U.S. Rep. Ron Paul | Bretton Woods System |
Bretton Woods System
Every Currency Crumbles
24 June 1998 1998 Ron Paul 65:7
It cannot undergird confidence that the monetary fires are becoming six- and seven-alarmers. Writing in 1993 about the crisis of the European Rate Mechanism (in which George Soros bested the Bank of England by correcting anticipating a devaluation of the pound), a central bankers’ organization commented: “Despite its geographical confinement to Europe, it is probably no exaggeration to say that the period from late 1991 to early 1993 witnessed the most severe and widespread foreign exchange market crisis since the breakdown of the Bretton Woods System 20 years ago.” But the European crisis has been handily eclipsed by the Asian one.
Bretton Woods System
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.
Bretton Woods System
Statement on HR 3283, the United States Trade Rights Enforcement Act
July 26, 2005 2005 Ron Paul 90:2
Mr. Speaker, in addition to the irony of the protectionist flavor of this bill, let me say that we should be careful what we demand of the Chinese government. Take the demand that the government “revalue” its currency, for example. First, there is sufficient precedent to suggest that doing this would have very little effect on China’s trade surplus with the United States. As Barron’s magazine pointed out recently, “the Japanese yen’s value has more than tripled since the breakdown of the Bretton Woods system, yet Japan’s trade surplus remains huge. Why should the unpegging of the Chinese yuan have any greater impact?”
Bretton Woods System
The End Of Dollar Hegemony
15 February 2006 2006 Ron Paul 3:26
This post-Bretton Woods system was much more fragile than the system that existed between 1945 and 1971. Though the dollar-oil arrangement was helpful, it was not nearly as stable as the pseudo-gold standard under Bretton Woods. It certainly was less stable than the gold standard of the late 19th century.
Bretton Woods System
Statement for Hearing before the House Financial Services Committee, “Monetary Policy and the State of the Economy”
15 February 2007 2007 Ron Paul 32:9
For example: Before the breakdown of the Bretton Woods system, CEO income was about 30 times the average worker’s pay. Today, it’s closer to 500 times. It’s hard to explain this simply by market forces and increases in productivity. One Wall Street firm last year gave out bonuses totaling $16.5 billion. There’s little evidence that this represents free market capitalism.
Bretton Woods System
Opening Statement Committee on Financial Services World Bank Hearing
22 May 2007 2007 Ron Paul 56:1
Of all the elements of the Bretton Woods system, perhaps the most enduring has been the World Bank and its associated institutions. Although highly regarded in some circles, the Bank has been a significant failure in helping the residents of poor and developing nations.
Bretton Woods System
More Spending Isn’t The Answer
January 22, 2009 2009 Ron Paul 11:3
Over those decades we were able to bail out to a degree and patch over and keep the financial bubble going. But today, we are in a massive deflationary crisis, and we only have two choices. One is to continue to do what we are doing: inflate more, spend more, and run up more deficits. But it doesn’t seem to be working because it won’t work because the confidence has been lost. The confidence in the post- Bretton Woods system of the dollar fiat standard, it is gone. This whole effort to refinance in this manner just won’t work.
Bretton Woods System
Economic crisis looms
19 October 1998 Texas Straight Talk 19 October 1998 verse 7 ... Cached
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 twenty-seven years. The sooner we admit to its total failure, the better.
Bretton Woods System
Monetary Policy is Critically Important
19 February 2007 Texas Straight Talk 19 February 2007 verse 11 ... Cached
For example: Before the breakdown of the Bretton Woods system, CEO income was about 30 times the average worker's pay. Today, it's closer to 500 times. It's hard to explain this simply by market forces and increases in productivity. One Wall Street firm last year gave out bonuses totaling $16.5 billion. There's little evidence that this represents free market capitalism.
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.