U.S. Rep. Ron Paul | capitalism |
capitalism
The Indonesia Crisis
19 May 1998 1998 Ron Paul 52:5
But what we cannot lose sight of is that the Indonesia economic bubble was caused by a flawed monetary policy which led to all the other problems. Monetary inflation is the mother of all crony “capitalism.”
capitalism
The Indonesia Crisis
19 May 1998 1998 Ron Paul 52:10
“Crony capitalism” was not the cause of Indonesia’s trouble. Inflationism and political corruption allows crony capitalism to exist. It would be better to call it economic interventionism for the benefit of special interests — a mild form of fascism — than to abuse the free market term of capitalism.
capitalism
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.
capitalism
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.
capitalism
The Indonesia Crisis
22 May 1998 1998 Ron Paul 54:5
But what we cannot lose sight of is that the Indonesia economic bubble was caused by a flawed monetary policy which led to all the other problems. Monetary inflation is the mother of all “crony capitalism.”
capitalism
The Indonesia Crisis
22 May 1998 1998 Ron Paul 54:10
“Crony capitalism” was not the cause of Indonesia’s trouble. Inflationism and political corruption allow crony capitalism to exist. It would be better to call it economic interventionism for the benefit of special interests — a mild form of fascism — than to abuse the free market term of capitalism.
capitalism
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.
capitalism
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.
capitalism
World Financial Markets
1 October 1998 1998 Ron Paul 104:8
Price fixing of interest rates contradicts the basic tenets of capitalism. Let it no more be said that today’s mess with financial markets is a result of capitalism’s shortcomings. Nothing is further from the truth. Allowing the market to operate even under today’s dangerous conditions is still the best option for dealing with hedge fund’s gambling mistakes, both current and future.
capitalism
Africa Growth And Opportunity Act
16 July 1999 1999 Ron Paul 77:13
The late economist Ludwig von Mises argued there is a choice of only two economic systems — capitalism or socialism. Intervention, he would say, always begets more interventionism to address the negative consequences of the prior intervention: thus, necessarily leading to yet further intervention until complete socialism is the only possible outcome. This principle remains true even in the case of intervention and free trade.
capitalism
A Republic, If You Can Keep It – Part 2
2 February 2000 2000 Ron Paul 5:87
It is argued that the United States and now the world have learned a third way, something between extreme socialism and mean-spirited capitalism. But this is a dream. The so-called friendly third way endorses 100 percent the principle that government authority can be used to direct our lives and the economy. Once this is accepted, the principle that man alone is responsible for his salvation and his life on Earth, which serves as the foundation for free market capitalism, is rejected.
capitalism
WHAT IS FREE TRADE?
May 2, 2000 2000 Ron Paul 29:3
I would like to spend some time this evening talking a little bit about that, because as a strict constitutionalist and one who endorses laissez-faire capitalism, I do believe in free trade; and there are good reasons why countries should trade with each other.
capitalism
Manipulating Interest Rates
May 15, 2000 2000 Ron Paul 36:3
* Business cycles are well understood. They are not a natural consequence of capitalism but instead result from central bank manipulation of credit. This is especially true when the monetary unit is undefinable as it is in a fiat monetary system, such as ours. Therefore, it is correct to place blame on the Federal Reserve for all depressions/recessions, inflation, and much of the unemployment since 1913. The next downturn, likewise, will be the fault of the Fed.
capitalism
CHALLENGE TO AMERICA: A CURRENT ASSESSMENT OF OUR REPUBLIC —
February 07, 2001 2001 Ron Paul 7:55
During the past 30 years in the post-Bretton Woods era, worldwide sentiment has permitted us to inflate our money supply and get others to accept the dollar as if it were as good as gold. This convenient arrangement has discouraged savings, which are now at an historic low. Savings in a capitalist economy are crucial for furnishing capital and establishing market interest rates. With negative savings and with the FED fixing rates by creating credit out of thin air and calling it capital, we have abandoned a necessary part of free-market capitalism, without which a smooth and growing economy is sustainable.
capitalism
The Beginning of the End of Fiat Money
March 13, 2001 2001 Ron Paul 18:8
Politicians and economists are very familiar with business cycles with most assuming that slumps erupt as: 1.) A natural consequence of capitalism, 2.) An act of God, 3.) Or as a result of Fed driven high interest rates. That is to say, the Fed did not engage in enough monetary debasement, becomes the most common complaint by Wall Street pundits and politicians.
capitalism
Inflation Is Still With Us
3 May 2001 2001 Ron Paul 30:9
A sad consequence of today’s conditions is that monetary policy encourages transfer of wealth and power to the undeserving. The victims of bad monetary policy then blame capitalism for the inequities. The leftist demonstrators at recent WTO, IMF, and World Bank meetings make a legitimate point that the current system has resulted in accumulation of wealth and power in the hands of some at the expense of others.
capitalism
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.
capitalism
A NEWSPAPER ARTICLE ON THE LIFE OF FREDERIC BASTIAT -- HON. RON PAUL
July 26, 2001 2001 Ron Paul 67:11
The whole world should be celebrating the birthday of this pioneer of free-market capitalism.
capitalism
The US Dollar and the World Economy
September 6, 2001 2001 Ron Paul 75:46
But we must also reject the notion that one man, Alan Greenspan, or any other chairman of the Federal Reserve Board, can know what the proper money supply and interest rates ought to be- only the market can determine that. This must happen if we ever expect to avoid continuous and deeper recessions and to get the economy growing in a healthy and sustainable fashion. It also must happen if we want to preserve free-market capitalism and personal liberty.
