U.S. Rep. Ron Paul | IMF |
IMF
State Of The Republic
28 January 1998 1998 Ron Paul 2:63
The Southeast Asian currency and economic bailout will exceed $100 billion. We will be propping up these currencies by sending American taxpayers’ dollars, the same thing we did in Mexico in 1995. Multilateral efforts through the IMF, World Bank and other development banks are used, and in each one the United States is the most generous donor.
IMF
State Of The Republic
28 January 1998 1998 Ron Paul 2:64
IMF bailouts, just as our military foreign intervention, are generally supported by the leadership of both parties. The establishment has firm control in these two areas and who, out of ignorance or neglect, the Congress as a whole provides little resistance. When the stronger currencies, in this case the dollar, props up a weaker currency, it is nothing more than an example of an international transfer of payment that helps our banks and international corporate investors who have financial exposure in the country or currency under attack.
IMF
State Of The Republic
28 January 1998 1998 Ron Paul 2:66
The genius of it all is that Federal Reserve credit expansion and its off-budget budgeting permits these funds to be spent without oversight. IMF appropriations are not even counted toward the deficit, and credit expansion is under complete control of the Federal Reserve.
IMF
State Of The Republic
28 January 1998 1998 Ron Paul 2:89
The politics of it has allowed temporary withholding of IMF and U.N. funds in order to pressure the President into accepting the restrictive abortion language. Withholding these funds from the United Nations and the IMF in this case has nothing to do with the criticism of the philosophy behind the United Nations, the IMF, the World Bank, and why the international government agencies are tax burdens on the American people.
IMF
State Of The Republic
28 January 1998 1998 Ron Paul 2:90
It is conceded by the majority on both sides of this debate that the U.N., the IMF, the development banks and even the funds for population control are legitimate expenditures and eventually will be funded. The question is only whether or not a public relations victory can be achieved by the radical pro-abortion supporters of the President’s or the pro-life supporters.
IMF
State Of The Republic
28 January 1998 1998 Ron Paul 2:91
We have at least started to debate the merits of any money at all going to population control, the United Nations or the IMF. This is where the debate should be. Even though the restrictions that the Mexico City language might place on foreign expenditures probably will not change the number of abortions around the world, the vote itself does reflect, through Congress, the sentiment of the American people, and therefore, its importance cannot be denied. But I am convinced that if the American people had the option of whether or not to send any money at all, they would reject all the funding, making the restriction debate moot.
IMF
State Of The Republic
28 January 1998 1998 Ron Paul 2:92
Most would agree with the fungibility argument, even when funds are sent for reasons other than family planning and abortion like military assistance. The amazing thing is how important the debate can appear by threatening to withhold greatly sought after IMF funds for an argument that does not get to the heart of the issue. What should be debated is whether or not Congress has the moral and Constitutional authority to use force to take funds from American citizens for social engineering around the world, much of which results in resentment toward America.
IMF
State Of The Republic
28 January 1998 1998 Ron Paul 2:98
The special areas of the budget that are of specific benefit to corporate America are literally too numerous to count, but there are some special programs benefiting corporations that usually prompt unconditional support from both parties. The military industrial complex is clearly recognized for its influence in Washington. This same group has a vested interest in our foreign policy that encourages policing the world, Nation building, and foreign social engineering. Big contracts are given to friendly corporations in places like Haiti, Bosnia and the Persian Gulf region. Corporations benefiting from these programs are unable to deal objectively with foreign policy issues, and it is not unusual for these same corporate leaders to lobby for troop deployments in worldwide military intervention. The U.S. remains the world’s top arms manufacturer and our foreign policy permits the exports to world customers subsidized through the Export-Import Bank. Foreign aid, Overseas Private Investment Corporation, Export-Import Bank, IMF, World Bank, development banks are all used to continue bailouts of Third World countries heavily invested in by our corporations and banks. Corporations can get special tax treatment that only the powerful and influential can achieve. For instance, pseudo-free trade legislation like NAFTA and GATT and the recent Fast Track legislation shows how much big business influences both congressional leaders and the administration.
IMF
Three Important Issues For America
11 February 1998 1998 Ron Paul 7:4
The three specific problems that I want to mention, and I mention these because I think this is what the American people are concerned about, and sometimes we here inside the Beltway do not listen carefully to the people around the country. The three issues are these: The first are the scandals that we hear so much about, the second is an IMF bailout, and the third has to do with Iraq.
IMF
Three Important Issues For America
11 February 1998 1998 Ron Paul 7:6
The IMF is another issue that I think is very important. This funding will be coming up soon. The Congress will be asked to appropriate $18 billion to bail out the Southeast Asian currencies and countries, and this is a cost; although we are told it does not cost anything, it does not add to the deficit, there is obviously a cost, and we cannot convince the American people that there is no cost just because of our method of budgeting and we do not add it into the deficit.
IMF
Three Important Issues For America
11 February 1998 1998 Ron Paul 7:10
Also, the IMF, which has to do with international finance, the IMF is under the United Nations and therefore it gets a lot of attention and we are asked to appropriate $18 billion.
IMF
Three Important Issues For America
11 February 1998 1998 Ron Paul 7:74
Well, that to me is the wrong way to go. If we are involved in internationalism, where international financing now is influencing our presidential election, if international finances demand that we take more money from the American taxpayers and bail out southeast Asian countries through the IMF and that we are willing to have our young men and women be exposed to war conditions and to allow them to go to war mainly under a U.N. resolution and a token endorsement by the Congress, I think this is the wrong way to go.
IMF
Three Important Issues For America
11 February 1998 1998 Ron Paul 7:80
People will immediately say that is isolationism. Even if you are not for the IMF bailout, this argument really bewilders me. If you are not for the $18 billion bailout of the IMF, you are an isolationist. You can be for free trade and get rid of all the tariffs and do everything else, but if you are not willing to give your competitors more money and bail them out and bail out the banks, you are an isolationist. You are not for free trade. It is complete nonsense. There is nothing wrong with isolating our military forces.
IMF
Three Important Issues For America
11 February 1998 1998 Ron Paul 7:107
And what are we going to prove? We should not do it. We should reassess this. We should decide quietly and calmly and deliberately in this body that quite possibly the move toward internationalism, abiding by the U.N. resolutions, paying through the nose to the IMF to bail out the special interests, never helping the poor but always helping the rich, encouraging a system that encourages foreign countries to come in and buy influence, should be challenged. We should change it.
IMF
Conference Report on H.R. 1757, Foreign Affairs Reform And Restructuring Act Of 1998
26 March 1998 1998 Ron Paul 28:1
Mr. PAUL. Mr. Speaker, last year’s attempts by some in Congress to tie the Mexico City Policy to the issues of funding for the United Nations (UN) and the International Monetary Fund (IMF) this week come back to haunt those of us who believe in the sanctity of human life, the inviolability of US Sovereignty, and the rights of the U.S. taxpayers to keep the fruits of their own labor. This week, we see, the “grand deal” struck which will see liberals back down from their opposition to Mexico City Language in exchange for conservative members voting to support funding of the United Nations, affirmative action, peacekeeping activities, and the National Endowment for Democracy.
IMF
Conference Report on H.R. 1757, Foreign Affairs Reform And Restructuring Act Of 1998
26 March 1998 1998 Ron Paul 28:6
LINKING THESE TWO ISSUES We were able to put the breaks to the funding of the false UN debt and the IMF at the end of the last session of Congress by linking these items with the Mexico City Policy language. For political reasons President Clinton has steadfastly refused to sign any legislation which contains any anti-abortion language at all.
IMF
Don’t Bail Out Bankers
23 April 1998 1998 Ron Paul 38:4
Now, the Director of the IMF had an interesting proposal. He said this will not cost us anything because it is coming out of the Central Bank.
IMF
The Bubble
28 April 1998 1998 Ron Paul 39:56
Whether it’s Japan that tries to inflate their currency to get out of an economic problem, or the East Asian countries facing their crisis, or our willingness to bail out the IMF, resorting to monetary inflation is the only option being considered. We can rest assured that inflation is here to stay.
