U.S. Rep. Ron Paul | sound money |
sound money
Three Important Issues For America
11 February 1998 1998 Ron Paul 7:118
Foreign policy is very important because it is under the conditions of war; it is under the condition of foreign confrontation that people are so willing to give up their liberties at home because of the fear. We should avoid unnecessary confrontations overseas and we should concentrate on bettering the people here in this country, and it can best be done by guaranteeing property rights, free markets, sound money, and a sensible approach to our foreign policy.
sound money
The Indonesia Crisis
19 May 1998 1998 Ron Paul 52:21
As the Asian crisis spreads, I would expect Europe to feel the crunch next. Unemployment is already at a 12% level in Germany and France. The events can be made worse and accelerated by outside events like a Middle Eastern crisis or a war between India and Pakistan both now rattling their nuclear weapons. Eventually though, our system of “crony capitalism” and fiat money system will come under attack. Our system of favoring industries is different than the family oriented favoritism of Suharto, but none-the-less is built on a system of corporate welfare that prompts constant lobbying of Congress and the Administration for each corporation’s special interests. We have little to talk about as we preach austerity, balanced budgets and sound money to the current victims. Our day will come when we will humble ourselves before world opinion as our house of cards comes crashing down.
sound money
The Indonesia Crisis
19 May 1998 1998 Ron Paul 52:22
We will all know we are on the right track when the people and our leaders are talking of restoring liberty to all equally, and establishing a sound money system that prevents the Fed from manufacturing money and credit out of thin air for the benefit of politicians, corporations and bankers who directly benefit.
sound money
The Indonesia Crisis
22 May 1998 1998 Ron Paul 54:21
As the Asian crisis spreads, I would expect Europe to feel the crunch next. Unemployment is already at or approaching 12% in Germany and France. The events can be made worse and accelerated by outside events like a Middle Eastern crisis or a war between India and Pakistan both now rattling their nuclear sabers. Eventually though, our system of “crony capitalism” and fiat money system will come under attack. Our system of favoring industries is different than the family-oriented favoritism of Suharto, but none-the-less is built on a system of corporate welfare that prompts constant lobbying of Congress and the Administration for each corporation’s special interests. We have little room to talk as we preach austerity, balanced budgets and sound money to the current victims. Our day will come when we will humble ourselves before world opinion as our house of cards comes crashing down.
sound money
The Indonesia Crisis
22 May 1998 1998 Ron Paul 54:22
We will all know we are on the right track when the people and our leaders are talking of restoring liberty to all equally, and establishing a sound money system that prevents the Federal Reserve from manufacturing money and credit out of thin air for the benefit of politicians, corporations and bankers who directly profit
sound money
Revamping The Monetary System
24 September 1998 1998 Ron Paul 102:17
But we go one step further. The Congress has reneged on its responsibility and has not maintained the responsibility of maintaining value in the dollar. It has turned it over to a very secretive body, the Federal Reserve System, that has no responsibility to the U.S. Congress. So I argue for the case of watching out for the dollar and argue for sound money, and not to allow this to progress any further.
sound money
World Financial Markets
1 October 1998 1998 Ron Paul 104:12
Our problems today should not be used to justify a worldwide central bank, as has been proposed. What we need is sound money without the central planning efforts of a Federal Reserve system fixing interest rates and regulating the money supply. Let us give freedom a chance.
sound money
Monetary Policy
16 October 1998 1998 Ron Paul 120:6
Just as the Bretton Woods system was never repaired due to its flaws, so too will it be impossible to rebuild the floating rate system of the past 27 years. The sooner we admit to its total failure, and start planning for sound money, the better.
sound money
Monetary Policy
16 October 1998 1998 Ron Paul 120:19
Short of a free market, sound money approach will guarantee a sustained attack on personal liberty as governments grow more authoritarian and militaristic.
sound money
Congress Relinquishing The Power To Wage War
2 February 1999 1999 Ron Paul 4:4
The Founders of this great Nation abhorred tyranny and loved liberty. The power of the king to wage war, tax and abuse the personal rights of the American colonists drove them to rebel, win a revolution and codify their convictions in a new Constitution. It was serious business, and every issue was thoroughly debated and explained most prominently in the Federalist Papers. Debate about trade among the States and with other countries, sound money and the constraints on presidential power occupied a major portion of their time.
