U.S. Rep. Ron Paul | foreign debt |
foreign debt
The Indonesia Crisis
19 May 1998 1998 Ron Paul 52:17
REFUSAL In the approximately 8 months since the crisis hit Indonesia there has been no serious look at the underlying cause — monetary inflation brought about by a central bank. Nor has any serious thought gone into the internationalization of credit as United States exports of billions of dollars, and thus our own inflation, to most nations of the world who hold these dollars in reserve and use them to further inflate their own currencies. Our huge negative trade balance and foreign debt is not considered by conventional wisdom to be relevant to the Asian currency problems, yet undoubtedly it is. True reform to deal with the growing worldwide crisis can only be accomplished by us first recognizing the underlying economic errors that caused the current crisis.
foreign debt
The Indonesia Crisis
22 May 1998 1998 Ron Paul 54:17
REFUSAL In the approximately eight months since the crisis hit Indonesia, there has been no serious look at the underlying cause: monetary inflation brought about by a central bank. Nor has any serious thought gone into the internationalization of credit as United States exports of billions of dollars, and thus our own inflation, to most nations of the world which hold these dollars in reserve and use them to further inflate their own currencies. Our huge negative trade balance and foreign debt is not considered by conventional wisdom to be relevant to the Asian currency problems, yet undoubtedly it is. True reform to deal with the growing worldwide crisis can only be accomplished by us first recognizing the underlying economic errors that caused the current crisis.
foreign debt
Congress Relinquishing The Power To Wage War
2 February 1999 1999 Ron Paul 4:78
This trend has made us the greatest international debtor in the world, with a negative net international asset position of more than $1.7 trillion. A significantly weakened dollar will play havoc when this bill comes due and foreign debt holders demand payment.
foreign debt
CONGRESS IGNORES ITS CONSTITUTIONAL RESPONSIBILITY REGARDING MONETARY POLICY
October 11, 2000 2000 Ron Paul 84:5
And what do we do here in the Congress? We continue to ignore our constitutional responsibility to maintain a sound dollar. Our monetary policy of the last 10 years has produced the largest financial bubble in all of history, with the good times paid for by borrowing and an illusion of wealth created in a speculative stock market. Our current account deficit, now running over $400 billion per year, and our $1.5 trillion foreign debt, has been instrumental in financing our extravagance. Be assured, the piper will be paid. The markets are clearly reflecting the excesses of the 1990s.
foreign debt
ECONOMIC UPDATE
December 4, 2000 2000 Ron Paul 97:33
* A major financial crisis is possible since the dollar is the reserve currency of the world, held in central banks as if it were gold itself. The current account deficit for the United States continues to deteriorate, warning us of danger ahead. Our foreign debt of $1.7 trillion continues to grow rapidly and it will eventually have to be paid.
foreign debt
CHALLENGE TO AMERICA: A CURRENT ASSESSMENT OF OUR REPUBLIC —
February 07, 2001 2001 Ron Paul 7:53
Since 1998, when it was announced that we had a budgetary surplus to deal with, the national debt has nevertheless grown by more than $230 billion dollars, albeit at a rate less than in the early 1990s, but certainly a sum that should not be ignored. But the really big borrowing has been what the US as a whole has borrowed from foreigners to pay for the huge deficit we have in our current account. We are now by far the largest foreign debtor in the world and in all of history.
foreign debt
The Beginning of the End of Fiat Money
March 13, 2001 2001 Ron Paul 18:16
Sure we have enjoyed cheap imports and they have raised our standard of living and our foreign debt. We have on the short run benefited from our trade and current account deficits since the world has been only too eager to gobble up our inflated dollars and loan them back to us. But soon the countries of the world will decide that enough is enough and they will recognize the bad deal it is for them to continue to accept our dollars. The mal-investment, already becoming apparent, will prompt even more radical adjustments in all markets.
foreign debt
The US Dollar and the World Economy
September 6, 2001 2001 Ron Paul 75:8
Some may argue that a good deal like that shouldn’t be denied, but unfortunately the piper must eventually be paid. Inevitably the distortions, such as our current account deficit and foreign debt, will come to an end with more suffering than anyone has anticipated.
foreign debt
Foolishness Of Fiat
31 October 2001 2001 Ron Paul 92:4
Japan, failing to understand this, has tried for more than a decade to stimulate her economy and boost her stock market by printing money and increasing government spending, and it has not worked. Argentina, even with the hopes placed in its currency board, is nevertheless facing default on its foreign debt and a crisis in confidence. More bailouts from the IMF and U.S. dollar may temper the crisis for a while, but ultimately it will only hurt the dollar and the U.S. taxpayers.