IMF
The Indonesia Crisis
19 May 1998 1998 Ron Paul 52:9
A much more justifiable “scapegoat” is the IMF and the American influence on the stringent reforms demanded in order to receive the $43 billion IMF bailout. IMF policy on aggravates and prolongs the agony while helping the special interest rich at the expense of the poor. The IMF involvement should not be a distraction from the fundamental cause of the financial problem, monetary inflation, even if it did allow three decades of sustained growth.
IMF
The Indonesia Crisis
19 May 1998 1998 Ron Paul 52:13
SOLUTIONS ATTEMPTED The IMF’s $43 billion bailout promise has done nothing to quell the panic in the streets of Jakarta. If anything, conditions have worsened the Indonesians deeply resent the austere conditions demanded by the IMF. Since the U.S. is the biggest contributor to the IMF and the world financial and military cop, resentment toward the United States is equal to that of the IMF. The Indonesian people know they won’t be helped by the bailout. They already see their jobs disappearing and prices soaring. The political and economic future, just a few months ago looking rosy, but it is now bleak beyond all description. Indonesians know what the American taxpayers know; the IMF bailout helps the rich lenders who for decades made millions but now want their losses covered by weak victims. Is there any wonder resentment and rage prevails in Indonesia?
IMF
The Indonesia Crisis
19 May 1998 1998 Ron Paul 52:14
The U.S. has just sent a military delegation to study and obviously advise the Indonesian government regarding the law and order crisis now in process. Our officials say that we’re there to watch that the Indonesian military do not abuse the rights of Indonesian citizens. Even if true, and well motivated, where did this authority come from for us to run to the scene of the crime — on the other side of the world and pretend we have all the answers. Proper authority or not put aside, the Indonesian people perceive even a few U.S. military advisors as a further threat to them. The U.S. is seen as an extension of the IMF and is expected to more likely side with the Indonesian military than with the demonstrators. No government likes to see any dissolution of government power even the questionable ones. It might encourage others unhappy with their own government. And it is not like the U.S. government is innocent and benign, considering our recent history at Kent State, Waco, and Ruby Ridge and the hundreds of no-knock entries made in error, causing loss of life, multiple injuries and destruction of property. Let us make sure our own government acts responsibly in all matters of law and order here at home before we pretend we can save the world — a responsibility not achievable even if motivated with the best of intentions.
IMF
The Indonesia Crisis
19 May 1998 1998 Ron Paul 52:16
The Indonesian government had one idea worth considering under these very difficult circumstances. They wanted to replace their central bank with a currency board. It’s not the gold standard, but it would have been a wise choice under current conditions. But the United States and the IMF insisted that in order to qualify for IMF funding this idea had to be rejected outright and the new central bank for Indonesia had to be patterned after the Federal Reserve with, I’m sure, ties to it for directions from Greenspan and company. A currency board would allow a close linkage of the rupiah to the dollar, its value controlled by market forces, and would have prevented domestic Indonesia monetary inflation — the principle cause of the economic bubble now collapsed. The shortcoming of a currency board is that the Indonesian currency and economy would be dependent on dollar stability which is far from guaranteed.
IMF
The Indonesia Crisis
22 May 1998 1998 Ron Paul 54:9
A much more justifiable “scapegoat” is the International Monetary Fund (IMF) and the American influence on the stringent reforms demanded in order to receive the $43 billion IMF-led bailout. IMF policy only aggravates and prolongs the agony while helping the special interest rich at the expense of the poor. The IMF involvement should not be a distraction from the fundamental cause of the financial problem, monetary inflation, even if it did allow three decades of sustained growth.
IMF
The Indonesia Crisis
22 May 1998 1998 Ron Paul 54:13
SOLUTIONS ATTEMPTED The IMF’s $43 billion bailout promise has done nothing to quell the panic in the streets of Jakarta. If anything, conditions have worsened. The Indonesians deeply resent the austere conditions demanded by the IMF. Since the United States is the biggest contributor to the IMF and the world financial and military cop, resentment toward the United States is equal to that of the IMF. The Indonesian people know they won’t be helped by the bailout. They already see their jobs disappearing and prices soaring. The political and economic future, just a few months ago looking rosy, is now bleak beyond all description. Indonesians know what the American taxpayers know: the IMF bailout helps the rich lenders who for decades made millions but now want their losses covered by weak victims. Is there any wonder resentment and rage prevail in Indonesia?
IMF
The Indonesia Crisis
22 May 1998 1998 Ron Paul 54:14
The United States has just sent a military delegation to study and obviously advise the Indonesian government regarding the law and order crisis now in process. Our officials say that we’re there to watch that the Indonesian military does not abuse the rights of Indonesian citizens. Even if true, and well motivated, where did this authority come from for us to run to the scene of the crime — on the other side of the world — and pretend we have all the answers? Putting aside the question of whether there is proper authority or not, the Indonesian people perceive even a few U.S. military advisors as a further threat to them. The IMF is seen as an extension of the United States and is expected to more likely side with the Indonesian military that with the demonstrators. No government, even the questionable ones, likes to see any dissolution of governmental power. It might encourage others unhappy with their own government. And it is not as if the U.S. Government is innocent and benign, considering our recent history at Kent State, Waco, and Ruby Ridge and the hundreds of no-knock entries made in error, causing loss of life, multiple injuries and destruction of property. Let us make sure our own government acts responsibly in all matters of law and order here at home before we pretend we can save the world — a responsibility not achievable even if motivated with the best of intentions.
IMF
The Indonesia Crisis
22 May 1998 1998 Ron Paul 54:16
The Indonesian Government had one idea worth considering under these very difficult circumstances. They wanted to replace their central bank with a currency board. It’s not as good as gold standard, but it would have been a wise choice under current conditions. But the United States and the IMF insisted that in order to qualify for IMF funding this idea had to be rejected outright and the new central bank for Indonesia had to be patterned after the Federal Reserve with, I’m sure, ties to it for directions from Federal Reserve Board Governor Alan Greenspan and company. A currency board would allow a close linkage of the rupiah to the dollar, with its value controlled by market forces, and would have prevented domestic Indonesia monetary inflation — the principle cause of the economic bubble now collapsed. The shortcoming of a currency board tied to the U.S. dollar is that the Indonesian currency and economy would be dependent on dollar stability which is far from guaranteed.
IMF
Campaign Finance Reform
16 June 1998 1998 Ron Paul 59:4
Not only domestically, but Congress is endlessly involved in many affairs overseas. We are involved by passing out foreign aid, getting involved in programs like the IMF and World Bank. We are interfering in internal affairs militarily in over a hundred countries at the present time. So there is a tremendous motivation for people to come here and try to influence us. They see it as a good investment.
IMF
Exchange Stabilization Fund
16 July 1998 1998 Ron Paul 79:4
Where did the money come from? It came from confiscation, not through taxation, but confiscating gold from the American people, revaluing the gold, taking the net profits, putting it into the Exchange Stabilization Fund, as well as the initial financing of the IMF.
IMF
Worldwide Financial Crisis
10 September 1998 1998 Ron Paul 97:7
A crisis brought on by monetary inflation cannot be aborted by more monetary inflation or the IMF bailouts favored by the American taxpayer. It may at times delay the inevitable, but eventually, the market will demand liquidation of the malinvestment, excessive debt, and correction of speculative high prices as we have seen in the financial markets.
IMF
Medicare Home Health And Veterans Health Care Improvement Act Of 1998
9 October 1998 1998 Ron Paul 118:8
Similarly, Congress should seek funds for an increased expenditure on home care by ending federal support for institutions such as the International Monetary Fund (IMF), which benefit wealthy bankers and powerful interests but not the American people. At a time when the federal government continues to grow to historic heights and meddles in every facet of American life I cannot believe that Congress cannot find expenditure cuts to finance the programs in this bill!
IMF
Congress Relinquishing The Power To Wage War
2 February 1999 1999 Ron Paul 4:84
In the last 1 1/2 years, various countries have been hit hard with deflationary pressures. In spite of the IMF-led bailouts of nearly $200 billion, the danger of a worldwide depression remains. Many countries, even with the extra dollars sent to them courtesy of the American taxpayer, suffer devaluation and significant price inflation in their home currency.
