the military industrial complex, the education system and the medical community are all dependent on government appropriations resulting in a high-stakes system of government.
Banking
Republic Versus Democracy
29 January 2003 2003 Ron Paul 6:39
We were adequately warned about this problem. Democracies lead to chaos, violence and bankruptcy. The demands of the majority are always greater than taxation alone can provide. Therefore, control of the monetary and banking system is required for democracies to operate.
Banking
Republic Versus Democracy
29 January 2003 2003 Ron Paul 6:40
It was no accident in 1913 when the dramatic shift toward democracy became pronounced that the Federal Reserve was established. A personal income tax was imposed as well. At the same time, popular election of Senators was instituted, and our foreign policy became aggressively interventionist. Even with an income tax, the planners for war and welfare knew that it would become necessary to eliminate restraints on the printing of money. Private counterfeiting was a heinous crime, but government counterfeiting and fractional reserve banking were required to seductively pay for the majority’s demands.
Banking
The Monetary Freedom And Accountability Act
17 July 2003 2003 Ron Paul 79:5
GATA has also produced evidence that American officials are involved in gold transactions. Alan Greenspan himself referred to the federal government’s power to manipulate the price of gold at hearings before the House Banking Committee and the Senate Agricultural Committee in July, 1998: “Nor can private counterparts restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise.”.
Banking
Abolishing The Federal Reserve
17 July 2003 2003 Ron Paul 83:15
The FED pumps money into the banking system if it wants to lower interest rates in order “to stimulate” the economy, and conversely will take money out of the banking system if it want to dampen borrowing and “cool off” an overheated economy.
Banking
Abolishing The Federal Reserve
17 July 2003 2003 Ron Paul 83:16
For the past two-and-a-half years the FED has been pumping money into the banking system, driving down short-term interest rates to its current levels, well below the risk free rate. In fact, the American people are being penalized heavily for saving. Real interest rates are negative.
Banking
Paper Money and Tyranny
September 5, 2003 2003 Ron Paul 93:2
Alan Greenspan, years before he became Federal Reserve Board Chairman in charge of flagrantly debasing the U.S. dollar, wrote about this connection between sound money, prosperity, and freedom. In his article “Gold and Economic Freedom” ( The Objectivist, July 1966), Greenspan starts by saying: “An almost hysterical antagonism toward the gold standard is an issue that unites statists of all persuasions. They seem to sense…that gold and economic freedom are inseparable.” Further he states that: “Under the gold standard, a free banking system stands as the protector of an economy’s stability and balanced growth.” Astoundingly, Mr. Greenspan’s analysis of the 1929 market crash, and how the Fed precipitated the crisis, directly parallels current conditions we are experiencing under his management of the Fed. Greenspan explains: “The excess credit which the Fed pumped into the economy spilled over into the stock market- triggering a fantastic speculative boom.” And, “…By 1929 the speculative imbalances had become overwhelming and unmanageable by the Fed.” Greenspan concluded his article by stating: “In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.” He explains that the “shabby secret” of the proponents of big government and paper money is that deficit spending is simply nothing more than a “scheme for the hidden confiscation of wealth.” Yet here we are today with a purely fiat monetary system, managed almost exclusively by Alan Greenspan, who once so correctly denounced the Fed’s role in the Depression while recognizing the need for sound money.
Banking
Paper Money and Tyranny
September 5, 2003 2003 Ron Paul 93:23
Andrew Jackson, a strong proponent of gold and opponent of central banking (the Second Bank of the United States,) was a hero to the working class and was twice elected president. This issue was fully debated in his presidential campaigns. The people voted for gold over paper.
Banking
Paper Money and Tyranny
September 5, 2003 2003 Ron Paul 93:27
The 20 th Century was much less sympathetic to gold. Since 1913 central banking has been accepted in the United States without much debate, despite the many economic and political horrors caused or worsened by the Federal Reserve since its establishment. The ups and downs of the economy have all come as a consequence of Fed policies, from the Great Depression to the horrendous stagflation of the ‘70s, as well as the current ongoing economic crisis.