sound money
Congress Relinquishing The Power To Wage War
2 February 1999 1999 Ron Paul 4:32
On another issue, privacy, privacy is the essence of liberty. Without it, individual rights cannot exist. Privacy and property are interlocked and if both are protected, little would need to be said about other civil liberties. If one’s home, church or business is one’s castle, and the privacy of one’s person, papers and effects are rigidly protected, all rights desired in a free society will be guaranteed. Diligently protecting the right to privacy and property guarantees religious, journalistic and political experience, as well as a free market economy and sound money. Once a careless attitude emerges with respect to privacy, all other rights are jeopardized.
sound money
A Republic, If You Can Keep It
31 January 2000 2000 Ron Paul 2:94
A transition from sound money to paper money did not occur instantaneously. It occurred over a 58 year period between 1913 and 1971, and the mischief continues today.
sound money
A Republic, If You Can Keep It
31 January 2000 2000 Ron Paul 2:96
The record of the Federal Reserve is abysmal, yet at the close of the 20th Century, its chairman is held in extremely high esteem, with almost zero calls for study of sound money with the intent to once again have the dollar linked to gold.
sound money
A Republic, If You Can Keep It
31 January 2000 2000 Ron Paul 2:114
Congress must someday restore sound money to America. It is mandated in the Constitution, it is economically sound to do so, and it is morally right to guarantee a standard of value for the money. Our oath of office obligates all Members of Congress to pay attention to this and participate in this needed reform.
sound money
Manipulating Interest Rates
May 15, 2000 2000 Ron Paul 36:10
* In a free market, economic growth would never be considered a negative and purposely discouraged. It is strange that so many established economists and politicians accept the notion of dampening economic growth for this purpose. Economic growth with sound money always lowers prices-it never raises them. Deliberately increasing rates actually increase the cost of all borrowing, and yet it’s claimed that this is necessary to stop rising costs. Obviously, there’s not much to the soundness of central economic planning through monetary policy of this sort.
sound money
The Dollar And Our Current Account Deficit
May 16, 2000 2000 Ron Paul 37:2
* Trade surpluses and deficits when sound money conditions exist are of little concern since they prompt changes in policy or price adjustments in a natural or smooth manner. When currencies are non-convertible into something of real value, they can be arbitrarily increased at will, trade deficits and especially current account deficits are of much greater significance.
sound money
The Dollar And Our Current Account Deficit
May 16, 2000 2000 Ron Paul 37:13
* Fiscal policy, and current monetary policy will not solve the crisis we will soon face. Only sound money, money that cannot be created out of thin air, can solve the many problems appearing on the horizon. The sooner we pay attention to monetary policy as the source of our international financial problems, the sooner we will come up with a sound solution.
sound money
CHALLENGE TO AMERICA: A CURRENT ASSESSMENT OF OUR REPUBLIC —
February 07, 2001 2001 Ron Paul 7:25
In this frantic effort to take care of the economy, promote education, save Social Security, and provide for the medical needs of all Americans, no serious discussion will take place on the political conditions required for a free people to thrive. If not, all efforts to patch the current system together will be at the expense of personal liberty, private property, and sound money.
sound money
CHALLENGE TO AMERICA: A CURRENT ASSESSMENT OF OUR REPUBLIC —
February 07, 2001 2001 Ron Paul 7:78
Ultimately the solution will require a recommitment to the principles of liberty, including a belief in sound money- when money once again will be something of value rather than pieces of paper or mere blips from a Federal Reserve computer. In spite of the grand technological revolution, we are still having trouble with a few simple basic tasks – counting votes or keeping the lights on or understanding the sinister nature of paper money.
sound money
CHALLENGE TO AMERICA: A CURRENT ASSESSMENT OF OUR REPUBLIC —
February 07, 2001 2001 Ron Paul 7:147
Our economic, military, and political power, second to none, has perpetuated a system of government no longer dependent on the principles that brought our Republic to greatness. Private-property rights, sound money, and self-reliance have been eroded, and they have been replaced with welfarism, paper money, and collective management of property. The new system condones special-interest cronyism and rejects individualism, profits, and voluntary contracts.