capitalism
Statement before the House Capital Markets Subcommittee
Monday, February 4, 2002 2002 Ron Paul 3:4
The SEC, like all government agencies, is not immune from political influence or conflicts of interest. In fact, the new SEC chief used to represent the very accounting companies now under SEC scrutiny. If anything, the Enron failure should teach us to place less trust in the SEC. Yet many in Congress and the media characterize Enron’s bankruptcy as an example of unbridled capitalism gone wrong. Few in Congress seem to understand how the Federal Reserve system artificially inflates stock prices and causes financial bubbles. Yet what other explanation can there be when a company goes from a market value of more than $75 billion to virtually nothing in just a few months? The obvious truth is that Enron was never really worth anything near $75 billion, but the media focuses only on the possibility of deceptive practices by management, ignoring the primary cause of stock overvaluation: Fed expansion of money and credit.
capitalism
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.
capitalism
Stimulating The Economy
February 7, 2002 2002 Ron Paul 5:21
The reason for this is that the conventional wisdom of the west’s political and economic leaders is that there’s a third way that is best, or an alternative to the extremes of too much freedom- laissez faire capitalism- and too little freedom- authoritarianism, socialism or communism.
capitalism
Stimulating The Economy
February 7, 2002 2002 Ron Paul 5:30
Bigger government with more monetary debasement and deficit spending means a steady erosion of the free market and personal freedoms. This is not tolerated, because the people enjoy or even endorse higher taxes, more regulations and fewer freedoms. It’s tolerated because most people believe that their financial and economic security is the responsibility of the government. They believe they are better off with government assistance in facilitating the free market, having been taught for decades that it is necessary for government to put a human face on capitalism. Extreme capitalism, i.e. freedom, we have been told is just as dangerous as extreme socialism. As long as this belief prevails, our system will continue in its inexorable march toward fascist-type socialism.
capitalism
Corporate and Auditing Accountability, Responsibility, And Transparency Act of 2002 (CARTA)
24 April 2002 2002 Ron Paul 24:12
Of course, while the supporters of increased regulation claim Enron as a failure of “ravenous capitalism,” the truth is Enron was a phenomenon of the mixed economy, rather than the operations of the free market. Enron provides a perfect example of the dangers of corporate subsidies. The company was (and is) one of the biggest beneficiaries of Export- Import (Ex-Im) Bank and Overseas Private Investment Corporation (OPIC) subsidies. These programs make risky loans to foreign governments and businesses for projects involving American companies. While they purport to help developing nations, Ex-Im and OPIC are in truth nothing more than naked subsidies for certain politically-favored American corporations, particularly corporations like Enron that lobby hard and give huge amounts of cash to both political parties. Rather than finding ways to exploit the Enron mess to expand Federal power, perhaps Congress should stop aiding corporations like Enron that pick the taxpayer’s pockets through Ex-Im and OPIC.
capitalism
Statement Opposing Export-Import Bank Subsidies
May 1, 2002 2002 Ron Paul 30:1
Mr. Chairman, I rise in strong support of this amendment, being a cosponsor of this amendment. I am opposed to the Export-Import Bank because I see there is no benefit to it, it has nothing to do with capitalism and freedom. It has a lot to do with special interests, and I am opposed to that.
capitalism
Statement Opposing Export-Import Bank Subsidies
May 1, 2002 2002 Ron Paul 30:2
One thing I am convinced of over the years from looking at bad agencies of government, tinkering on the edges does not do a lot of good. Members might ask why am I tinkering here? Why do I want to tell corporations what to do? I am a capitalist. I believe in capitalism. I do not want to tell the corporations what to do at all as long as they do not commit fraud and live up to their promises, but this is different because they are getting taxpayer money. That is different than if they were just a corporation making it on their own.
capitalism
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.
capitalism
Has Capitalism Failed?
July 9, 2002 2002 Ron Paul 66:2
So once again we hear the chant: "Capitalism has failed; we need more government controls over the entire financial market." No one asks why the billions that have been spent and thousands of pages of regulations that have been written since the last major attack on capitalism in the 1930s didn’t prevent the fraud and deception of Enron, WorldCom, and Global Crossings. That failure surely couldn’t have come from a dearth of regulations.
capitalism
Has Capitalism Failed?
July 9, 2002 2002 Ron Paul 66:5
Nixon was right- once- when he declared "We’re all Keynesians now." All of Washington is in sync in declaring that too much capitalism has brought us to where we are today. The only decision now before the central planners in Washington is whose special interests will continue to benefit from the coming pretense at reform. The various special interests will be lobbying heavily like the Wall Street investors, the corporations, the military-industrial complex, the banks, the workers, the unions, the farmers, the politicians, and everybody else.
capitalism
Has Capitalism Failed?