Banking
Paper Money and Tyranny
September 5, 2003 2003 Ron Paul 93:36
Many sincere politicians, bureaucrats, and bankers endorse the current system, not out of malice or greed, but because it’s the only system they have know. The principles of sound money and free market banking are not taught in our universities. The overwhelming consensus in Washington, as well as around the world, is that commodity money without a central bank is no longer practical or necessary. Be assured, though, that certain individuals who greatly benefit from a paper money system know exactly why the restraints that a commodities standard would have are unacceptable.
Banking
Paper Money and Tyranny
September 5, 2003 2003 Ron Paul 93:52
We own the printing press and create as many dollars as we please. These dollars are used to buy federal debt. This allows our debt to be monetized and the spendthrift Congress, of course, finds this a delightful convenience and never complains. As the dollars circulate through our fractional reserve banking system, they expand many times over. With our excess dollars at home, our trading partners are only too happy to accept these dollars in order to sell us their products. Because our dollar is relatively strong compared to other currencies, we can buy foreign products at a discounted price. In other words, we get to create the world’s reserve currency at no cost, spend it overseas, and receive manufactured goods in return. Our excess dollars go abroad and other countries-especially Japan and China- are only too happy to loan them right back to us by buying our government and GSE debt. Up until now both sides have been happy with this arrangement.
Banking
Paper Money and Tyranny
September 5, 2003 2003 Ron Paul 93:59
Big business and banking deserve our harsh criticism, but not because they are big or because they make a lot of money. Our criticism should come because of the special benefits they receive from a monetary system designed to assist the business class at the expense of the working class. Labor leader Samuel Gompers understood this and feared paper money and a central bank while arguing the case for gold. Since the monetary system is used to finance deficits that come from war expenditures, the military industrial complex is a strong supporter of the current monetary system.
Banking
Paper Money and Tyranny
September 5, 2003 2003 Ron Paul 93:61
Economic intervention, financed by inflation, is high-stakes government. It provides the incentive for the big money to “invest” in gaining government control. The big money comes from those who have it- corporations and banking interests. That’s why literally billions of dollars are spent on elections and lobbying. The only way to restore equity is to change the primary function of government from economic planning and militarism to protecting liberty. Without money, the poor and middle class are disenfranchised since access for the most part requires money. Obviously, this is not a partisan issue since both major parties are controlled by wealthy special interests. Only the rhetoric is different.
Banking
Paper Money and Tyranny
September 5, 2003 2003 Ron Paul 93:75
We do have some options to minimize the suffering. If we decided to, we could permit some alternatives to the current system of money and banking we have today.
Banking
The Constitution
23 September 2004 2004 Ron Paul 70:3
Early on the supporters of strong centralized government promoted central banking, easy credit, protectionism, mercantilism and subsidies for corporate interests.
Banking
Reject Taxpayer Bank Bailouts
May 4, 2005 2005 Ron Paul 46:3
In the event of a severe banking crisis, Congress likely will transfer funds from general revenues into the Deposit Insurance Fund, which would make all taxpayers liable for the mistakes of a few. Of course, such a bailout would require separate authorization from Congress, but can anyone imagine Congress saying no to banking lobbyists pleading for relief from the costs of bailing out their weaker competitors?
Banking
Reject Taxpayer Bank Bailouts
May 4, 2005 2005 Ron Paul 46:4
Government subsidies lead to government control, as regulations are imposed on the recipients of the subsidies in order to address the moral hazard problem. This certainly is the case in banking, which is one of the most heavily regulated industries in America. However, as George Kaufman (John Smith Professor of Banking and Finance at Loyola University in Chicago and co-chair of the Shadow Financial Regulatory Committee) pointed out in a study for the CATO Institute, the FDIC’s history of poor management exacerbated the banking crisis of the eighties and nineties. Professor Kaufman properly identifies a key reason for the FDIC’s poor track record in protecting individual depositors: regulators have incentives to downplay or even cover-up problems in the financial system such as banking facilities. Banking failures are black marks on the regulators’ records. In addition, regulators may be subject to political pressure to delay imposing sanctions on failing institutions, thus increasing the magnitude of the loss.