sound money
CHALLENGE TO AMERICA: A CURRENT ASSESSMENT OF OUR REPUBLIC —
February 07, 2001 2001 Ron Paul 7:159
Basic morality, free markets, sound money, living within the rule of law, and adhering to the fundamental precepts that made the American Republic great are what we need. And it’s worth the effort.
sound money
POTENTIAL FOR WAR
February 08, 2001 2001 Ron Paul 10:93
Our economic, military, and political power, second to none, has perpetuated a system of government no longer dependent on the principles that brought our Republic to greatness. Private-property rights, sound money and self-reliance have been eroded; and they have been replaced with welfarism, paper money, and collective management of property. The new system condones special-interest cronyism and rejects individualism, profits and voluntary contracts.
sound money
POTENTIAL FOR WAR
February 08, 2001 2001 Ron Paul 10:104
Basic morality, free markets, sound money, and living within the rule of law, while clinging to the fundamental precepts that made the American Republic great, are what we need. And it is worth the effort. END
sound money
The Beginning of the End of Fiat Money
March 13, 2001 2001 Ron Paul 18:20
However, hope springs eternal, so no effort will soon be made to restore sound money. A giant worldwide slump will merely prompt massive monetary inflation and deficit financing. The Congress and the American people should anticipate this will happen even though it should not.
sound money
Inflation Is Still With Us
3 May 2001 2001 Ron Paul 30:8
Mismanaging world fiat currencies and working to iron out the trade imbalances that result, through a worldwide managed trade organization, will not suffice. We must one day address the subject of sound money and free market interest rates, where interest rates are not set by the central banks of the world.
sound money
The US Dollar and the World Economy
September 6, 2001 2001 Ron Paul 75:3
In the 20 th Century, however we saw the systematic undermining of sound money, with the establishment of the Federal Reserve System in 1913, and the outright rejection of gold, with the collapse of the Bretton Woods Agreement in 1971.
sound money
The US Dollar and the World Economy
September 6, 2001 2001 Ron Paul 75:12
Talk of sound money and balanced budgets is just that. When the economy sinks, the rhetoric for sound policy and a strong dollar may continue but all actions by the Congress and the Fed will be directed toward re-inflation and a congressional spending policy oblivious to all the promises regarding a balanced budget and the preservation of the Social Security and Medicare trust funds.
sound money
The US Dollar and the World Economy
September 6, 2001 2001 Ron Paul 75:48
There are no other options if we hope to remain a free and prosperous nation. Economic and monetary meddling undermines the principles of a free society. A free society and sound money maximize production and minimize poverty. The responsibility of Congress is clear: avoid the meddling so engrained in our system and assume the responsibility, all but forgotten, to maintain a free society while making the dollar once again as good as gold.
sound money
Foolishness Of Fiat
31 October 2001 2001 Ron Paul 92:3
Fiat money works as long as trust in the currency lasts. But eventually trust is always withdrawn from paper money. Fiat money evolves out of sound money, which always originates in the market, but paper money inevitably fails no matter how hard the beneficiaries try to perpetuate the fraud. We are now witnessing the early stages of the demise of a worldwide financial system built on the fiction that wealth can come out of a printing press or a computer at our central banks.
sound money
Stimulating The Economy
February 7, 2002 2002 Ron Paul 5:16
We should not expect any of this to happen unless the people and the Congress decide that free-market capitalism and sound money are preferable to a welfare state and fiat money. Whether this downturn is the one that will force that major decision upon us is not known, but eventually we will have to make it. Welfarism and our expanding growing foreign commitments, financed seductively through credit creation by the Fed, are not viable options.
sound money
Stimulating The Economy
February 7, 2002 2002 Ron Paul 5:18
Sadly lacking in the Congress is a conviction that free markets- that is truly free markets- and sound money can provide the highest standard of living for the greatest number of people. Instead, we operate with a system that compromises free markets and causes economic injury to a growing number of people, while rewarding special interests and steadily undermining the principles of liberty. Unfortunately, the policy of monetary inflation is most harmful to the poor and the middle class, especially in the early stages.
sound money
Has Capitalism Failed?