IMF
A Positive Spin On An Ugly War
7 June 1999 1999 Ron Paul 54:2
Number one, the U.N. has suffered a justified setback in its effort to be the world’s governing body of the new world order, and that is good. By NATO refusing to seek a U.N. resolution of support for its war effort, it makes the U.N. look irrelevant. Now NATO is using the U.N. to seek a peace settlement by including the Russians, who agree to play the game as long as additional American tax dollars flow to them through the IMF. The U.N. looks weak, irrelevant, ignored, and used. The truth is winning out.
IMF
Exchange Stabilization Fund
15 July 1999 1999 Ron Paul 76:8
So, yes, we tide Mexico over for a year or two, but what are we going to say next year when there is another peso crisis? Are we going to close our eyes and say we will do whatever we want, it is a major crisis? Our obligation here in the Congress is to have a sound dollar, not to dilute the value of the dollar without our permission and for our President and our Treasury Department and the IMF and the World Bank and the internationalists to destroy the value of the dollar. That is not permissible under the rule of law, and yet we have casually permitted this to happen and we do not even ask the serious questions.
IMF
Free Trade
27 July 1999 1999 Ron Paul 82:6
Genuine free trade would involve low tariffs and no subsidies. Export-Import Bank funding, OPIC, and trade development subsidies to our foreign competitors would never exist. Trading with China should be permissible, but aid should never occur either directly or through multilateral banking organizations such as the IMF or World Bank. A true free trade policy would exclude the management of trade by international agencies such as the WTO and NAFTA. Unfortunately, these agencies are used too frequently to officially place restrictions on countries or firms that sell products “too cheaply” — a benefit to consumers but challenging to politically-favored domestic or established “competitors.” This is nothing more than worldwide managed trade (regulatory cartels) and will eventually lead to a trade war despite all the grandiose talk of free trade.
IMF
A Republic, If You Can Keep It
31 January 2000 2000 Ron Paul 2:86
In addition to the military wars, liberty has also suffered from the domestic wars on poverty, literacy, drugs, homelessness privacy and many others. We have in the last 100 years gone from the accepted and cherished notion of a sovereign Nation to one of a globalist new world order. As we once had three separate branches of our government, the United Nations proudly uses its three branches, the World Bank, the IMF and the World Trade Organization to work their will in this new era of globalism. Because the U.S. is by far the strongest military industrial power, it can dictate the terms of these international institutions, protecting what we see as our various interests such as oil, along with satisfying our military industrial complex. Our commercial interests and foreign policy are no longer separate. This allows for subsidized profits while the taxpayers are forced to protect huge corporations against any losses from overseas investments. The argument that we go about the world out of humanitarian concerns for those suffering, which was the excuse for bombing Serbia, is a farce. As bad as it is that average Americans are forced to subsidize such a system, we additionally are placed in greater danger because of our arrogant policy of bombing nations that do not submit to our wishes. This generates the hatred directed toward America, even if at times it seems suppressed, and exposes us to a greater threat of terrorism since this is the only vehicle our victims can use to retaliate against a powerful military state.
IMF
WHAT IS FREE TRADE?
May 2, 2000 2000 Ron Paul 29:27
International trade management is to be and trade law is to be dealt with by the U.S. Congress, and yet too often the Congress has been quite willing to renege on that responsibility through fast-track legislation and deliver this authority to our President, as well as delivering through agreements, laws being passed and treaties, delivering this authority to international bodies such as the UN-IMF-World Trade Organizations, where they make decisions that affect us and our national sovereignty.
IMF
WHAT IS FREE TRADE?
May 2, 2000 2000 Ron Paul 29:45
So these were the founders talking about this, and yet we have drifted a long way. It does not happen overnight. It has been over a 50-year period. Five years ago we went one step further. First we accepted the idea that international finance would be regulated by the IMF. Then we accepted the idea that the World Bank, which was supposed to help the poor people of the world and redistribute wealth, they have redistributed a lot of wealth, but most of it ended up in the hands of wealthy individuals and wealthy politicians. But the poor people of the world never get helped by these programs. Now, 5 years ago we have accepted the notion that the World Trade Organization will bring about order in trade around the country.
IMF
WHAT IS FREE TRADE?
May 2, 2000 2000 Ron Paul 29:46
Well, since that time we have had a peso crisis in Mexico and we had a crisis with currencies in Southeast Asia. So I would say that the management of finances with the IMF as well as the World Trade Organization has been very unsuccessful, and even if one does not accept my constitutional argument that we should not be doing this, we should at least consider the fact that what we are doing is not very successful.
IMF
INTERNATIONAL TRADE
May 23, 2000 2000 Ron Paul 39:8
But instead, I suggest we look more carefully for the cause of the coming currency crisis. We should study the nature of all the world currencies and the mischief that fiat money causes, and resist the temptation to rely on the WTO, the IMF, the World Bank, pseudo free trade, to solve the problems that only serious currency reform can address.
IMF
CHALLENGE TO AMERICA: A CURRENT ASSESSMENT OF OUR REPUBLIC —
February 07, 2001 2001 Ron Paul 7:92
For years the US has accepted the international financial and currency management of the IMF- another arm of one-world government.
IMF
CHALLENGE TO AMERICA: A CURRENT ASSESSMENT OF OUR REPUBLIC —
February 07, 2001 2001 Ron Paul 7:93
The World Bank serves as the distributor of international welfare, of which the US taxpayer is the biggest donor. This organization helps carry out a policy of taking money from poor Americans and giving it to rich foreign leaders, with kickbacks to some of our international corporations. Support for the World Bank, the IMF, the WTO, and the International Criminal Court always comes from the elites and almost never from the common man.
IMF
POTENTIAL FOR WAR
February 08, 2001 2001 Ron Paul 10:20
For years the U.S. has accepted the international financial and currency management of the IMF, another arm of one-world government.
IMF
POTENTIAL FOR WAR
February 08, 2001 2001 Ron Paul 10:22
Support for the World Bank, the IMF, the international criminal court, always comes from the elites and almost never from the common man. These programs, run by the international institutions, are supposed to help the poor, but they never do. It is all a charade. If left unchecked, they will bankrupt us and encourage more world government mischief.
IMF
The Beginning of the End of Fiat Money
March 13, 2001 2001 Ron Paul 18:4
The effort in recent decades to unify government surveillance over all world trade and international financial transactions through the UN, IMF, World Bank, WTO, ICC, the OECD, and the Bank of International Settlements can never substitute for a peaceful world based on true free trade, freedom of movement, a single but sound market currency, and voluntary contracts with private property rights.
IMF
The Beginning of the End of Fiat Money
March 13, 2001 2001 Ron Paul 18:10
But the artificial nature of today’s world trade and finance being systematically managed by the IMF, the World Bank and WTO, and driven by a worldwide fiat monetary system, has produced imbalances that have already prompted many sudden adjustments. There have been eight major crisis in the past six years requiring a worldwide effort, led by the Fed, to keep the system afloat, all being done with more monetary inflation and bailouts.
IMF
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.
IMF
Statement Paul Amendment to Defund the UN
July 18, 2001 2001 Ron Paul 56:9
Today we have international government that manages trade through the WTO. We have international government that manages all international financial transactions through the IMF. We have an international government that manages welfare through the World Bank. Do these institutions really help the poor people of the world? Hardly. They help the people who control the hands of power in these international institutions and generally they help the very wealthy, the bankers, and the international corporations.
IMF
The US Dollar and the World Economy
September 6, 2001 2001 Ron Paul 75:14
Modern-day globalism, since gold’s demise thirty years ago, has been based on a purely fiat US dollar, with all other currencies tied to the dollar. International redistribution and management of wealth through the IMF, the World Bank, and the WTO have promoted this new version of globalism. This type of globalism depends on trusting central bankers to maintain currency values and the international institutions to manage trade equitably, while bailing out weak economies with dollar inflation. This, of course, has only been possible because the dollar strength is perceived to be greater than it really is.