Banking
Reject Taxpayer Bank Bailouts
May 4, 2005 2005 Ron Paul 46:5
Immediately after a problem in the banking industry comes to light, the media and Congress inevitably blame it on regulators who were “asleep at the switch.” Yet most politicians continue to believe that giving more power to the very regulators whose incompetence (or worse) either caused or contributed to the problem somehow will prevent future crises!
Banking
Reject Taxpayer Bank Bailouts
May 4, 2005 2005 Ron Paul 46:7
Finally, I would remind my colleagues that the federal deposit insurance program lacks constitutional authority. Congress’ only mandate in the area of money, and banking is to maintain the value of the money. Unfortunately, Congress abdicated its responsibility over monetary policy with the passage of the Federal Reserve Act of 1913, which allows the federal government to erode the value of the currency at the will of the central bank. Congress’ embrace of fiat money is directly responsible for the instability in the banking system that created the justification for deposit insurance.
Banking
The End Of Dollar Hegemony
15 February 2006 2006 Ron Paul 3:29
Federal Chairman Alan Greenspan, on several occasions before the House Banking Committee, answered my challenges to him about his previously held favorable views on gold by claiming that he and other central bankers had gotten paper money, that is the dollar system, to respond as if it were gold. Each time I strongly disagreed and pointed out that if they had achieved such a feat they would have defied centuries of economic history regarding the need for money to be something of real value. He smugly and confidently concurred with this.
Banking
The End Of Dollar Hegemony
15 February 2006 2006 Ron Paul 3:65
Mr. Speaker, the Abramoff scandal has been described as the biggest Washington scandal ever, bigger than Watergate, bigger than ABSCAM, bigger than Koreagate, bigger than the House banking scandal, bigger than Teapot Dome. Possibly so. It is certainly serious and significant.
Banking
Gold And The U.S. Dollar
25 April 2006 2006 Ron Paul 23:20
The number of dollars created by the Federal Reserve and through the fractional reserve banking system is crucial in determining how the market assesses the relationship of the dollar and gold.
Banking
Society For Worldwide Interbank Financial Telecommunications
29 June 2006 2006 Ron Paul 49:3
Congress should examine all government programs that monitor the financial transactions of American citizens to ensure they are effective and they do not violate the rights of Americans. Unfortunately, many of my colleagues are attacking newspapers that inform the American people about government surveillance on the grounds that revealing that the federal government is monitoring financial transactions somehow damages national security. It is odd to claim that, until last Friday, neither the American people nor America’s enemies had any idea that the government is engaging in massive surveillance of financial transactions, since the government has been openly operating major financial surveillance programs since the 1970s and both the administration and Congress have repeatedly discussed increasing the government’s power to monitor financial transactions. In fact, such an expansion of the government’s ability to spy on Americans’ banking activites was a major part of the PATRIOT Act.
Banking
Statement before the Financial Services Committee
20 September 2007 2007 Ron Paul 93:7
Further regulation of the banking sector, of mortgage brokers, mortgage lenders, or credit rating agencies will fail to improve the current situation, and will do nothing to prevent future real estate bubbles. Any proposed solutions which fail to take into account the economic intervention that laid the ground for the bubble are merely window dressing, and will not ease the suffering of millions of American homeowners. I urge my colleagues to strike at the root of the problem and address the Federal Reserve's inflationary monetary policy.
Banking
Statement on Competing Currencies
February 13, 2008 2008 Ron Paul 4:6
On the desk in my office I have a sign that says: “Don’t steal – the government hates competition.” Indeed, any power a government arrogates to itself, it is loathe to give back to the people. Just as we have gone from a constitutionally-instituted national defense consisting of a limited army and navy bolstered by militias and letters of marque and reprisal, we have moved from a system of competing currencies to a government-instituted banking cartel that monopolizes the issuance of currency. In order to introduce a system of competing currencies, there are three steps that must be taken to produce a legal climate favorable to competition.