July 9, 2002 2002 Ron Paul 66:1
It is now commonplace and politically correct to blame what is referred to as the excesses of capitalism for the economic problems we face, and especially for the Wall Street fraud that dominates the business news. Politicians are having a field day with demagoguing the issue while, of course, failing to address the fraud and deceit found in the budgetary shenanigans of the federal government- for which they are directly responsible. Instead, it gives the Keynesian crowd that run the show a chance to attack free markets and ignore the issue of sound money.
sound money
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!
sound money
Has Capitalism Failed?
July 9, 2002 2002 Ron Paul 66:22
Capitalism didn’t give us this crisis of confidence now existing in the corporate world. The lack of free markets and sound money did. Congress does have a role to play, but it’s not proactive. Congress’ job is to get out of the way.
sound money
Hard Questions for Federal Reserve Chairman Greenspan
July 17, 2002 2002 Ron Paul 71:4
"Now I would like to bring us back to sound money. And I would like to quote an eminent economist by the name of Alan Greenspan who gives me some credibility on what I am interested in. A time ago you said, “In the absence of the gold standard there is no way to protect savings from the confiscation through inflation. There is no safe store of value without gold. This is the shabby secret of the welfare statists’ tirades against gold. Deficit spending is simply a scheme for the hidden confiscation of wealth. Gold stands in the way of this insidious process that stands as a protector of property rights.’"
sound money
Republic Versus Democracy
29 January 2003 2003 Ron Paul 6:17
The marketplace, driven by voluntary cooperation, private property ownership, and sound money was severely undermined with the acceptance of the principles of true democracy. Unfortunately, too many people confused the democratic elections of leaders in a Republic for democracy by accepting the rule of majority opinion in all affairs. For majorities to pick leaders is one thing. It is something quite different for majorities to decide what rights are, to redistribute property, to tell people how to manage their personal lives, and to promote undeclared, unconstitutional wars.
sound money
Neo – CONNED !
July 10, 2003 2003 Ron Paul 73:95
Let it not be said that no one cared, that no one objected once it’s realized that our liberties and wealth are in jeopardy. A few have, and others will continue to do so, but too many—both in and out of government—close their eyes to the issue of personal liberty and ignore the fact that endless borrowing to finance endless demands cannot be sustained. True prosperity can only come from a healthy economy and sound money. That can only be achieved in a free society.
sound money
Paper Money and Tyranny
September 5, 2003 2003 Ron Paul 93:1
All great republics throughout history cherished sound money. This meant that the monetary unit was a commodity of honest weight and purity. When money was sound, civilizations were found to be more prosperous and freedom thrived. The less free a society becomes, the greater the likelihood its money is being debased and the economic well-being of its citizens diminished.
sound money
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.
sound money
Paper Money and Tyranny
September 5, 2003 2003 Ron Paul 93:3
The Founders of this country, and a large majority of the American people up until the 1930s, disdained paper money, respected commodity money, and disapproved of a central bank’s monopoly control of money creation and interest rates. Ironically, it was the abuse of the gold standard, the Fed’s credit-creating habits of the 1920s, and its subsequent mischief in the 1930s, that not only gave us the Great Depression, but also prolonged it. Yet sound money was blamed for all the suffering. That’s why people hardly objected when Roosevelt and his statist friends confiscated gold and radically debased the currency, ushering in the age of worldwide fiat currencies with which the international economy struggles today.
sound money
Paper Money and Tyranny
September 5, 2003 2003 Ron Paul 93:7
The Founders were well aware of the biblical admonitions against dishonest weights and measures, debased silver, and watered-down wine. The issue of sound money throughout history has been as much a moral issue as an economic or political issue.
sound money
Paper Money and Tyranny
September 5, 2003 2003 Ron Paul 93:10
Though the need for sound money is currently not a pressing issue for Congress, it’s something that cannot be ignored because serious economic problems resulting from our paper money system are being forced upon us. As a matter of fact, we deal with the consequences on a daily basis, yet fail to see the connection between our economic problems and the mischief orchestrated by the Federal Reserve.
sound money
Paper Money and Tyranny
September 5, 2003 2003 Ron Paul 93:26
Again, in the presidential race of 1896, William McKinley argued the case for gold. In spite of the great orations by William Jennings Bryant, who supported monetary inflation and made a mocking “Cross of Gold” speech, the people rallied behind McKinley’s bland but correct arguments for sound money.