IMF
Foolishness Of Fiat
31 October 2001 2001 Ron Paul 92:4
Japan, failing to understand this, has tried for more than a decade to stimulate her economy and boost her stock market by printing money and increasing government spending, and it has not worked. Argentina, even with the hopes placed in its currency board, is nevertheless facing default on its foreign debt and a crisis in confidence. More bailouts from the IMF and U.S. dollar may temper the crisis for a while, but ultimately it will only hurt the dollar and the U.S. taxpayers.
IMF
The Case For Defending America
24 January 2002 2002 Ron Paul 1:64
The executive branch now has much more power than does the Congress. Congress continues to allows its authority to be transferred to the executive branch as well as to the international agencies such as the U.N., NAFTA, IMF and the WTO. Through executive orders, our Presidents routinely use powers once jealously guarded and held by the Congress.
IMF
Statement on the Argentine crisis
February 6 2002 2002 Ron Paul 4:3
In fact, Mr. Chairman, Argentina does not represent an exception to the laws of economics. Rather, Argentina’s economic collapse is but one more example of the folly of government intervention in the economy done to benefit powerful special interests at the expense of the Argentine people and the American taxpayer. The primary means by which the federal government forces American taxpayers to underwrite the destruction of the Argentine economy is the International Monetary Fund (IMF), which enjoys a $37 billion line of credit provided with U.S. Treasury funds.
IMF
Statement on the Argentine crisis
February 6 2002 2002 Ron Paul 4:4
Despite clear signs over the past several years that the Argentine economy was in serious trouble, the IMF continued pouring taxpayer-subsidized loans with an incredibly low interest rate of 2.6% into the country. In 2001, as Argentina’s fiscal position steadily deteriorated, the IMF funneled over 8 billion dollars to the Argentine government!
IMF
Statement on the Argentine crisis
February 6 2002 2002 Ron Paul 4:5
According to our colleague, Congressman Jim Saxton, Chairman of the Joint Economic Committee, this “Continued lending over many years sustained and subsidized a bankrupt Argentine economic policy, whose collapse is now all the more serious. The IMF’s generous subsidized bailouts lead to moral hazard problems, and enable shaky governments to pressure the IMF for even more funding or risk disaster.”
IMF
Statement on the Argentine crisis
February 6 2002 2002 Ron Paul 4:6
Argentina is just the latest example of the folly of IMF policies. Only three years ago the world economy was rocked by an IMF-created disaster in Asia. The IMF regularly puts taxpayers on the hook for the mistakes of the big banks. Oftentimes, Mr. Chairman, IMF funds end up in the hands of corrupt dictators who use the taxpayer-provided largesse to prop up their regimes by rewarding their supporters and depriving their opponents access to capital.
IMF
Statement on the Argentine crisis
February 6 2002 2002 Ron Paul 4:7
Even if they are not corrupt, most IMF borrowers are governments of countries with little economic productivity. Either way, most recipient nations end up with huge debts that they cannot service, which only adds to their poverty and instability. IMF money ultimately corrupts those countries it purports to help, by keeping afloat reckless political institutions that destroy their own economies.
IMF
Statement on the Argentine crisis
February 6 2002 2002 Ron Paul 4:8
IMF policies ultimately are based on a flawed philosophy that says the best means of creating economic prosperity is government-to-government transfers. Such programs cannot produce growth, because they take capital out of private hands, where it can be allocated to its most productive use as determined by the choices of consumers in the market, and place it in the hands of politicians. Placing economic resources in the hands of politicians and bureaucrats inevitably results in inefficiencies, shortages, and an economic crisis, as even the best intentioned politicians cannot know the most efficient use of resources.
IMF
Statement on the Argentine crisis
February 6 2002 2002 Ron Paul 4:9
In addition, Mr. Chairman, the IMF violates basic constitutional and moral principles. The federal government has no constitutional authority to fund international institutions such as the IMF, and it is simply immoral to take money form hard-working Americas to support the economic schemes of politically-powerful special interests and third-world dictators.
IMF
Statement on the Argentine crisis
February 6 2002 2002 Ron Paul 4:10
The only constituency for the IMF are the huge multinational banks and corporations. Big banks used IMF funds- taxpayer funds- to bail themselves out from billions in losses after the Asian financial crisis. Big corporations obtain lucrative contracts for a wide variety of construction projects funded with IMF loans. It’s a familiar game in Washington, with corporate welfare disguised as compassion for the poor.
IMF
Statement on the Argentine crisis
February 6 2002 2002 Ron Paul 4:11
Mr. Chairman, the damage inflicted by the IMF on Argentina is immense and inexcusable. This is yet further proof that the IMF was a bad idea from the very beginning- economically, constitutionally, and morally. However, perhaps some good can come out of this debacle if it causes Congress to at last rethink America’s foolish participation in the IMF. This is why I will soon be introducing legislation to withdraw America from the IMF. I hope my colleagues will join me in working to protect the American taxpayer from underwriting the destruction of countries like Argentina, by working with me to end America’s support for the IMF.
IMF
Statement on Ending US Membership in the IMF
February 27, 2002 2002 Ron Paul 10:1
Mr. Speaker, I rise to introduce legislation to withdraw the United States from the Bretton Woods Agreement and thus end taxpayer support for the International Monetary Fund (IMF). Rooted in a discredited economic philosophy and a complete disregard for fundamental constitutional principles, the IMF forces American taxpayers to subsidize large, multinational corporations and underwrite economic destruction around the globe. This is because the IMF often uses the $37 billion line of credit provided to it by the American taxpayers to bribe countries to follow destructive, statist policies.
IMF
Statement on Ending US Membership in the IMF
February 27, 2002 2002 Ron Paul 10:2
For example, Mr. Speaker, the IMF played a major role in creating the Argentine economic crisis. Despite clear signs over the past several years that the Argentine economy was in serious trouble, the IMF continued pouring taxpayer-subsidized loans with an incredibly low interest rate of 2.6% into the country. In 2001, as Argentina’s fiscal position steadily deteriorated, the IMF funneled over 8 billion dollars to the Argentine government!
IMF
Statement on Ending US Membership in the IMF
February 27, 2002 2002 Ron Paul 10:3
According to Congressman Jim Saxton, Chairman of the Joint Economic Committee, this “Continued lending over many years sustained and subsidized a bankrupt Argentine economic policy, whose collapse is now all the more serious. The IMF’s generous subsidized bailouts lead to moral hazard problems, and enable shaky governments to pressure the IMF for even more funding or risk disaster.”
IMF
Statement on Ending US Membership in the IMF
February 27, 2002 2002 Ron Paul 10:4
Argentina is just the latest example of the folly of IMF policies. Only four years ago the world economy was rocked by an IMF-created disaster in Asia. The IMF regularly puts the taxpayer on the hook for the mistakes of the big banks. Oftentimes, Mr. Speaker, IMF funds end up in the hands of corrupt dictators who use our taxpayer-provided largesse to prop up their regimes by rewarding their supporters and depriving their opponents of access to capital.
IMF
Statement on Ending US Membership in the IMF
February 27, 2002 2002 Ron Paul 10:5
If not corrupt, most IMF borrowers are governments of countries with little economic productivity. Either way, most recipient nations end up with huge debts that they cannot service, which only adds to their poverty and instability. IMF money ultimately corrupts those countries it purports to help, by keeping afloat reckless political institutions that destroy their own economies.
IMF
Statement on Ending US Membership in the IMF
February 27, 2002 2002 Ron Paul 10:6
IMF policies ultimately are based on a flawed philosophy that says the best means of creating economic prosperity is through government-to-government transfers. Such programs cannot produce growth, because they take capital out of private hands, where it can be allocated to its most productive use as determined by the choices of consumers in the market, and place it in the hands of politicians. Placing economic resources in the hands of politicians and bureaucrats inevitably results in inefficiencies, shortages, and economic crises, as even the best intentioned politicians cannot know the most efficient use of resources.
IMF
Statement on Ending US Membership in the IMF
February 27, 2002 2002 Ron Paul 10:7
In addition, the IMF violates basic constitutional and moral principles. The federal government has no constitutional authority to fund international institutions such as the IMF. Furthermore, Mr. Speaker, it is simply immoral to take money from hard-working Americans to support the economic schemes of politically-powerful special interests and third-world dictators.