July 9, 2002 2002 Ron Paul 66:7
In the 1930s, it was quite popular to condemn the greed of capitalism, the gold standard, lack of regulation, and a lack government insurance on bank deposits for the disaster. Businessmen became the scapegoat. Changes were made as a result, and the welfare/warfare state was institutionalized. Easy credit became the holy grail of monetary policy, especially under Alan Greenspan, "the ultimate Maestro." Today, despite the presumed protection from these government programs built into the system, we find ourselves in a bigger mess than ever before. The bubble is bigger, the boom lasted longer, and the gold price has been deliberately undermined as an economic signal. Monetary inflation continues at a rate never seen before in a frantic effort to prop up stock prices and continue the housing bubble, while avoiding the consequences that inevitably come from easy credit. This is all done because we are unwilling to acknowledge that current policy is only setting the stage for a huge drop in the value of the dollar. Everyone fears it, but no one wants to deal with it.
capitalism
Has Capitalism Failed?
July 9, 2002 2002 Ron Paul 66:8
Ignorance, as well as disapproval for the natural restraints placed on market excesses that capitalism and sound markets impose, cause our present leaders to reject capitalism and blame it for all the problems we face. If this fallacy is not corrected and capitalism is even further undermined, the prosperity that the free market generates will be destroyed.
capitalism
Has Capitalism Failed?
July 9, 2002 2002 Ron Paul 66:9
Corruption and fraud in the accounting practices of many companies are coming to light. There are those who would have us believe this is an integral part of free-market capitalism. If we did have free-market capitalism, there would be no guarantees that some fraud wouldn’t occur. When it did, it would then be dealt with by local law-enforcement authority and not by the politicians in Congress, who had their chance to "prevent" such problems but chose instead to politicize the issue, while using the opportunity to promote more Keynesian useless regulations.
capitalism
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!
capitalism
Has Capitalism Failed?
July 9, 2002 2002 Ron Paul 66:11
To condemn free-market capitalism because of anything going on today makes no sense. There is no evidence that capitalism exists today. We are deeply involved in an interventionist-planned economy that allows major benefits to accrue to the politically connected of both political spectrums. One may condemn the fraud and the current system, but it must be called by its proper names- Keynesian inflationism, interventionism, and corporatism.
capitalism
Has Capitalism Failed?
July 9, 2002 2002 Ron Paul 66:15
But now we know that’s just not so. Speculative bubbles and all that we’ve been witnessing are a consequence of huge amounts of easy credit, created out of thin air by the Federal Reserve. We’ve had essentially no savings, which is one of the most significant driving forces in capitalism. The illusion created by low interest rates perpetuates the bubble and all the bad stuff that goes along with it. And that’s not a fault of capitalism. We are dealing with a system of inflationism and interventionism that always produces a bubble economy that must end badly.
capitalism
Has Capitalism Failed?
July 9, 2002 2002 Ron Paul 66:17
This is a bad scenario that need not happen. But preserving our system is impossible if the critics are allowed to blame capitalism and sound monetary policy is rejected. More spending, more debt, more easy credit, more distortion of interest rates, more regulations on everything, and more foreign meddling will soon force us into the very uncomfortable position of deciding the fate of our entire political system.
capitalism
Has Capitalism Failed?
July 9, 2002 2002 Ron Paul 66:18
If we were to choose freedom and capitalism, we would restore our dollar to a commodity or a gold standard. Federal spending would be reduced, income taxes would be lowered, and no taxes would be levied upon savings, dividends, and capital gains. Regulations would be reduced, special-interest subsidies would be stopped, and no protectionist measures would be permitted. Our foreign policy would change, and we would bring our troops home.
capitalism
Has Capitalism Failed?
July 9, 2002 2002 Ron Paul 66:21
These moves would produce the climate for releasing the creative energy necessary to simply serve consumers, which is what capitalism is all about. The system that inevitably breeds the corporate-government cronyism that created our current ongoing disaster would end.
capitalism
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.
capitalism
The Price Of War
5 September 2002 2002 Ron Paul 83:50
A noninterventionist foreign policy would not condone subsidies to our corporations through programs like the Export-Import Bank and the Overseas Private Investment Corporation. These programs guarantee against losses while the risk takers want our military to protect their investments from political threats. This current flawed policy removes the tough decisions of when to invest in foreign countries and diminishes the pressure on those particular countries to clean up their political acts in order to entice foreign capital to move into their country. Today’s foreign policy encourages bad investments. Ironically this is all done in the name of free trade and capitalism, but it does more to export jobs and businesses than promote free trade. Yet when it fails, capitalism and freedom are blamed.
capitalism
Republic Versus Democracy
29 January 2003 2003 Ron Paul 6:112
But there is also a problem with economic understanding. Economic ignorance about the shortcomings of central economic planning, excessive taxation and regulations, central bank manipulation of money, and credit and interest rates is pervasive in our Nation’s Capital. A large number of conservatives now forcefully argue that deficits do not matter. Spending programs never shrink no matter whether conservatives or liberals are in charge. Rhetoric favoring free trade is cancelled out by special interest protectionist measures. Support of international government agencies that manage trade such as the IMF, the World Bank, the WTO, and NAFTA politicizes international trade and eliminates any hope that free-trade capitalism will soon emerge.
capitalism
Republic Versus Democracy
29 January 2003 2003 Ron Paul 6:119
But they have it backwards. Under democracy and fascism, the pseudocapitalists write the laws that undermine the Constitution and jeopardize the rights and property of all citizens. They fail to realize that the real law, the Constitution, itself guarantees the rights and equal justice and permits capitalism, thus guaranteeing progress.