sound money
Paper Money and Tyranny
September 5, 2003 2003 Ron Paul 93:28
A central bank and fiat money enable government to maintain an easy war policy that under strict monetary rules would not be achievable. In other words, countries with sound monetary policies would rarely go to war because they could not afford to, especially if they were not attacked. The people could not be taxed enough to support wars without destroying the economy. But by printing money, the cost can be delayed and hidden, sometimes for years if not decades. To be truly opposed to preemptive and unnecessary wars one must advocate sound money to prevent the promoters of war from financing their imperialism.
sound money
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.
sound money
Paper Money and Tyranny
September 5, 2003 2003 Ron Paul 93:43
Artificially low interest rates deceive investors into believing that rates are low because savings are high and represent funds not spent on consumption. When the Fed creates bank deposits out of thin air making loans available at below-market rates, mal-investment and overcapacity results, setting the stage for the next recession or depression. The easy credit policy is welcomed by many: stock-market investors, home builders, home buyers, congressional spendthrifts, bankers, and many other consumers who enjoy borrowing at low rates and not worrying about repayment. However, perpetual good times cannot come from a printing press or easy credit created by a Federal Reserve computer. The piper will demand payment, and the downturn in the business cycle will see to it. The downturn is locked into place by the artificial boom that everyone enjoys, despite the dreams that we have ushered in a “new economic era.” Let there be no doubt: the business cycle, the stagflation, the recessions, the depressions, and the inflations are not a result of capitalism and sound money, but rather are a direct result of paper money and a central bank that is incapable of managing it.
sound money
Paper Money and Tyranny
September 5, 2003 2003 Ron Paul 93:50
Although dollar creation is ultimately the key to its value, many other factors play a part in its perceived value, such as: the strength of our economy, our political stability, our military power, the benefit of the dollar being the key reserve currency of the world, and the relative weakness of other nation’s economies and their currencies. For these reasons, the dollar has enjoyed a special place in the world economy. Increases in productivity have also helped to bestow undeserved trust in our economy with consumer prices, to some degree, being held in check and fooling the people, at the urging of the Fed, that “inflation” is not a problem. Trust is an important factor in how the dollar is perceived. Sound money encourages trust, but trust can come from these other sources as well. But when this trust is lost, which always occurs with paper money, the delayed adjustments can hit with a vengeance.
sound money
Paper Money and Tyranny
September 5, 2003 2003 Ron Paul 93:68
Alan Greenspan, although once a strong advocate for the gold standard, now believes he knows what the outcome of this battle will be. Is it just wishful thinking on his part? In an answer to a question I asked before the Financial Services Committee in February 2003, Chairman Greenspan made an effort to convince me that paper money now works as well as gold: “I have been quite surprised, and I must say pleased, by the fact that central banks have been able to effectively simulate many of the characteristics of the gold standard by constraining the degree of finance in a manner which effectively brought down the general price levels.” Earlier, in December 2002, Mr. Greenspan spoke before the Economic Club of New York and addressed the same subject: “The record of the past 20 years appears to underscore the observation that, although pressures for excess issuance of fiat money are chronic, a prudent monetary policy maintained over a protracted period of time can contain the forces of inflation.” There are several problems with this optimistic assessment. First, efficient central bankers will never replace the invisible hand of a commodity monetary standard. Second, using government price indexes to measure the success of a managed fiat currency should not be reassuring. These indexes can be arbitrarily altered to imply a successful monetary policy. Also, price increases of consumer goods are not a litmus test for measuring the harm done by the money managers at the Fed. The development of overcapacity, excessive debt, and speculation still occur, even when prices happen to remain reasonably stable due to increases in productivity and technology. Chairman Greenspan makes his argument because he hopes he’s right that sound money is no longer necessary, and also because it’s an excuse to keep the inflation of the money supply going for as long as possible, hoping a miracle will restore sound growth to the economy. But that’s only a dream.
sound money
Paper Money and Tyranny
September 5, 2003 2003 Ron Paul 93:80
Repeal of all legal tender laws is a must. Sound money never requires the force of legal tender laws. Only paper money requires such laws.
sound money
Paper Money and Tyranny
September 5, 2003 2003 Ron Paul 93:86
Real economic growth won’t return until confidence in the entire system is restored. And that is impossible as long as it depends on the politicians not spending too much money and the Federal Reserve limiting its propensity to inflate our way to prosperity. Only sound money and limited government can do that.