Banking
TRIBUTE ON THE PASSING OF SCOTT S. STUART
15 May 2008 2008 Ron Paul 28:3
Stuart, Scott S. Stuart of Baltimore, Maryland, and Canton, Connecticut, passed away peacefully in his sleep on Wednesday, May 7th. He was 43 years old. Scott was the Director of Alumni Relations at Loyola College since June of 2007. Prior to this position, he was the director of alumni relations for his alma mater Niagara University. Scott also had over 15 years of corporate experience as an executive in the banking industry and as a fund-raising director in the non- profit sector. He held the position of vice president, director of marketing, for OBA Bank in Washington, DC. In this post, he formulated corporate growth strategies and directed and identified marketing programs and opportunities, helping to “re-brand” America’s oldest thrift institution. Earlier, he spent several years working for the Boy Scouts of America in Boston, Mass., and Washington, DC., as district executive, district director, development director, and director of major gifts.
Banking
DO NOT BELIEVE THE U.S. FEAR FACTOR PROPAGANDA AS IT RELATES TO OUR FOREIGN POLICY
26 June 2008 2008 Ron Paul 40:2
We do know that there is a supply and demand, there’s a lot of demand for oil. The supplies may be dwindling. But there are other reasons for high costs of energy. One is inflation. For instance, to pay for the war that has been going on and the domestic spending, we have been spending a lot more money than we have. So what do we do? We send the bills over to the Federal Reserve to create new money. In the last 3 years, our government, through the Federal Reserve and our banking system, created $4 trillion of new money. That is one of the main reasons why we have this high cost of energy in $4 gallon gasoline.
Banking
Statement on HR 3221
July 24, 2008 2008 Ron Paul 48:3
HR 3221 also takes another troubling step toward the creation of surveillance state by creating a Nationwide Mortgage Licensing System and Registry. This federal database will contain personal information about anyone wishing to work as a “loan originator.” “Loan originator“ is defined broadly as anyone who ”takes a residential loan application; and offers or negotiates terms of a residential mortgage loan for compensation or gain.“ According to some analysts, this definition is so broad as to cover part-time clerks and real estate agents who receive even minimal compensation from ”originators.“ Additionally, this database forced on industry will be funded by fees paid to the federal banking agencies, yet another costly burden to the American taxpayers.
Banking
Full Committee Hearing on “Implications of a Weaker Dollar for Oil Prices and the U.S. Economy”
July 24, 2008 2008 Ron Paul 50:5
Until the cause of inflation is understood, no effective strategy can be undertaken to combat it. The problem, however, is that the government does not want inflation to be done away with. Inflation benefits debtors and harms creditors, and the United States government is the biggest debtor of all. The United States government, the banking monopoly under the Federal Reserve System, and politically-connected firms and industries are the first entities to take advantage of new money injected into the system, before prices increase. As the increased supply of money begins to chase the same number of goods, prices rise, and the average American suffers. Poor and middle class Americans are always the hardest hit by inflation, as the weakening dollar makes the imported goods that many Americans depend on more expensive.
Banking
HOUSING AND ECONOMIC RECOVERY ACT OF 2008
25 July 2008 2008 Ron Paul 52:3
H.R. 3221 also takes another troubling step toward the creation of surveillance state by creating a Nationwide Mortgage Licensing System and Registry. This Federal database will contain personal information about anyone wishing to work as a “loan originator.” “Loan originator” is defined broadly as anyone who “takes a residential loan application; and offers or negotiates terms of a residential mortgage loan for compensation or gain.” According to some analysts, this definition is so broad as to cover part-time clerks and real estate agents who receive even minimal compensation from “originators.” Additionally, this database forced on industry will be funded by fees paid to the Federal banking agencies, yet another costly burden to the American taxpayers.