capitalism
Medicare Funds For Prescription Drugs
26 June 2003 2003 Ron Paul 71:8
This new spending comes on top of recent increases in spending for “homeland security,” foreign aid, federal education programs, and new welfare initiatives, such as those transforming churches into agents of the welfare state. In addition we have launched a seemingly endless program of global reconstruction to spread “democratic capitalism.” The need to limit spending is never seriously discussed: it is simply assumed that Congress can spend whatever it wants and rely on the Federal Reserve to bail us out of trouble. This is a prescription for disaster.
capitalism
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.
capitalism
Paper Money and Tyranny
September 5, 2003 2003 Ron Paul 93:58
The long-term philosophic problem with this is that the central bank and the fiat monetary system are not blamed; instead free market capitalism is. This is what happened in the 1930s. The Keynesians, who grew to dominate economic thinking at the time, erroneously blamed the gold standard, balanced budgets, and capitalism instead of tax increases, tariffs, and Fed policy. This country cannot afford another attack on economic liberty similar to what followed the 1929 crash that ushered in the economic interventionism and inflationism which we have been saddled with ever since. These policies have brought us to the brink of another colossal economic downturn and we need to be prepared.
capitalism
Millennium Challenge Account — Part 2
15 July 2004 2004 Ron Paul 59:2
Let me follow up on the point I made earlier about the good intentions of a program like this to promote free market changes in certain countries, but, unfortunately, this backfires because once the money gets in the hands of the government we then require them to develop partnerships or alliances with businesses, which is exactly the opposite of free markets. This is closer to crony capitalism or fascism when we combine government money with business interests.
capitalism
Millennium Challenge Account — Part 2
15 July 2004 2004 Ron Paul 59:4
If the conditions of a country are amenable to capitalism and investment, there is never a problem of a lack of investors. The fact that we have to do this, that means there are flaws in the system. This will not improve it. It actually makes it worse. Just because you have partnership with businesses does not mean you are moving toward free enterprise. That means you are moving toward a system of interventionism, or crony capitalism. It is not true reform.
capitalism
Ayn Rand’s Birthday
2 February 2005 2005 Ron Paul 17:3
Ayn Rand was a champion of capitalism and of individual liberty. She had experienced the impact of communism in her native Russia and was an outspoken opponent of both communism and of socialism. She advocated personal responsibility and an objective code of moral behavior. Ayn Rand’s fictional and non-fictional works promoted the ideal of the self-reliant individual who values reason, production and self-esteem in their personal lives and rejects the enslavement of others to advance one’s own personal goals. A proud immigrant, who chose America, she perceptively grasped the nature of our Constitution: “The [U.S.] Constitution is a limitation on the government, not on private individuals . . . it does not prescribe the conduct of private individuals, only the conduct of government . . . it is not a charter for government power, but a charter of the citizen’s protection against the government.”
capitalism
Tribute To Bruce Farmer
12 July 2006 2006 Ron Paul 54:2
Mr. Farmer, a resident of Galveston, Texas, was a husband, father of four sons, entrepreneur, and community leader. Mr. Farmer’s career exemplifies the best features of American capitalism. Mr. Farmer was CEO of Farmer’s Copper Ltd., which he founded in 1978 as Farmer’s Copper and Industrial Supply. Under his leadership, Farmer’s Copper Ltd. grew into one of the nation’s largest privately owned copper and brass distributors, employing approximately 185 people in Galveston. Mr. Farmer began working in the metal fabrication business at the age of 14, when he went to work for Farmer’s Marine Copper Works, an engineering and fabrication firm founded by his father and uncle. Mr. Farmer was also CEO of the Four Winds Investments and a director of Moody National Bank
capitalism
Milton Friedman
6 December 2006 2006 Ron Paul 100:6
Milton Friedman’s greatest contribution to liberty may have been his work to educate the public about free market economics. Milton Friedman’s 1962 work Capitalism and Freedom, introduced millions of people to the freedom philosophy, and it remains one of the most popular, and influential, pro-freedom books in the world.
capitalism
Milton Friedman
6 December 2006 2006 Ron Paul 100:7
In 1980, Milton Friedman collaborated with his wife Rose on a television series, Free to Choose. The series, and the accompanying best-selling book, remain among the best introductions to the benefits of economic liberty, and rivals Capitalism and Freedom in popularity. One of my favorite moments of the show is when Milton Friedman compares the robust free market economy of Hong Kong with the then stagnant economy of communist China.
capitalism
Milton Friedman
6 December 2006 2006 Ron Paul 100:11
In May 1970, a few days after graduating from the University of Winnipeg with a major in mathematics, I flew to Chicago to look into getting a Ph.D. in economics at the University of Chicago. While there, I went to visit Milton Friedman and he invited me into his office. I had a sense that he had been through this routine before — talking to an idealistic young person showing up and wanting an autograph on his copy of Capitalism and Freedom and, beyond that, simply wanting to meet and talk to him. But he didn’t treat our meeting as routine; we had a real talk for about 10 minutes. When I told him that I’d initially been attracted to libertarianism by reading Ayn Rand, he told me that while Rand was well worth reading, there were many other people worth reading too, and I shouldn’t get stuck on her. He also stated, “Make politics an avocation, not a vocation.” Both were good pieces of advice.
capitalism
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.
capitalism
Shareholder Vote On Executive Compensation Act
18 April 2007 2007 Ron Paul 43:3
I am as outraged as anybody about a company that can hand out $16 billion in bonuses. But where my disagreement is, is that it is not as a result of free market capitalism; that it is the result of an economic system that we have today which is called economic interventionism, and it leads to these inequities.