IMF
Statement on Ending US Membership in the IMF
February 27, 2002 2002 Ron Paul 10:8
In all my years in Congress, I have never been approached by a taxpayer asking that he or she be forced to provide more subsidies to Wall Street executives and foreign dictators. The only constituency for the IMF is the huge multinational banks and corporations. Big banks used IMF funds- taxpayer funds- to bail themselves out from billions in losses after the Asian financial crisis. Big corporations obtain lucrative contracts for a wide variety of construction projects funded with IMF loans. It’s a familiar game in Washington, with corporate welfare disguised as compassion for the poor.
IMF
Statement on Ending US Membership in the IMF
February 27, 2002 2002 Ron Paul 10:9
The Argentine debacle is yet further proof that the IMF was a bad idea from the very beginning- economically, constitutionally, and morally. The IMF is a relic of an era when power-hungry bureaucrats and deluded economists believed they could micromanage the world’s economy. Withdrawal from the IMF would benefit American taxpayers, as well as workers and consumers around the globe. I hope my colleagues will join me in working to protect the American taxpayer from underwriting the destruction of countries like Argentina, by cosponsoring my legislation to end America’s support for the IMF.
IMF
Statement on the Financial Services committee’s “Views and Estimates for Fiscal Year 2003”
February 28, 2002 2002 Ron Paul 12:5
Rather than embracing an agenda of expanded statism, I hope my colleagues will work to reduce government interference in the market that only benefits the politically powerful. For example, the committee could take a major step toward ending corporate welfare by holding hearings and a mark-up on my legislation to withdrawal the United States from the Bretton Woods Agreement and end taxpayer support for the International Monetary Fund (IMF). The Financial Services committee can also take a step toward restoring Congress’ constitutional role in monetary policy by acting on my Monetary Freedom and Accountability Act (HR 3732), which requires Congressional approval before the federal government buys or sells gold.
IMF
Do Not Initiate War On Iraq
March 20, 2002 2002 Ron Paul 19:9
The way these international events will eventually play out is unknown, and in the process we expose ourselves to great danger. Instead of replacing today’s international government, (the United Nations, the IMF, the World Bank, the WTO, the international criminal court) with free and independent republics, it is more likely that we will see a rise of militant nationalism with a penchant for solving problems with arms and protectionism rather than free trade and peaceful negotiations.
IMF
AN OPEN LETTER TO TREASURY SECRETARY O’NEILL AND FEDERAL RESERVE CHAIRMAN ALAN GREENSPAN
May 31, 2002 2002 Ron Paul 51:1
Why Does the IMF Prohibit Gold-Backed Currency for its Member States?
IMF
AN OPEN LETTER TO TREASURY SECRETARY O’NEILL AND FEDERAL RESERVE CHAIRMAN ALAN GREENSPAN
May 31, 2002 2002 Ron Paul 51:3
Dear Sirs: I am writing regarding Article 4, Section 2b of the International Monetary Fund (IMF)’s Articles of Agreement. As you may be aware, this language prohibits countries who are members of the IMF from linking their currency to gold. Thus, the IMF is forbidding countries suffering from an erratic monetary policy from adopting the most effective means of stabilizing their currency. This policy could delay a country’s recovery from an economic crisis and retard economic growth, thus furthering economic and political instability.
IMF
Hard Questions for Federal Reserve Chairman Greenspan
July 17, 2002 2002 Ron Paul 71:2
"I have for quite a few years now expressed concern about the value of the dollar which I think we neglect here in the Congress, here in the committee and I do not think that the Federal Reserve has done a good job in protecting the value of the dollar. And it seems that maybe others are coming around to this viewpoint because I see that the head of the IMF this week, Mr. Koehler has expressed a concern and made a suggestion that all the central bankers of the world need to lay plans in the near future to possibly prop up the dollar. So others have this same concern.
IMF
The Price Of War
5 September 2002 2002 Ron Paul 83:31
In the transition from the original American foreign policy of peace, trade and neutrality to that of world policemen, we have sacrificed our sovereignty to world government organizations such as the U.N., the IMF, the World Bank, and the WTO. To further confuse and undermine our position, we currently have embarked on a policy of unilateralism within these world organizations. This means we accept the principle of globalized government when it pleases us, but when it does not, we should ignore it for our own interest’s sake.
IMF
The Price Of War
5 September 2002 2002 Ron Paul 83:38
Avoiding entangling alliances and meddling in the internal affairs of other nations is crucial, no matter how many special interests demand otherwise. The entangling alliances we should avoid include the complex alliances in the U.N., the IMF, the World Bank, and the WTO. One-world government goals are anathema to the nonintervention and free trade. The temptation to settle disputes and install better governments abroad is fraught with great danger and many uncertainties.
IMF
The Shrimp Importation Financing Fairness Act
October 8, 2002 2002 Ron Paul 97:7
Adding insult to injury the federal government is forcing American shrimpers to subsidize their competitors! In the last three years, the United States Government has provided more than $1,800,000,000 in financing and insurance for these foreign countries through the Overseas Private Investment Corporation (OPIC). Furthermore, the U.S. current exposure relative to these countries through the Export-Import Bank totals some $14,800,000,000. Thus, the United States taxpayer is providing a total subsidy of $16,500,000,000 to the home countries of the leading foreign competitors of American shrimpers! Of course, the American taxpayer could be forced to shovel more money to these countries through the International Monetary Fund (IMF).
IMF
The Shrimp Importation Financing Fairness Act
October 8, 2002 2002 Ron Paul 97:9
In order to ensure that American shrimpers are not forced to subsidize their competitors, the Shrimp Importation Financing Fairness Act ends all Export-Import and OPIC subsidizes to the seven countries who imported more than 20 million pounds of shrimp in the first six months of 2002. The bill also reduces America’s contribution to the IMF by America’s pro rata share of any IMF aid provided to one of those seven countries. Mr. Speaker, it is time for Congress to rein in regulation-happy bureaucrats and stop subsidizing the domestic shrimping industries’ leading competitors. Otherwise, the government-manufactured depression in the price of shrimp will decimate the domestic shrimping industry and the communities whose economies depend on this industry. I, therefore, hope all my colleagues will stand up for shrimpers by cosponsoring the Shrimp Importation Financing Fairness Act.
IMF
Shrimp Importation Financing Fairness Act
7 January 2003 2003 Ron Paul 3:7
Adding insult to injury, the federal government is forcing American shrimpers to subsidize their competitors! Since 1999, the United States Government has provided more than $1,800,000,000 in financing and insurance for these foreign countries through the Overseas Private Investment Corporation (OPIC). Furthermore, according to the latest available figures, the U.S. current exposure relative to these countries through the Export- Import Bank totals some $14,800,000,000. Thus, the United States taxpayer is providing a subsidy of at least $16,500,000,000 to the home countries of the leading foreign competitors of American shrimpers! Of course, the American taxpayer could be forced to shovel more money to these countries through the International Monetary Fund (IMF).
IMF
Shrimp Importation Financing Fairness Act
7 January 2003 2003 Ron Paul 3:9
In order to ensure that American shrimpers are not forced to subsidize their competitors, the Shrimp Importation Financing Fairness Act ends all Export-Import and OPIC subsidies to the seven countries who imported more than 20 million pounds of shrimp in the first six months of 2002. The bill also reduces America’s contribution to the IMF by America’s pro rata share of any IMF aid provided to one of those seven countries.
IMF
Republic Versus Democracy
29 January 2003 2003 Ron Paul 6:34
Big business strongly supports programs like the Export Import Bank, the IMF, the World Bank, foreign subsidies and military adventurism. Tax Code revisions and government contracts mean big profits for those who are well-connected. Concern for individual liberty is pushed to the bottom of the priority list for both the poor and the rich welfare recipients.
IMF
Republic Versus Democracy
29 January 2003 2003 Ron Paul 6:67
Once it is recognized that ultimate authority comes from an international body, whether it is the United Nations, NATO, the WTO, the World Bank or the IMF, the contest becomes a matter of who holds the reins of power and is able to dictate what is perceived as the will of the people in the world.
IMF
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.
