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The SPEAKER pro tempore. Under a previous order of the House, the gentleman from Texas (Mr. PAUL) is recognized for 5 minutes.
2009 Ron Paul 63:1
Mr. PAUL. Mr. Speaker, in the last few years in interviews on the economy, Ive been asked what I would do if I were in charge. In answering the question, I usually started with explaining the errors we made that gave us the crisis. The interviewer frequently responded by saying that he wasnt interested in the cause of the problems, only what we should do now to correct it. This is a typical attitude in Washington, but we cannot expect correct policies to be implemented if we dont understand the cause of the crisis. Instead, we have pursued all the wrong policies. Let me list a few mistakes we have made.
2009 Ron Paul 63:2
We have failed to recognize the true cause of the crisis. Instead, free markets and not enough regulations and central economic planning have been blamed.
2009 Ron Paul 63:3
We continue to listen to and give too much credibility to the very people who caused the crisis and failed to predict the onset.
2009 Ron Paul 63:4
A massive single-year debt increase of $2 trillion and a $9 trillion stimulus by Congress and the Federal Reserve verges on madness.
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.
2009 Ron Paul 63:6
Inflating the money supply over 100 percent in less than a year is no way to restore confidence to a failing financial system. Expect huge price increases in the future.
2009 Ron Paul 63:7
We have set the stage for further expanding the money supply many folds over through fractional reserve banking.
2009 Ron Paul 63:8
We deliberately liquidate debt, especially government debt, by debasing the currency. We refuse to accept the fact that the debt cannot be paid, and future obligations are incomprehensible with revenues crashing and unpredictable while expenditures are put on auto pilot with no new request being denied.
2009 Ron Paul 63:9
Theres an attitude that the deficit and inflation can be dealt with later on, yet tomorrow will be here sooner than later.
2009 Ron Paul 63:10
Plans are being laid for a super regulator, even if it takes a worldwide government organization like the IMF to impose it.
2009 Ron Paul 63:11
Promising the IMF $100 billion when we cant even take care of our own peoples medical needs is obviously absurd. Plans are laid to massively increase taxes, especially with the carbon tax, that when tried in other countries didnt work and had many unintended consequences.
2009 Ron Paul 63:12
A national sales tax, now being planned, sends bad signals to investors, consumers and workers.
2009 Ron Paul 63:13
The deeply flawed neoconservative foreign policy of expanding our militarism in the Middle East and Central Asia continues.
2009 Ron Paul 63:14
Theres no end in sight for secret prisons, special courts, ignoring the right of habeas corpus, no penalties for carrying out illegal torture and a new system of preventive detention. We continue to protect the concepts of state secrets and Presidential signing statements. We are enlarging Bagram prison in Afghanistan, and theres no cessation of the senseless war on drugs.
2009 Ron Paul 63:15
Indeed, as former Vice President Dick Cheney has said, were in greater danger today than under the Bush administration; but its not because were not following the Cheney-Bush foreign policy of preventive war, but rather because we are. The Bush doctrine on war is still in place, and the economic failures of the previous administration are being continued and expanded.
2009 Ron Paul 63:16
The policies required to provide a solution to this catastrophic crisis we face are available. We must apply a precise philosophy of liberty along with respect for private property ownership, free markets, voluntary contracts enforced by law and free minds.
2009 Ron Paul 63:17
Also required is the adoption of a commonsense foreign policy that requires us to stay out of the internal affairs of other nations.
2009 Ron Paul 63:18
Pretending that politicians, central bankers and regulators have the knowledge to centrally plan the economy and police the world only makes things worse. Realizing this provides the necessary first step to salvage our economy and liberty.