capitalism
Shareholder Vote On Executive Compensation Act
18 April 2007 2007 Ron Paul 43:14
Explosions in CEO salaries can be a sign of a Federal credit bubble, which occurs when Federal Reserve Board-created credit flows into certain sectors such as the stock market or the housing market. Far from being a sign of the health of capitalism, excessive CEO salaries in these areas often signal that a bubble is about to burst. When a bubble bursts, people at the bottom of the economic ladder bear the brunt of the bust.
capitalism
Opening Statement Committee on Financial Services World Bank Hearing
22 May 2007 2007 Ron Paul 56:3
What is most annoying about the World Bank are the criticisms alleging that the Bank and its actions demonstrate the negative side of free-market capitalism. Nothing could be further from the truth. The World Bank is not an organization devoted to capitalism, or to the free market, but to state-run corporate capitalism. Established and managed by a multitude of national governments, the World Bank promotes managed trade, by which politically connected individuals and corporation enrich themselves at the expense of the poor and middle class.
capitalism
“The Bailout”
September 29, 2008 2008 Ron Paul 65:3
The most serious mistake that could be made here today is to blame free market capitalism for this problem. This has nothing to do with free market capitalism. This has to do with a managed economy, with an inflationary system, with corporatism, and with a special interest system. It has nothing to do with the failure of free markets and capitalism. Yet we’re resorting now, once again, to promoting more and more government.
capitalism
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.
capitalism
Bailout
January 14, 2009 2009 Ron Paul 8:6
Actually, the recession is therapy for all of the mistakes, but the mistakes come, basically, from a Federal Reserve system that’s causing too many people to make mistakes. It causes savers to make mistakes. Interest rates are lower than they should be, so they don’t save. In capitalism, capital comes from savings, but for decades now, capital has come from the printing press, and nobody has saved.
capitalism
Federal Reserve Monetizes Debt
April 1, 2009 2009 Ron Paul 41:20
And let me just close by saying the greatest danger I see right now is the placing of the blame for the crisis that we’re in is that we had too much freedom, too much capitalism, not enough regulation. And they did this in the 1930s. They are doing it even more now.
capitalism
CURRENT CONDITIONS OR JUST A BAD DREAM
May 19, 2009 2009 Ron Paul 56:1
Mr. PAUL. Could it all be a bad dream, or a nightmare? Is it my imagination, or have we lost our minds? It’s surreal; it’s just not believable. A grand absurdity; a great deception, a delusion of momentous proportions; based on preposterous notions; and on ideas whose time should never have come; simplicity grossly distorted and complicated; insanity passed off as logic; grandiose schemes built on falsehoods with the morality of Ponzi and Madoff; evil described as virtue; ignorance pawned off as wisdom; destruction and impoverishment in the name of humanitarianism; violence, the tool of change; preventive wars used as the road to peace; tolerance delivered by government guns; reactionary views in the guise of progress; an empire replacing the Republic; slavery sold as liberty; excellence and virtue traded for mediocracy; socialism to save capitalism; a government out of control, unrestrained by the Constitution, the rule of law, or morality; bickering over petty politics as we collapse into chaos; the philosophy that destroys us is not even defined.
capitalism
- Congress continues to ignore Constitution in the appropriations process
29 September 1997 Texas Straight Talk 29 September 1997 verse 9 ... Cached
I've started to think that if I cannot have my way and see the UN go the way of the dinosaur, then I think we need to see the UN funded completely by the voluntary contributions of individuals. And ironically, it was Ted Turner who, having made his fortunes in broadcasting, led the way this week by committing $1 billion to the anti-capitalism UN. If the UN must exist, then at the very least the American public shouldn't be forced to subsidize the organization which is diametrically opposed to US interests at every turn.
capitalism
- Kyoto treaty disregards science for a radical anti-American agenda
15 December 1997 Texas Straight Talk 15 December 1997 verse 7 ... Cached
To be fair, many in the environmental movement are honestly concerned about man's impact on our land, air and water, and are sincere in wanting only to do what is right. At a basic level, we all should be concerned about those things. But sadly many in the movement are more guided by a complete, unabashed hatred of free-markets, capitalism and the American way of life, as well as a complete disregard for the well-being of their fellow man.
capitalism
- Kyoto treaty disregards science for a radical anti-American agenda
15 December 1997 Texas Straight Talk 15 December 1997 verse 13 ... Cached
Perhaps the bottom-line of this treaty is not that polluting is bad, or that we are facing a massive environmental threat. The bottom-line, apparently, is that Americans are bad, and that the notions of free-markets, individual liberty and capitalism are a threat to the radical agenda of the international liberal-left. The treaty makes it clear that anyone can pollute, as long as they are an oppressive regime, a communist dictatorship, or have the approval of the international bureaucrats, though perhaps that is redundant.
capitalism
Asian economic crisis result of suppressed liberty
25 May 1998 Texas Straight Talk 25 May 1998 verse 7 ... Cached
But what we cannot lose sight of is that the Indonesian economic bubble was caused by a flawed monetary policy which led to all the other problems. Monetary inflation is the mother of all "crony capitalism."