sound money
The Hidden Cost of War
June 14, 2005 2005 Ron Paul 58:34
Centuries ago the notion of money introduced the world to trade and the principle of division of labor, ushering in for the first time a level of economic existence above mere subsistence. Modern fiat money with electronic transactions has given an additional boost to that prosperity. But unlike sound commodity money, fiat money, with easy credit and artificially low interest rates, causes distortions and mal-investments that require corrections. The modernization of electronic global transfers, which with sound money would be beneficial, has allowed for greater distortion and debt to be accumulated-- setting the stage for a much more serious period of adjustment requiring an economic downturn, liquidation of debt, and reallocation of resources that must come from savings rather than a central bank printing press.
sound money
The Hidden Cost of War
June 14, 2005 2005 Ron Paul 58:40
If we did make these changes, we would not need to become isolationists, despite what many claim. Isolationism is not the only alternative to intervention in other nations’ affairs. Freedom works! Free markets supported by sound money, private property, and respect for all voluntary contracts can set an example for the world-- since the resulting prosperity would be significant and distributed more widely than any socialist system. Instead of using force to make others do it our way, our influence could be through the example we set that would motivate others to emulate us. Trade, travel, exchange of ideas, and friendly relationships with all those who seek friendship are a far cry from a protectionist closed border nation that would serve no one’s interest.
sound money
The End Of Dollar Hegemony
15 February 2006 2006 Ron Paul 3:17
This transition only could have occurred with a dramatic change in monetary policy and the nature of the dollar itself. Congress created the Federal Reserve system in 1913. Between then and 1971, the principle of sound money was systematically undermined. Between 1913 and 1971, the Federal Reserve found it much easier to expand the money supply at will for financing war or manipulating an economy with little resistance from Congress while benefiting the special interests that influence Congress.
sound money
Iran, The Next Neocon Target
5 April 2006 2006 Ron Paul 21:60
Today’s economic problems, caused largely by our funny money system, won’t be solved by altering exchange rates to favor us in the short run or by imposing high tariffs. Only sound money with real value will solve the problems of competing currency devaluations and protectionist measures.
sound money
Gold And The U.S. Dollar
25 April 2006 2006 Ron Paul 23:12
The belief that money created out of thin air can work economic miracles if only properly managed is pervasive in the District of Columbia. In many ways, we should not be surprised about this trust in such an unsound system. For at least four generations our government- run universities have systematically preached a monetary doctrine justifying the so-called wisdom of paper money over the foolishness of sound money.
sound money
Gold And The U.S. Dollar
25 April 2006 2006 Ron Paul 23:65
Since keeping interest rates below market levels is synonymous with new money creation by the Fed, the resulting business cycle, higher cost of living and job losses all can be laid at the doorstep of the Fed. This burden hits the poor the most, making Fed taxation by inflation the worst of all regressive taxes. Statistics about revenues generated by the income tax are grossly misleading. In reality, much harm is done by our welfare-warfare system supposedly designed to help the poor and tax the rich. Only sound money can rectify the blatant injustice of this destructive system.
sound money
Gold And The U.S. Dollar
25 April 2006 2006 Ron Paul 23:71
Deficit financing by government is severely restricted by sound money.
sound money
Gold And The U.S. Dollar
25 April 2006 2006 Ron Paul 23:88
If ever there was a time to get a handle on what sound money is and what it means, that time is today. Inflation, as exposed by high gold prices, transfers wealth from the middle class to the rich, as real wages decline while the salaries of CEOs, movie stars, and athletes skyrocket, along with the profits of the military industrial complex, the oil industry, and other special interests.
sound money
Why Are Americans So Angry?
June 29, 2006 2006 Ron Paul 52:78
The solution to this mess is not complicated; but the changes needed are nearly impossible for political reasons. Sound free market economics, sound money, and a sensible foreign policy would all result from strict adherence to the Constitution. If the people desired it, and Congress was filled with responsible members, a smooth although challenging transition could be achieved. Since this is unlikely, we can only hope that the rule of law and the goal of liberty can be reestablished without chaos.