Banking
Humphrey-Hawkins Hearing Statement
February 25, 2009 2009 Ron Paul 18:3
One aspect that needs to come to the fore once again is that of moral hazard. When the government acts as a backstop to insure losses that come about from making poor decisions, such poor decision making is rewarded, and thereby further encouraged in the future. Such backstopping took place through the implicit government guarantee of Fannie Mae and Freddie Mac, it takes place through FDIC deposit insurance that encourages deposits in the fundamentally unsound fractional-reserve banking system, and it has reached its zenith in the TARP program and its related bailouts.
Banking
Humphrey-Hawkins Hearing Statement
February 25, 2009 2009 Ron Paul 18:4
When banking giants are reimbursed for their losses through redistribution of taxpayer money, what lesson do we expect them to learn? Can anyone in Washington say with a straight face that these banks will shape up their business practices when they are almost guaranteed billions of dollars in taxpayer funds? Even if this does provide a temporary lifeline, it only delays the inevitable collapse of a banking system built on an unsustainable model. Fractional-reserve banking is completely dependent on faith in the banks’ abilities to repay depositors, and when that ability is thrown into doubt, the house of cards comes crashing down. The Federal Reserve may be able to manage public confidence, but confidence only goes so far. When banks are required to hold a maximum of ten percent of their deposits on reserve, the system is fundamentally insolvent. Such a system cannot be propped up or bailed out, except at the cost of massive creation of money and credit, which would result in a hyperinflation that would completely destroy our economy.
Banking
The Federal Reserve Transparency Act
February 26, 2009 2009 Ron Paul 20:2
Serious discussion of proposals to oversee the Federal Reserve is long overdue. I have been a longtime proponent of more effective oversight and auditing of the Fed, but I was far from the first Congressman to advocate these types of proposals. Esteemed former members of the Banking Committee such as Chairmen Wright Patman and Henry B. Gonzales were outspoken critics of the Fed and its lack of transparency.
Banking
The Federal Reserve Transparency Act
February 26, 2009 2009 Ron Paul 20:4
The Federal Reserve can enter into agreements with foreign central banks and foreign governments, and the GAO is prohibited from auditing or even seeing these agreements. Why should a government-established agency, whose police force has federal law enforcement powers, and whose notes have legal tender status in this country, be allowed to enter into agreements with foreign powers and foreign banking institutions with no oversight? Particularly when hundreds of billions of dollars of currency swaps have been announced and implemented, the Fed’s negotiations with the European Central Bank, the Bank of International Settlements, and other institutions should face increased scrutiny, most especially because of their significant effect on foreign policy. If the State Department were able to do this, it would be characterized as a rogue agency and brought to heel, and if a private individual did this he might face prosecution under the Logan Act, yet the Fed avoids both fates.
Banking
EARMARKS
March 10, 2009 2009 Ron Paul 24:17
So, the sooner we in the Congress wake up to our responsibilities, understand what earmarks are all about, and understand why we need a lot more earmarks, then we will come to our senses, because we might then have a more sensible monetary and banking system, the system that has brought us to this calamity. So, the sooner we realize that, I think it would be better for the taxpayer.
Banking
MISTAKES: JUST A FEW!
June 3, 2009 2009 Ron Paul 63:5
This has entailed taxpayers being forced to buy worthless assets, propping up malinvestments, not allowing the liquidation of bad debt, bailing out privileged banking, Wall Street and corporate elites. We promote artificially low interest rates which eliminates information that only the market can provide. Steadily sacrificing economic and personal liberty is accepted as good policy. Socializing American industry offers little hope that prosperity will soon return.
Banking
MISTAKES: JUST A FEW!
June 3, 2009 2009 Ron Paul 63:7
We have set the stage for further expanding the money supply many folds over through fractional reserve banking.
Banking
COMMUNITIES REBUILD AFTER HURRICANE IKE
July 15, 2009 2009 Ron Paul 79:15
Two days after Ike struck, Wall Street institution Lehman Brothers filed for Chapter 11 bankruptcy, deepening a financial crisis and already painful credit crunch that had stalled lending. Fast-and-loose credit practices by the banking giants had come home to roost.