IMF
The Financial Services Committee’s Terrible Blueprint for 2004
February 28, 2003 2003 Ron Paul 27:6
Rather than embracing an agenda of expanded statism, I hope my colleagues will work to reduce government interference in the market that only benefits the politically powerful. For example, the committee could take a major step toward ending corporate welfare by holding hearings and a mark-up on my legislation to withdraw the United States from the Bretton Woods Agreement and end taxpayer support for the International Monetary Fund (IMF). The Financial Services Committee can also take a step toward restoring Congress’ constitutional role in monetary policy by passing legislation requiring congressional approval before the federal government buys or sells gold.
IMF
The Monetary Freedom And Accountability Act
17 July 2003 2003 Ron Paul 79:15
According to Murphy, “The cartel has been able to get away with lying about the amount of gold in reserve because the International Monetary Fund [IMF] is the Arthur Andersen of the gold world.” He has provided to Insight documents from central banks confirming that the IMF instructed them to count both lent and swapped gold as a reserve. “In other words, the IMF told the central banks to deceive the investment and gold world[s]. Once this gold is lent [or] swapped, it’s gone until such time as it can be repurchased. And with the skyrocketing price of gold we’re now seeing, it would be incredibly expensive, let alone nearly physically impossible, to get it back.”
IMF
The Monetary Freedom And Accountability Act
17 July 2003 2003 Ron Paul 79:20
Those who believe the central banks to have misrepresented their actual gold holdings place much of the blame for the lack of transparency on the shoulders of the IMF, which presents itself as being responsible for ensuring the stability of the international financial system. Although the IMF would not respond to questions about its gold-loan/ swap requirements, what information has been made public appears to support GATA’s understanding of how central-bank reserves are reported.
IMF
The Monetary Freedom And Accountability Act
17 July 2003 2003 Ron Paul 79:21
For example, in October 2001 the IMF responded to questions posed by GATA by saying it is not correct that the IMF insists members record swapped gold as an asset when a legal change in ownership has occurred. According to this response, “The IMF in fact recommends that swapped gold be excluded from reserve assets.” Nonetheless, says GATA, there is abundant evidence that this is not the case, citing as an example the Central Bank of the Philippines (BSP).
IMF
The Monetary Freedom And Accountability Act
17 July 2003 2003 Ron Paul 79:22
A footnote on the Website of the Central Bank of the Philippines (www.bsp.gov.ph) in fact directly contradicts the IMF’s claim: “Beginning January 2000, in compliance with the requirements of the IMF’s reserves and foreign-currency-liquidity template under the Special Data Dissemination Standard (SDDS), gold swaps undertaken by the BSP with noncentral banks shall be treated as collateralized loans. Thus gold under the swap arrangement remains to be part of reserves, and a liability is deemed incurred corresponding to the proceeds of the swap.”
IMF
The Monetary Freedom And Accountability Act
17 July 2003 2003 Ron Paul 79:23
The European Central Bank (ECB) also made it clear that the IMF policy is to include swaps and loans as reserves. The ECB responded to GATA: “Following the recommendations set out in the IMF operational guidelines of the ’Data Template on International Reserve and Foreign Currency Liquidity,’ which were developed in 1999, all reversible gold transactions, including gold swaps, are recorded as collateralized loans in balance of payments and international investment- position statistics. This treatment implies that the gold account would remain unchanged on the balance sheet.” The Bank of Finland and the Bank of Portugal also confirmed in writing that the swapped gold remains a reserve asset under IMF regulations.
IMF
The Monetary Freedom And Accountability Act
17 July 2003 2003 Ron Paul 79:24
Although the WGC’s Stanley stands by the data provided by the industry’s “serious” researchers, he insists he cannot say for certain that the numbers are accurate. “There is no requirement on any country to tell the IMF how much gold it owns,” says Stanley. “The requirement is to tell the IMF how much gold it has decided to place in its official reserves. Nobody knows whether that is the total of what they own or not. Obviously they can’t report more than what they own, but they can certainly report less if they chose to. That gold may have been lent out, but is nevertheless still owed to them. It’s a bit like any company reporting a cash position. It will report cash on hand and cash due — money owed by other people. I’m not saying this is ideal, but this is how it works.”
IMF
Legislation To Withdraw The United States From The Bretton Woods Agreement
17 July 2003 2003 Ron Paul 84:1
Mr. PAUL. Mr. Speaker, I rise to introduce legislation to withdraw the United States from the Bretton Woods Agreement and thus end taxpayer support for the International Monetary Fund (IMF). Rooted in a discredited economic philosophy and a complete disregard for fundamental constitutional principles, the IMF forces American taxpayers to subsidize large, multinational corporations and underwrite economic destruction around the globe. This is because the IMF often uses the $46.7 billion line of credit provided to it by the American taxpayers to bribe countries to follow destructive, statist policies.
IMF
Legislation To Withdraw The United States From The Bretton Woods Agreement
17 July 2003 2003 Ron Paul 84:2
Just last year, Argentina was rocked by an economic crisis caused by IMF policies. Despite clear signs over the past several years that the Argentine economy was in serious trouble, the IMF continued pouring taxpayersubsidized loans with an incredibly low interest rate of 2.6 percent into the country. In 2001, as Argentina’s fiscal position steadily deteriorated, the IMF funneled over 8 billion dollars to the Argentine government!
IMF
Legislation To Withdraw The United States From The Bretton Woods Agreement
17 July 2003 2003 Ron Paul 84:3
According to Congressman JIM SAXTON, Chairman of the Joint Economic Committee, this “Continued lending over many years sustained and subsidized a bankrupt Argentine economic policy, whose collapse is now all the more serious. The IMF’s generous subsidized bailouts lead to moral hazard problems, and enable shaky governments to pressure the IMF for even more funding or risk disaster.”
IMF
Legislation To Withdraw The United States From The Bretton Woods Agreement
17 July 2003 2003 Ron Paul 84:4
Argentina is just the latest example of the folly of IMF policies. Five years ago the world economy was rocked by an IMF-created disaster in Asia. The IMF regularly puts the taxpayer on the hook for the mistakes of the big banks. Oftentimes, Mr. Speaker, IMF funds end up in the hands of corrupt dictators who use our taxpayer-provided largesse to prop up their regimes by rewarding their supporters and depriving their opponents of access to capital.
IMF
Legislation To Withdraw The United States From The Bretton Woods Agreement
17 July 2003 2003 Ron Paul 84:5
If not corrupt, most IMF borrowers are governments of countries with little economic productivity. Either way, most recipient nations end up with huge debts that they cannot service, which only adds to their poverty and instability. IMF money ultimately corrupts those countries it purports to help, by keeping afloat reckless political institutions that destroy their own economies.
IMF
Legislation To Withdraw The United States From The Bretton Woods Agreement
17 July 2003 2003 Ron Paul 84:6
IMF policies ultimately are based on a flawed philosophy that says the best means of creating economic prosperity is through government- to-government transfers. Such programs cannot produce growth, because they take capital out of private hands, where it can be allocated to its most productive use as determined by the choices of consumers in the market; and place it in the hands of politicians. Placing economic resources in the hands of politicians and bureaucrats inevitably results in inefficiencies, shortages, and economic crises, as even the best-intentioned politicians cannot know the most efficient use of resources.
IMF
Legislation To Withdraw The United States From The Bretton Woods Agreement
17 July 2003 2003 Ron Paul 84:7
In addition, the IMF violates basic constitutional and moral principles. The Federal Government has no constitutional authority to fund international institutions such as the IMF. Furthermore, Mr. Speaker, it is simply immoral to take money from hard-working Americans to support the economic schemes of politicallypowerful special interests and third-world dictators.
IMF
Legislation To Withdraw The United States From The Bretton Woods Agreement
17 July 2003 2003 Ron Paul 84:8
In all my years in Congress, I have never been approached by a taxpayer asking that he or she be forced to provide more subsidies to Wall Street executives and foreign dictators. The only constituency for the IMF is the huge multinational banks and corporations. Big banks used IMF funds — taxpayer funds — to bail themselves out from billions in losses after the Asian financial crisis. Big corporations obtain lucrative contracts for a wide variety of construction projects funded with IMF loans. It’s a familiar game in Washington, with corporate welfare disguised as compassion for the poor.