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Milton Friedman
6 December 2006 2006 Ron Paul 100:8
On a personal note, I was honored to receive Milton Friedman’s endorsement of my congressional campaign in 1996. One particular quote from his endorsement exemplifies how Milton Friedman’s commitment to the free market was rooted in a recognition that a society that respects the dignity and worth of every individual is impossible without limited government, private property, and sound money: “We very badly need to have more Representatives in the House who understand in a principled way the importance of property rights and religious freedom for the preservation and extension of human freedom in general . . .”
sound money
Shareholder Vote On Executive Compensation Act
18 April 2007 2007 Ron Paul 43:15
Instead of imposing new laws on private companies, Congress should repeal the laws that have weakened the ability of shareholders to discipline CEOs and boards of directors that do not run corporations according to the shareholders’ wishes. Congress should also examine how fiat money contributes to income inequality. I therefore request that my colleagues join me in opposing H.R. 1257 and instead embrace a pro-freedom, pro-shareholder, and pro-worker agenda of free markets and sound money.
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Statement On Chinese Currency
9 May 2007 2007 Ron Paul 50:9
Financing deficits with monetary inflation is in itself a weak dollar policy in the long term. Trust in our currency due to our economic and military strength artificially props up the dollar on international exchange markets. Since these benefits come not from production or sound money policies, they only contribute to the instability and imbalances in international trade.
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Statement on Competing Currencies
February 13, 2008 2008 Ron Paul 4:10
In the absence of legal tender laws, Gresham’s Law no longer holds. If people are free to reject debased currency, and instead demand sound money, sound money will gradually return to use in society. Merchants would have been free to reject the king’s coin and accept only coins containing full metal weight.
sound money
Statement: “Something Big is Happening”
9 July 2008 2008 Ron Paul 42:5
Today things are different from even ancient times or the 1970s. There is something to the argument that we are now a global economy. The world has more people and is more integrated due to modern technology, communications, and travel. If modern technology had been used to promote the ideas of liberty, free markets, sound money and trade, it would have ushered in a new golden age — a globalism we could accept.
sound money
Statement: “Something Big is Happening”
9 July 2008 2008 Ron Paul 42:20
The mistakes made with excessive credit at artificially low rates are huge, and the market is demanding a correction. This involves excessive debt, misdirected investments, over-investments, and all the other problems caused by the government when spending the money they should never have had. Foreign militarism, welfare handouts and $80 trillion entitlement promises are all coming to an end. We don’t have the money or the wealth-creating capacity to catch up and care for all the needs that now exist because we rejected the market economy, sound money, self reliance and the principles of liberty.
sound money
The Austrians Are Right
November 20, 2008 2008 Ron Paul 71:3
Today, a major economic crisis is unfolding. New government programs are started daily, and future plans are being made for even more. All are based on the belief that we’re in this mess because free-market capitalism and sound money failed. The obsession is with more spending, bailouts of bad investments, more debt, and further dollar debasement. Many are saying we need an international answer to our problems with the establishment of a world central bank and a single fiat reserve currency. These suggestions are merely more of the same policies that created our mess and are doomed to fail.
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UNTITLED
10 December 2008 2008 Ron Paul 72:6
There is no real talk about it. I mean, we’ve essentially nationalized the insurance companies, the mortgage companies, the banks, and medical care is moving in that direction, and now the car companies are going to be run by a car czar from this Congress. I mean, it is such an embarrassment. It is such an insult to us who believe in freedom, who believe in sound money and who believe in limited government. It is such an insult to the whole idea of what made America great, and this is what it has come to—bailout after bailout after bailout—and nobody even calls it what it really is. It is the nationalization of our industries.
sound money
LIVING BENEATH OUR MEANS
January 21, 2009 2009 Ron Paul 10:10
Even massive bailouts cannot work. If they did, no person in the United States would ever have to work again. We need to wake up and recognize the importance of sound money. We need to reintroduce the work ethic. We must once again cherish savings over consumption. We must recognize that an overextended foreign policy has been the downfall of all great nations. And, above all else, we need to simply believe once again in the free society that made America great.