capitalism
Asian economic crisis result of suppressed liberty
25 May 1998 Texas Straight Talk 25 May 1998 verse 9 ... Cached
"Crony capitalism" was not the cause of Indonesia's trouble; inflationism and political corruption are the culprits, for they allow 'crony capitalism' to exist. In fact, there is nothing "capitalistic" (in a free market sense) about crony capitalism - it is simply a mild form of fascism.
capitalism
The Conflict Between Collectivism and Liberty is Reflected in the Presidential Election
27 November 2000 Texas Straight Talk 27 November 2000 verse 4 ... Cached
To an extent, America is indeed politically divided. Most Americans accept one of two general political philosophies. Individualists value liberty above all, and hence believe in individual responsibility, capitalism, limited government, and the Constitution. Collectivists, on the other hand, value "equality" above all, and view government as a benign force charged with redistributing wealth and managing our lives. While these two conflicting outlooks certainly do not define the major political parties, they are adhered to by many members of those parties.
capitalism
The Blessings of Liberty at Christmas
25 December 2000 Texas Straight Talk 25 December 2000 verse 5 ... Cached
225 years later, our undeniable status as the greatest nation on earth is due to our origins as a free society. America is a place of unequaled prosperity. Our capitalist economic system, which is the only system compatible with freedom, creates affluence far beyond that of any other country. Capitalism provides the incentive for tremendous individual achievement, which benefits society as a whole. Americans of all economic classes enjoy a better standard of living and greater opportunities than the inhabitants of any other nation.
capitalism
Economic Woes and the Federal Reserve
19 March 2001 Texas Straight Talk 19 March 2001 verse 6 ... Cached
Such thinking should be dismissed as absurd. Economic recessions are not the result of a gloomy national state of mind; if so, we could create economic prosperity simply by positive thinking. Yet basic education in economics is so badly lacking in America that many will accept this preposterous idea. The same ignorance of economic principles is behind the fallacy that capitalism is to blame for recessions, that a free market system causes an inevitable cycle of booms and busts. In reality, it is government intervention in the economy, particularly in the areas of money supply and interest rates, which creates the precarious financial bubbles that cause economic recessions.
capitalism
What Should Government Do for the Airlines?
24 September 2001 Texas Straight Talk 24 September 2001 verse 4 ... Cached
The airline business was not doing well even prior to the attacks. The slowing economy caused a big drop in business travel compared to recent years, while labor disputes and rising fuel costs have further reduced profits. The industry perhaps had too much capacity; takeovers and bankruptcies were likely among some carriers regardless of the recent disasters. As a strong advocate of free-market capitalism, I would never support government subsidies or bailouts for any industry simply because its companies could not survive in the marketplace.
capitalism
Enron, Bankruptcy, and Easy Credit
17 December 2001 Texas Straight Talk 17 December 2001 verse 6 ... Cached
The SEC, like all government agencies, is not immune from political influence or conflicts of interest. In fact, the new SEC chief used to represent the very accounting companies now under SEC scrutiny. If anything, the Enron failure should teach us to place less trust in the SEC and to question its existence. Yet many in Congress and the media characterize Enron's bankruptcy as an example of unbridled capitalism gone wrong.
capitalism
Enron: Under-Regulated or Over-Subsidized?
28 January 2002 Texas Straight Talk 28 January 2002 verse 9 ... Cached
This does not mean Enron is to be excused. There seems to be little question that executives at Enron deceived employees and investors, and any fraudulent conduct should of course be fully prosecuted. Yet we should not allow criminal fraud in one company, which constitutionally is a matter for state law, to justify the imposition of burdensome new accounting and stock regulations. We certainly should not allow the Enron collapse to be characterized as a failure of capitalism or free markets, because the opposite is true. The Enron collapse provides an example of how government does so much to prevent the market from working properly in the first place.
capitalism
UN Planting the Seeds for a Coming Global Tax
25 March 2002 Texas Straight Talk 25 March 2002 verse 4 ... Cached
The UN is meeting this week in Monterrey, Mexico to discuss exactly such a tax. The meeting is billed as a "Conference on Financing for Development," which is a nice way of saying it’s a conference to consider the best ways to shake down rich nations for money. UN bureaucrats think rich nations like America ought to give more money to poor nations- a lot more- simply because we’re rich. Never mind the billions of foreign aid tax dollars we send overseas every year; never mind the billions donated to overseas charities by Americans, the most charitable people on earth. The UN mindset blames the western world for poverty everywhere, assuming that our relative wealth must have come at the expense of the third world. The poor countries themselves are never deemed responsible for their own predicaments, despite their often corrupt governments, lack of property rights, and hostility toward wealth-producing capitalism. Somehow, it’s always our fault. So the UN holds conferences to talk about how we should pay to make things right, and the idea of a UN tax naturally arises.
capitalism
Does Government Run the Economy?
19 August 2002 Texas Straight Talk 19 August 2002 verse 4 ... Cached
Notice that while our economic problems are always blamed on corporations, greed, capitalism, or a mysterious "business cycle," the solutions are always presumed to come from government. When the economy falters, the public clamors for the government to do something- and when the economy does well, politicians take credit for the good times caused by their sound economic policies. This reflects the pervasive attitude in America that government should "run" the economy.
capitalism
Does Government Run the Economy?