Banking
INTRODUCING THE FREE COMPETITION IN CURRENCY ACT
December 9, 2009 2009 Ron Paul 102:5
On the desk in my office I have a sign that says: “Don’t steal – the government hates competition.” Indeed, any power a government arrogates to itself, it is loathe to give back to the people. Just as we have gone from a constitutionally instituted national defense consisting of a limited army and navy bolstered by militias and letters of marque and reprisal, we have moved from a system of competing currencies to a government-instituted banking cartel that monopolizes the issuance of currency. In order to reintroduce a system of competing currencies, there are three steps that must be taken to produce a legal climate favorable to competition.
Banking
- Paul's legislation focuses on individual liberty
25 August 1997 Texas Straight Talk 25 August 1997 verse 15 ... Cached
But the biggest winner is the consumer, who benefits either way: with fewer regulations and lower taxes consumers will see savings in their banking costs, while the needed flexibility for credit unions will give individuals greater choices in their financial dealings as competition between institutions increases.
Banking
Deceptive economic euphoria
17 August 1998 Texas Straight Talk 17 August 1998 verse 10 ... Cached
First, we're not doing as well as claimed and most Americans know it. Second, we're doing well because we benefit, as all countries do for a limited periods of time, from central bank credit creation - i.e., free money flowing into the banking system keeping interest rates artificially low. A $5.6 trillion debt and growing allows government expenditures to continue despite the nonsense about a balanced budget all the Washington pundits are bragging about.
Banking
Privacy Busters: Big Bank is watching
30 November 1998 Texas Straight Talk 30 November 1998 verse 11 ... Cached
But at the expense of law-abiding citizen's privacy? And with the resources of private institutions? While such egregious violations of individual rights are common in totalitarian regimes (Hitler's National Socialists elevated such abuses to a perverse art), they cannot be tolerated in a free society. The regulators say these new banking rules are required under existing banking laws. If that is the case, I will gladly relieve them of that burden by introducing, at the beginning of the 106th Congress in January, legislation to repeal those laws. Somehow, though, I imagine such action will not stop them, only slow them down.
Banking
Orwellian rules face major opposition
01 February 1999 Texas Straight Talk 01 February 1999 verse 13 ... Cached
Congressmen are signing on these measures due in large part to the growing chorus of Americans who are saying, to paraphrase our founding fathers' cry, "don't tread on my privacy rights!" Dozens of organizations, ranging from banking and technology groups to conservative family-values coalitions to the liberal ACLU, are joining in the fight to oppose these regulations.
Banking
Orwellian rules face major opposition
01 February 1999 Texas Straight Talk 01 February 1999 verse 14 ... Cached
As a member of the House Committee on Banking and Financial Services, this important threat to our financial privacy will be a top priority for me.
Banking
Victory should be call to action
08 March 1999 Texas Straight Talk 08 March 1999 verse 4 ... Cached
Americans may lay claim to a minor victory in the battle for liberty, if not the war. Last week, the House Committee on Banking and Financial Services unanimously passed a revised version of an amendment I introduced to stop the proposed "Know Your Customer" regulations.
Banking
This Year's Successes
22 November 1999 Texas Straight Talk 22 November 1999 verse 5 ... Cached
Early this year we focused much attention on defeating the proposed "Know Your Customer" federal banking regulation. This regulation proposed by the Federal Reserve and others would have given banks a broad mandate to spy on their customers and report any unusual transactions.
Banking
Sound Money Needed More Than Ever
28 February 2000 Texas Straight Talk 28 February 2000 verse 4 ... Cached
I have got to hand it to Alan Greenspan. Testifying last week before the House Banking Committee, he sounded so authoritative that my colleague Mel Watt from North Carolina said that he could not even understand the things Greenspan says. Mr. Watt attributed his lack of understanding not to some deficiency in Greenspan's communicative capabilities but rather to Watts' self-professed lack of understanding. Yes, it does seem that Greenspan can convince many, including some here in Congress, that up is down and vice versa.