IMF
Legislation To Withdraw The United States From The Bretton Woods Agreement
17 July 2003 2003 Ron Paul 84:9
Last year’s Argentine debacle is yet further proof that the IMF was a bad idea from the very beginning — economically, constitutionally, and morally. The IMF is a relic of an era when power-hungry bureaucrats and deluded economists believed they could micromanage the world’s economy. Withdrawal from the IMF would benefit American taxpayers, as well as workers and consumers around the globe. I hope my colleagues will join me in working to protect the American taxpayer from underwriting the destruction of countries like Argentina, by cosponsoring my legislation to end America’s support for the IMF.
IMF
Introduction Of The Steel Financing Fairness Act
10 September 2003 2003 Ron Paul 97:1
Mr. PAUL. Mr. Speaker, I rise to introduce the Steel Financing Fairness Act. This bill helps our Nation’s beleaguered steel industry by stopping the Government from forcing American steel workers to subsidize their foreign competitors. Specifically, the bill prohibits the Overseas Private Investment Corporation (OPIC) and the Export-Import Bank (EXIMBANK) from providing any assistance to countries that subsidize their steel industries. The Steel Financing Fairness Act also instructs the Secretary of the Treasury to reduce America’s contribution to the International Monetary Fund (IMF) by a prorated share of the IMF’s assistance to countries that subsidize their steel industries.
IMF
Introduction Of The Steel Financing Fairness Act
10 September 2003 2003 Ron Paul 97:5
Meanwhile, OPIC has provided over $3 billion of the taxpayers’ money to seven of the top ten leading steel exporters. Thus, the American taxpayer has provided at least $253 billion worth of support to the countries that are the leading competitors of the domestic steel industry. This does not count the funds provided these countries by the IMF. Since money is fungible, the practical effect of providing aid to countries which practice industrial policy is to free up resources these governments can use to further subsidize their steel industries. Thus, taxpayer dollars sent to foreign governments and industries can benefit foreign steel manufacturers even if American taxpayer money is not sent to directly benefit those industries.
IMF
The Lessons of 9/11
April 22, 2004 2004 Ron Paul 27:39
Also contributing to this bi-partisan, foreign policy view is the notion that promoting world government is worthwhile. This involves support for the United Nations, NATO, control of the world’s resources through the IMF, the World Bank, the WTO, NAFTA, FTAA, and the Law of the Sea Treaty—all of which gain the support of those sympathetic to the poor and socialism, while too often the benefits accrue to the well-connected international corporations and bankers sympathetic to economic fascism.
IMF
Where To From Here?
November 20, 2004 2004 Ron Paul 81:9
Both supported the UN and the internationalism of UNESCO, IMF, World Bank, and the WTO.
IMF
United States Should Leave World Trade Organization
9 June 2005 2005 Ron Paul 57:18
I can remember an ad put out in the 1990s when the WTO was being promoted and they talked directly, it was a full page ad, I believe, in the New York Times. They said, “This is the third leg of the new world order.” We had the World Bank, we had the IMF, and now we had the World Trade Organization.
IMF
The End Of Dollar Hegemony
15 February 2006 2006 Ron Paul 3:32
Even during the Depression, one of Roosevelt’s first acts was to remove free-market pricing as an indication of a flawed monetary system by making it illegal for American citizens to own gold. Economic law eventually limited that effort, as it did in the early 1970s, when our Treasury and the IMF tried to fix the price of gold by dumping tons into the market to dampen the enthusiasm of those seeking a safe haven for a falling dollar after gold ownership was relegalized.
IMF
The End Of Dollar Hegemony
15 February 2006 2006 Ron Paul 3:39
Greenspan, in his first speech after leaving the Fed, said that gold prices were up because of concern about terrorism and not because of monetary concerns or because he created too many dollars during his tenure. Gold has to be discredited and the dollar propped up. Even when the dollar comes under serious attack by market forces, the central banks and the IMF will surely do everything conceivable to soak up the dollars in hope of restoring stability. Eventually, they will fail.
IMF
Introduction Of The Steel Financing Fairness Act
15 June 2006 2006 Ron Paul 44:1
Mr. PAUL. Mr. Speaker, I rise to introduce the Steel Financing Fairness Act. This bill helps our Nation’s beleaguered steel industry by stopping the government from forcing American steel workers to subsidize their foreign competitors. Specifically, the bill prohibits the Overseas Private Investment Corporation (OPIC) and the Export-Import Bank (EXIMBANK) from providing any assistance to countries that subsidize their steel industries. The Steel Financing Fairness Act also instructs the Secretary of the Treasury to reduce America’s contribution to the International Monetary Fund (IMF) by a prorated share of the IMF’s assistance to countries that subsidize their steel industries.
IMF
Introduction Of The Steel Financing Fairness Act
15 June 2006 2006 Ron Paul 44:4
Meanwhile, OPIC has provided almost $6 billion of the taxpayers’ money to leading steel exporters. Thus, the American taxpayer has provided at least $26 billion worth of support to the countries that are the leading competitors of the domestic steel industry. This does not count the funds provided these countries by the IMF. Since money is fungible, the practical effect of providing aid to countries which practice industrial policy is to free up resources these governments can use to further subsidize their steel industries. Thus, taxpayer dollars sent to foreign governments and industries can benefit foreign steel manufacturers even if American taxpayer money is not sent to directly benefit those industries.
IMF
Opening Statement Committee on Financial Services World Bank Hearing
22 May 2007 2007 Ron Paul 56:2
Like many bureaucracies, the World Bank has constantly attempted to reinvent itself and redefine its mission. Some critics have referred to this as “mission creep.” It is the reaction of self-interested bureaucrats who are intent on saving their jobs at all costs. The non-institutional elements of Bretton Woods, such as the gold-backed dollar standard, have gone by the wayside, but the World Bank and the IMF soldier on.
IMF
MISTAKES: JUST A FEW!
June 3, 2009 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.
IMF
MISTAKES: JUST A FEW!
June 3, 2009 2009 Ron Paul 63:11
Promising the IMF $100 billion when we can’t even take care of our own people’s medical needs is obviously absurd. Plans are laid to massively increase taxes, especially with the carbon tax, that when tried in other countries didn’t work and had many unintended consequences.
IMF
Abortion and National Sovereignty: No Compromises
26 January 1998 Texas Straight Talk 26 January 1998 verse 4 ... Cached
Recently, there have been attempts to tie the bare-minimum pro-life "Mexico City" Policy to the issues of funding for the United Nations and the International Monetary Fund. But those attempts are now coming back to haunt those of us who believe in both the sanctity of human life and the inviolability of US sovereignty. I expect that very early in this second session of the 105th Congress, which begins Tuesday, January 27, we will see a "grand deal" struck which will see liberals "back down" from their opposition to a revised Mexico City Policy in exchange for conservative members voting to support funding of the United Nations and IMF.
IMF
Abortion and National Sovereignty: No Compromises
26 January 1998 Texas Straight Talk 26 January 1998 verse 8 ... Cached
Meanwhile, the United Nations and IMF are two international organizations which frequently act in a manner contrary to the sovereignty interests of the United States. As such, I have sponsored legislation to get the United States out of both of these organizations.
IMF
Abortion and National Sovereignty: No Compromises
26 January 1998 Texas Straight Talk 26 January 1998 verse 10 ... Cached
We were able to put the breaks to the funding of the false UN debt and the IMF at the end of the last session of Congress by linking these items with the Mexico City Policy. For political reasons President Clinton has steadfastly refused to sign any legislation which contains any anti-abortion language at all.