19 August 2002 Texas Straight Talk 19 August 2002 verse 5 ... Cached
But should government run the economy in a free society? Remember, there is a simple description for government control of the economy: socialism. America, however, was founded as a capitalist country. The Constitution grants Congress exceedingly limited regulatory and tax powers, because the founders were tired of having their business affairs managed by the Crown. So they created a strictly limited government, which allowed freedom and capitalism to flourish.
capitalism
Does Government Run the Economy?
19 August 2002 Texas Straight Talk 19 August 2002 verse 7 ... Cached
Centralized economic planning is disastrous for every society that employs it. From the former Soviet Union to present day China, planned economies have produced little but hardship and bloodshed. The reason for this is simple human nature, because individuals have little incentive to produce when the fruits of their labors are stripped from them. Both history and economic theory demonstrate conclusively that government-run economies lower the standard of living for everyone except government elites charged with the "planning." By contrast, capitalism raises the standard of living for everyone in a society. More importantly, free market capitalism is the only moral economic system because it is the only free economic system. Socialism, communism, and authoritarianism- variants on the same collectivist theme- all use immoral government force to control the economic lives of individuals.
capitalism
What Really Divides Us?
23 December 2002 Texas Straight Talk 23 December 2002 verse 8 ... Cached
The true antidote to racism is liberty. Liberty means having a limited, constitutional government devoted to the protection of individual rights rather than group claims. Liberty means free-market capitalism, which rewards individual achievement and competence, not skin color, gender, or ethnicity. In a free market, businesses that discriminate lose customers, goodwill, and valuable employees- while rational businesses flourish by choosing the most qualified employees and selling to all willing buyers. More importantly, in a free society every citizen gains a sense of himself as an individual, rather than developing a group or victim mentality. This leads to a sense of individual responsibility and personal pride, making skin color irrelevant. Rather than looking to government to correct what is essentially a sin of the heart, we should understand that reducing racism requires a shift from group thinking to an emphasis on individualism.
capitalism
Welfare for the Left, Welfare for the Right, Welfare for the World
03 February 2003 Texas Straight Talk 03 February 2003 verse 8 ... Cached
I say “supposedly” because the money never really helps, and almost always ends up in the hands of dictators, corrupt government officials, or thuggish leaders of local factions. We could send $100 or $500 billion, and Africa would remain mired in AIDS and poverty. Only freedom, property rights, capitalism, and the rule of law can help Africa. The AIDS crisis cannot be solved by government, but rather requires a combination of truly independent private sector medical research and politically incorrect prevention efforts. Americans are the most charitable people on earth, and we should stop taxing them so much and allow private charities, including charities aimed at combating AIDS, to flourish.
capitalism
Declining Dollar, Declining Fortunes
23 June 2003 Texas Straight Talk 23 June 2003 verse 2 ... Cached
I recently had an opportunity to hear testimony by Federal Reserve Chairman Alan Greenspan at a hearing of the Joint Economic committee. I always relish the opportunity to question Mr. Greenspan at such hearings, because I disagree so strongly with Fed policies. Mr. Greenspan is a remarkable man, with a background as a devotee of novelist Ayn Rand, a supporter of the gold standard, and a fervent advocate of capitalism. So I’m at a loss to explain his metamorphosis into a believer in fiat currency and centralized economic planning.
capitalism
Declining Dollar, Declining Fortunes
23 June 2003 Texas Straight Talk 23 June 2003 verse 3 ... Cached
Of course capitalism is based on the premise that centralized economic planning is bad. I’m always amazed that otherwise pro-market conservatives, who rightfully scorned disastrous Soviet economic policies, are so willing to accept centralized monetary planning by the Fed. True capitalism requires a free market for money and interest rates, just as surely as it requires a free market for wages and prices.
capitalism
The 9-11 Commission Charade
23 August 2004 Texas Straight Talk 23 August 2004 verse 6 ... Cached
Our nation will be safer only when government does less, not more. Rather than asking ourselves what Congress or the president should be doing about terrorism, we ought to ask what government should stop doing. It should stop spending trillions of dollars on unconstitutional programs that detract from basic government functions like national defense and border security. It should stop meddling in the internal affairs of foreign nations, but instead demonstrate by example the superiority of freedom, capitalism, and an open society. It should stop engaging in nation-building, and stop trying to create democratic societies through military force. It should stop militarizing future enemies, as we did by supplying money and weapons to characters like Bin Laden and Saddam Hussein. It should stop entangling the American people in unholy alliances like the UN and NATO, and pledge that our armed forces will never serve under foreign command. It should stop committing American troops to useless, expensive, and troublesome assignments overseas, and instead commit the Department of Defense to actually defending America. It should stop interfering with the 2nd amendment rights of private citizens and businesses seeking to defend themselves.
capitalism
"I Have a Plan..."
18 October 2004 Texas Straight Talk 18 October 2004 verse 7 ... Cached
By contrast, capitalism--which is to say economic freedom-- raises the standard of living for everyone in a society. But we must understand what capitalism really is. Capitalism is not a system, but rather the result of free individuals taking economic actions without interference by government. A true capitalist economy is neither planned by bureaucrats nor steered by regulators. This is why it’s so important that we resist the idea that any president should plan our economy. If we accept that government “runs” the economy, we accept a fundamental tenet of socialism. We must understand that economic liberty is every bit as important as political and civil liberties.
capitalism
"I Have a Plan..."