Banking
Right to Privacy Too Often Overlooked
14 August 2000 Texas Straight Talk 14 August 2000 verse 9 ... Cached
The other major privacy victory recently was when the federal government withdrew proposed Know Your Customer regulations which would have forced banks to report practically every customer transaction to the government. I was proud to lead the effort on the Banking Committee to stop this invasion of privacy with my "Bank Secrecy Sunset Act" (HR 518), would have overturned any such regulations. Fortunately, the proposal was withdrawn before the legislation was needed, but I believe this will be an ongoing battle. Those advocating more intrusion by the government will continue their legislative efforts, and we must stand ready to face that constant threat.
Banking
The Fed Cannot Create Prosperity
03 September 2001 Texas Straight Talk 03 September 2001 verse 8 ... Cached
In a truly free society, interest rates should be set by the market. The laws of supply and demand work better than any government bureaucrat in determining the correct cost of money, and without the political favoritism and secrecy that characterize central banks. Americans should not tolerate the manipulation of our economy and the inflation of our currency by an unaccountable institution. The turbulent period we are entering may serve to remind Americans that the Fed cannot suspend the laws of economics. The key to lasting prosperity is a return to true private banking, where interest rates are set by the free market and dollars are backed by gold.
Banking
The Maestro Changes his Tune
21 February 2005 Texas Straight Talk 21 February 2005 verse 3 ... Cached
Nearly 40 years ago, Federal Reserve chair Alan Greenspan wrote persuasively in favor of a gold monetary standard in an essay entitled Gold and Economic Freedom. In that essay he neatly summarized the fundamental problem with fiat currency in a few short sentences: “The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit… In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value… Deficit spending is simply a scheme for the ‘hidden’ confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.”
Banking
More of the Same at the Federal Reserve
28 November 2005 Texas Straight Talk 28 November 2005 verse 9 ... Cached
I encourage all Americans to learn more about the Federal Reserve system and what it means for our economic future. An excellent resource is economist Murray Rothbard's book "What Has Government Done to our Money," which provides a brief yet devastating critique of centralized banking and the reckless government spending it enables. We need to demystify the Federal Reserve to understand the enormous political and economic impact of a system that essentially allows government to print money at will to pay its bills.
Banking
The Real Washington Scandal
06 February 2006 Texas Straight Talk 06 February 2006 verse 9 ... Cached
As economist Addison Wiggin states, however, "The Grand Experiment with paper money is running its inevitable course. Bernanke's biggest challenge is the challenge of central banking itself: You can control some things, but not everything. In the Fed's case, it can control the quantity of money or the quality of it, but not both at the same time."
Banking
The Perils of Economic Ignorance
27 March 2006 Texas Straight Talk 27 March 2006 verse 6 ... Cached
I certainly have seen firsthand a great deal of economic ignorance in Congress over the years. Few members pay any attention whatsoever to the Federal Reserve Bank, despite the tremendous impact Fed policy has on their constituents. Even many members of the banking and finance committees have little or no knowledge of monetary policy. Perhaps this is why so many in Congress seem to believe we can all become rich by printing new dollars, or that we can make 2+2=5 by taking money from some people and giving it to others.
Banking
Rising Energy Prices and the Falling Dollar
09 June 2008 Texas Straight Talk 09 June 2008 verse 6 ... Cached
Governments need to get out of the way and let the people get back to work so that we can get our economy back on stable footing. Our destructive regulatory environment, confiscatory tax policies, and managed, rather than free trade have chased many businesses overseas. The bottom line is average Americans are being seriously hurt by these flawed policies, and they are not getting good information about the true dynamics at work. The important thing now is to get the diagnosis absolutely correct so we can administer the appropriate treatment and move on to a healthier economic future. To do this it is absolutely necessary to address the subjects of central banking and fiat money.
Texas Straight Talk from 20 December 1996 to 23 June 2008 (573 editions) are included in this Concordance. Texas Straight Talk after 23 June 2008 is in blog form on Rep. Paul’s Congressional website and is not included in this Concordance.
Remember, not everything in the concordance is Ron Paul’s words. Some things he quoted, and he added some newspaper and magazine articles to the Congressional Record. Check the original speech to see.