foreign debt
Stimulating The Economy
February 7, 2002 2002 Ron Paul 5:36
This special status of the dollar only makes the problem of the illusion of wealth much worse. Since our bubble can last longer due to our perceived military and economic strength, it appears that our wealth is much greater than it actually is. Because of our unique position as the economic powerhouse of the world, we’re able to borrow more than anyone else. Foreigners loan us exorbitant sums, as our current account deficit soars out of sight. The U.S. now has a foreign debt of over $2 trillion. Perceptions and illusions and easy credit allow our consumers to spend, even in recessions, by rolling up even more debt in a time when market forces are saying that borrowing should decrease and the debt burden lessen. Our corporations follow the same pattern, keeping afloat with more borrowing.
foreign debt
Beware Dollar Weakness
June 5, 2002 2002 Ron Paul 52:8
There are a lot of reasons the market is pushing down the value of the dollar at this time. But only one is foremost. Current world economic and political conditions lead to less trust in the dollar’s value. Economic strength here at home is questionable and causes concerns. Our huge foreign debt is more than $2 trillion, and our current account deficit is now 4 percent of GDP and growing. Financing this debt requires borrowing $1.3 billion per day from overseas. But these problems are ancillary to the real reason that the dollar must go down in value. For nearly 7 years the U.S. has had the privilege of creating unlimited amounts of dollars with foreigners only too eager to accept them to satisfy our ravenous appetite for consumer items. The markets have yet to discount most of this monetary inflation. But they are doing so now; and for us to ignore what is happening, we do so at the Nation’s peril. Price inflation and much higher interest rates are around the corner.
foreign debt
Don’t Antagonize our Trading Partners
April 1, 2003 2003 Ron Paul 41:3
In 2002 we earned $11.9 billion less from our investments overseas than foreigners did here. This is not a sign of financial strength. A negative balance on the income account contributes to the $500 billion annual current account deficit. Since 1985 when we became a deficit nation, we have acquired a foreign debt of approximately $2.8 trillion, the world’s largest. No nation can long sustain a debt that continues to expand at a rate greater than 5 percent of the GDP. This means we borrowed more than $1.4 billion every day to keep the borrowing binge going. This only can be maintained until foreigners get tired of taking and holding our dollars and buying our debt. Bashing the French and others will only hasten the day that sets off the train of economic events that will please no one.
foreign debt
Where To From Here?
November 20, 2004 2004 Ron Paul 81:35
The debt, both domestic and foreign, is difficult to comprehend. Our national debt is $7.4 trillion, and this limit will be raised in the lame duck session. This plus our U.S. foreign debt breaks all records, and is a threat to sustained economic growth. The amazing thing is that deficits and increases in the debt limit no longer have a stigma attached to them. Some demagoguery takes place, but the limit is easily raised. With stronger partisan control over Congress, the president will have even less difficulty in raising the limit as necessary. It is now acceptable policy to spend excessively without worrying about debt limits. It may be a sign of the times, but the laws of economics cannot be repealed and eventually a price will be paid for this extravagance.
foreign debt
The Coming Category 5 Financial Hurricane
September 15, 2005 2005 Ron Paul 98:4
We face a coming financial crisis. Our current account deficit is more than $600 billion annually. Our foreign debt is more than $3 trillion. Foreigners now own over $1.4 trillion of our Treasury and mortgage debt. We must borrow $3 billion from foreigners every business day to maintain our extravagant spending. Our national debt now is increasing $600 billion per year, and guess what, we print over $600 billion per year to keep the charade going. But there is a limit and I’m fearful we’re fast approaching it.
foreign debt
The End Of Dollar Hegemony
15 February 2006 2006 Ron Paul 3:57
Ironically, dollar superiority depends on our strong military, and our strong military depends on the dollar. As long as foreign recipients take our dollars for real goods and are willing to finance our extravagant consumption and militarism, the status quo will continue, regardless of how huge our foreign debt and current account deficit become.
foreign debt
Big-Government Solutions Don’t Work
7 september 2006 2006 Ron Paul 74:89
But economic law eventually will prevail. Runaway military and entitlement spending cannot be sustained. We can tax the private economy only so much, and borrowing from foreigners is limited by the total foreign debt and our current account deficit. It will be difficult to continue this spending spree without significantly higher interest rates and further devaluation of the dollar. This all spells more trouble for our economy and certainly higher inflation. Our industry base is shattered, and our borders remain open to those who exploit our reeling entitlement system.
foreign debt
Unanticipated Good Results (When We Leave)
7 June 2007 2007 Ron Paul 59:10
The billions of dollars saved just in the last decade if we weren’t in the Middle East could have been spent here at home improving the conditions of all Americans, or would have prevented our huge national and foreign debt from exploding to historic records.
foreign debt
Statement: “Something Big is Happening”
9 July 2008 2008 Ron Paul 42:16
But it was never destined to last, and now we have to pay the piper. Our huge foreign debt must be paid or liquidated. Our entitlements are coming due just as the world has become more reluctant to hold dollars. The consequence of that decision is price inflation in this country — and that’s what we are witnessing today. Already price inflation overseas is even higher than here at home as a consequence of foreign central banks’ willingness to monetize our debt.
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.