18 October 2004 Texas Straight Talk 18 October 2004 verse 8 ... Cached
In a truly free nation, the government acts only as a referee by protecting property rights, enforcing contracts, prohibiting force and fraud, and providing national defense. Such was the system envision by the Founding Fathers, who strictly limited regulatory and tax powers in the Constitution. They were tired of having their business affairs managed by the Crown, so they created a servant government that would allow freedom and capitalism to flourish.
capitalism
Want to Reform Social Security? Stop Spending.
24 January 2005 Texas Straight Talk 24 January 2005 verse 7 ... Cached
The administration speaks of private accounts, but government-managed investment of Social Security funds is not privatization at all. True capitalism by definition operates without government interference, and we should oppose further government involvement in the financial markets. After all, which government officials will decide what stocks, bonds, mutual funds, or other investment vehicles are approved? Which politicians will you trust to decide what your portfolio may contain? Imagine the lobbyists fighting over which special interests will have their favored investments approved for Social Security accounts. Political favoritism, rather than market performance, will determine what investments are allowed, and Social Security in essence will become a huge source of taxpayer-provided investment capital.
capitalism
More of the Same at the Federal Reserve
28 November 2005 Texas Straight Talk 28 November 2005 verse 8 ... Cached
The fundamental question is whether a central bank can manage the supply of money and credit better than the free market otherwise would. We shouldn't kid ourselves about the true nature of the Fed, which is inherently incompatible with real free market capitalism. Centralized planning of the money supply is a form of economic control that significantly affects prices, wages, and production levels. Remember how market economists once criticized central planning of prices, wages, and production levels in the former Soviet Union?
capitalism
Congress Rejects UN Taxes
19 June 2006 Texas Straight Talk 19 June 2006 verse 4 ... Cached
UN bureaucrats think rich nations like America ought to give more money to poor nations- a lot more- simply because we’re rich. Never mind the billions of foreign aid tax dollars we send overseas every year; never mind the billions donated to overseas charities by Americans, the most charitable people on earth. The UN mindset blames the western world for poverty everywhere, assuming that our relative wealth must have come at the expense of the third world. The poor countries themselves are never deemed responsible for their own predicaments, despite their often corrupt governments, lack of property rights, and hostility toward wealth-producing capitalism. Somehow, it’s always our fault. So the UN holds conferences to talk about how we should pay to make things right, and the idea of a UN tax naturally arises.
capitalism
Your Taxes Subsidize China
14 August 2006 Texas Straight Talk 14 August 2006 verse 9 ... Cached
I believe that by engaging the Chinese people, opening personal dialogue, and seeking to change their hearts and minds, we soon will see that regime collapse. The laws of economics dictate that a communist system cannot stand for long. But in the same way, I firmly believe there is a higher law which dictates that people exposed to the principles of liberty will not for long allow themselves to remain shackled to an oppressive government. Economic freedom, i.e. capitalism, now has a strong foothold in China. The Chinese people may soon demand political, religious, and personal freedom as well. But in the meantime let’s stop sending tax dollars to support a government we claim to despise.
capitalism
Milton Friedman 1912-2006
20 November 2006 Texas Straight Talk 20 November 2006 verse 4 ... Cached
Milton Friedman was a strong advocate of economic liberty who opposed government intervention in both the purely economic and broader social spheres of our society. He believed not only in laissez-faire capitalism, but also the larger cause of individual liberty in the political sense.
capitalism
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.
capitalism
Don't Blame the Market for Housing Bubble
19 March 2007 Texas Straight Talk 19 March 2007 verse 4 ... Cached
When the bubble finally bursts completely, millions of Americans will be looking for someone to blame. Look for Congress to hold hearings into subprime lending practices and “predatory” mortgages. We’ll hear a lot of grandstanding about how unscrupulous lenders took advantage of poor people, and how rampant speculation caused real estate markets around the country to overheat. It will be reminiscent of the Enron hearings, and the message will be explicitly or implicitly the same: free-market capitalism, left unchecked, leads to greed, fraud, and unethical if not illegal business practices.
capitalism
Don't Blame the Market for Housing Bubble
19 March 2007 Texas Straight Talk 19 March 2007 verse 5 ... Cached
But capitalism is not to blame for the housing bubble, the Federal Reserve is. Specifically, Fed intervention in the economy-- through the manipulation of interest rates and the creation of money-- caused the artificial boom in mortgage lending.
capitalism
Government and Racism
16 April 2007 Texas Straight Talk 16 April 2007 verse 10 ... Cached
The true antidote to racism is liberty. Liberty means having a limited, constitutional government devoted to the protection of individual rights rather than group claims. Liberty means free-market capitalism, which rewards individual achievement and competence, not skin color, gender, or ethnicity.
capitalism
Struggling for Relevance in Cuba: Close, Still No Cigars
28 October 2007 Texas Straight Talk 28 October 2007 verse 3 ... Cached
The Cuban embargo began officially in 1962 as a means to put pressure on the communist dictatorship to change its ways. After 45 years, the Cuban economy has struggled, but Cuba 's dictatorship is no closer to stepping to the beat of our drum. Any ailments have consistently and successfully been blamed on US Capitalism instead of Cuban Communism. They have substituted trade with others for trade with the US , and are "awash" with development funds from abroad. Our isolationist policies with regards to Cuba , meanwhile, have hardly won the hearts and minds of Cubans or Cuban-Americans, many of whom are isolated from families because this political animosity.
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.