sound money
More Spending Isn’t The Answer
January 22, 2009 2009 Ron Paul 11:2
Actually, we should have talked more about prevention of a problem like we have today than trying to deal with the financial cancer that we are dealing with. But the prevention could have come many decades ago. And many free-market economists predicted, even decades ago, that we would have a crisis like this. But those warnings were not heeded, and even in the last 10 years there have been dire warnings by people who believe in sound money and not in the inflationary system that we have that we will come to this point.
sound money
FEDERAL RESERVE IS THE CULPRIT
February 25, 2009 2009 Ron Paul 17:5
Ironically, free markets and sound money generates low rates, but unlike the artificially low rates orchestrated by the Fed, the information conveyed is beneficial to investors and savers.
sound money
TRIBUTE TO BURT BLUMERT
April 2, 2009 2009 Ron Paul 49:9
As I travel across the country, I am astounded at the number of young people I met who are interested in the cause of individual liberty, peace, and sound money. Many of them got their introduction to these ideas through one of the many organizations nurtured by Burt Blumert.
sound money
HONORING JACK KEMP
May 6, 2009 2009 Ron Paul 53:4
In conclusion, I urge my colleagues to support H. Res. 401 and honor the best of Jack Kemp’s legacy by working for low taxes, sound money, and a sensible foreign policy.
sound money
INTRODUCING THE FREE COMPETITION IN CURRENCY ACT
December 9, 2009 2009 Ron Paul 102:9
In the absence of legal tender laws, Gresham’s Law no longer holds. If people are free to reject debased currency, and instead demand sound money, sound money will gradually return to use in society. Merchants would have been free to reject the king’s coin and accept only coins containing full metal weight.
sound money
- Congress has finished for the year, but fast-track is not dead
17 November 1997 Texas Straight Talk 17 November 1997 verse 11 ... Cached
Second, the fast-track backers claimed to be the defenders of free-trade, yet they have no history of ever promoting free market economics and sound money. Instead they prefer to manage a welfare state and use the mechanisms of the Export-Import Bank, the World Bank, foreign aid, and the federal reserve system to benefit their corporate friends.
sound money
Economic crisis looms
19 October 1998 Texas Straight Talk 19 October 1998 verse 19 ... Cached
Nothing but a free market, sound money approach to our economics can guarantee personal liberty or offer greater potential for fiscal rewards.
sound money
Sound Money Needed More Than Ever
28 February 2000 Texas Straight Talk 28 February 2000 verse 2 ... Cached
Sound Money Needed More Than Ever
sound money
Sound Money Needed More Than Ever
28 February 2000 Texas Straight Talk 28 February 2000 verse 6 ... Cached
This is in fact an obvious truth but at the same time a startling admission from our nation's leading maker of monetary policy. Of course, one thing of which Greenspan is quite aware due to his familiarity with the economics of sound money, is the fact that the creation of units of monetary exchange out of thin air will lead to a recession.
sound money
Government Policy and False Prosperity
27 January 2003 Texas Straight Talk 27 January 2003 verse 7 ... Cached
We need to rid ourselves of the fantasy that wealth can be created by artificially raising stock prices. The only stimulus our economy needs is sensible government policies. A sound money system, low taxes, and a low regulatory burden would foster an environment where real productivity and economic growth could flourish. Politicians need to learn from the failed Fed policies of the 1990s, and stop trying to fool the markets and the American people by promising prosperity through government policy.
sound money
A Texas Platform for the GOP
30 August 2004 Texas Straight Talk 30 August 2004 verse 5 ... Cached
The Texas GOP platform also calls for a congressional audit of the Federal Reserve Bank, and demands full public access to the written minutes from Fed board meetings. Such an audit could at the very least serve to educate the American people about Fed inflation and the dangers of fiat currency. In Washington, the Federal Reserve system is virtually never discussed by Congress or the administration, despite its enormous impact on our economic well-being. Monetary policy is simply off the table as a political and policy matter for both national parties, but the Texas GOP recognizes the importance of sound money.
sound money
Big Government Responsible for High Gas Prices
04 May 2008 Texas Straight Talk 04 May 2008 verse 6 ... Cached
The free market can meet the American people’s demand for a reliable supply of gasoline as long as government does not distort the market through excessive taxation and regulation. Therefore, Congress should lower prices gas prices by pursuing an agenda of low taxes, regulatory relief, and sound money by passing legislation such as my Affordable Gas Act.
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.