IMF
Abortion and National Sovereignty: No Compromises
26 January 1998 Texas Straight Talk 26 January 1998 verse 12 ... Cached
The plan which is now being discussed has the Republican Congress voting to approve both new IMF funding and the payment of the phony UN debt, with the President agreeing to watered-down Mexico City language. This is no bargain at all. Obviously, the Mexico City policy is riddled with holes in the first place. Moreover, it is morally repugnant to undermine our nation's integrity by trading votes in this fashion
IMF
Abortion and National Sovereignty: No Compromises
26 January 1998 Texas Straight Talk 26 January 1998 verse 13 ... Cached
Worse still, it now appears that conservative congressmen are willing to water the Mexico City policy down still further in order to get President Clinton to sign legislation which shouldn't exist in the first place. Thus we have Congressional leadership again backing down from President Clinton, giving in to his demand for unrestricted public funding of abortion even while compromising America's sovereignty by providing further taxpayer funds to organizations such as IMF and the United Nations.
IMF
Abortion and National Sovereignty: No Compromises
26 January 1998 Texas Straight Talk 26 January 1998 verse 14 ... Cached
Fortunately many conservative pro-life and pro-sovereignty groups are making it known that they do not support this so-called "compromise." I will vocally oppose any effort to pay even one more penny of US taxpayer dollars to the United Nations or IMF. Although I believe that this "grand deal" has already been struck between the leadership of Congress and the White House I believe it is incumbent upon men and women of conscience to contact their representatives and speak out against this scheme.
IMF
Wrong debate in House 'leadership' race
16 November 1998 Texas Straight Talk 16 November 1998 verse 10 ... Cached
The clashes are over big-government details: the welfare poor versus the welfare rich; a foreign policy of propping up right-wing dictators versus left-wing dictators; a war on poverty or a war on drugs; "protecting" the environment or bailing out the IMF. But in the Halls of Congress, little said and less is done about getting the government out of our lives, out of our wallets and off our land.
IMF
Relations with Russia
31 January 2000 Texas Straight Talk 31 January 2000 verse 8 ... Cached
The Russian bear has never stopped being a ferocious one, and our own policy, which is analogous to continually poking, prodding and otherwise "climbing into the cage" with that bear, is not and has not been in our own best interests. Through the IMF, the World Bank and other such entities we have continued to provide foreign aid to the bear. In doing this we are in essence feeding a very unfriendly entity.
IMF
How Americans are Subsidizing Organized Crime in Russia
06 March 2000 Texas Straight Talk 06 March 2000 verse 4 ... Cached
Organized crime in Russia is a well-known problem. One of the arguments used for not sending IMF funds to Russia was the pervasive corruption throughout their government. As quickly as the funds were appropriated, they were laundered through New York banks and off to a numbered Swiss account - probably with very little actually ever passing through to Moscow. But the proponents of aid won't give up; our tax dollars, they argue, are vital for the successful transition from totalitarianism to democracy. What is generally forgotten is that the process of taking funds from someone who earned them is every bit as morally reprehensible as the corruption that results when sent hither and yon around the world.
IMF
Time To Get Serious With Big Government
17 April 2000 Texas Straight Talk 17 April 2000 verse 6 ... Cached
The World Bank and IMF are not merely a significant drain on U.S. taxpayers and a threat to self-government. They also use the leverage that they purchase with our tax dollars, as a means to force less developed countries to take on new and harmful fiscal, monetary and economic regulations. This serves to leave these countries further impoverished.
IMF
Congress Sends Billions Overseas
23 July 2001 Texas Straight Talk 23 July 2001 verse 12 ... Cached
o $1.4 billion for the IMF and World Bank, which simply make bad loans to questionable governments at U.S. taxpayer expense.
IMF
Argentine Default and the IMF
14 January 2002 Texas Straight Talk 14 January 2002 verse 2 ... Cached
Argentine Default and the IMF
IMF
Argentine Default and the IMF
14 January 2002 Texas Straight Talk 14 January 2002 verse 4 ... Cached
Believe it or not, such an institution exists, and it's called the International Monetary Fund. The IMF is an international organization comprised of member states, much like the UN, that takes your tax dollars and sends them overseas. It's expensive, too, just like the UN, enjoying a $37 billion line of credit provided by American taxpayers.
IMF
Argentine Default and the IMF
14 January 2002 Texas Straight Talk 14 January 2002 verse 5 ... Cached
Why on earth would Congress fund such a lousy scheme? IMF supporters claim the organization exists to fight poverty in developing countries, but the evidence shows otherwise. At best IMF borrowers are governments of countries with little economic productivity; at worst the money ends up in the hands of corrupt dictators. Either way, most recipient nations end up with huge debts that they cannot service, which only adds to their poverty and instability. IMF money ultimately corrupts those countries it purports to help, by keeping afloat reckless political institutions that destroy their own economies.
IMF
Argentine Default and the IMF
14 January 2002 Texas Straight Talk 14 January 2002 verse 6 ... Cached
In truth, Congress funds the IMF because of the corporate interests it subsidizes. The huge multinational banks and corporations love the IMF. Big banks used IMF funds- taxpayer funds- to bail themselves out from billions in losses after the Asian financial crisis. Big corporations obtain lucrative contracts for a wide variety of construction projects funded with IMF loans. It's a familiar game in Washington, with corporate welfare disguised as compassion for the poor.
IMF
Argentine Default and the IMF
14 January 2002 Texas Straight Talk 14 January 2002 verse 7 ... Cached
The recent financial collapse in Argentina provides a perfect example of the folly of IMF "assistance." Although the Argentine economy has been in serious trouble for several years, IMF loans with an incredibly low interest rate of 2.6% kept pouring into the country. According to Congressman Jim Saxton, Chairman of the Joint Economic Committee, this "continued lending over many years sustained and subsidized a bankrupt Argentine economic policy, whose collapse is now all the more serious. The IMF's generous subsidized bailouts lead to moral hazard problems, and enable shaky governments to pressure the IMF for even more funding or risk disaster." Yet unless Congress acts this year, U.S. taxpayers will be forced to pay for even more bad loans to equally unstable countries.
IMF
Argentine Default and the IMF
14 January 2002 Texas Straight Talk 14 January 2002 verse 8 ... Cached
The IMF was a bad idea from the very beginning- economically, constitutionally, and morally. There is no justification for taxing working Americans so the federal government can bail out foreign leaders and Wall Street. Participation in the IMF costs us billions every year, billions that should be returned to taxpayers. Hopefully the Argentine debacle will cause Congress to rethink our foolish participation in the IMF.
IMF
Your Taxes Fund South American Bailout
12 August 2002 Texas Straight Talk 12 August 2002 verse 3 ... Cached
This money, we are told, is just a "bridge loan" to give Uruguay a little breathing room until it receives its next cash infusion from the International Monetary Fund. In other words, the plan for Uruguay is to pay off one loan by getting a bigger loan, like a hapless spendthrift using one credit card to pay off another. What’s worse is that American taxpayers already fund the IMF with a $37 billion line of credit, so Uruguay will be paying us back with our own money! The same goes for Brazil, which just received a record $30 billion from the IMF to deal with its own looming bank collapse.
IMF
The IMF Con
27 September 2004 Texas Straight Talk 27 September 2004 verse 1 ... Cached
The IMF Con
IMF
The IMF Con
27 September 2004 Texas Straight Talk 27 September 2004 verse 4 ... Cached
The IMF provides a perfect illustration of the both the folly of foreign aid and the real motivations behind it. The IMF touts itself as a bank of sorts, although it makes “loans” that no rational bank would consider-- mostly to shaky governments with weak economies and unstable currencies. The IMF has little incentive to operate profitably like a private bank, since its funding comes mostly from a credulous US Congress that demands little accountability. As a result, it is free to make high-risk loans at below- market interest rates.
IMF
The IMF Con
27 September 2004 Texas Straight Talk 27 September 2004 verse 5 ... Cached
The real purpose of the IMF is to channel tax dollars to politically-connected companies. The huge multinational banks and corporations in particular love the IMF, as both used IMF funds-- taxpayer funds-- to bail themselves out from billions in losses after the Asian financial crisis. Big corporations obtain lucrative contracts for a wide variety of construction projects funded with IMF loans. It's a familiar game in Washington, where corporate welfare is disguised as compassion for the poor.
IMF
The IMF Con
27 September 2004 Texas Straight Talk 27 September 2004 verse 6 ... Cached
In fact, IMF loans often do far more harm than good. At best IMF borrowers are governments of countries with little economic productivity; at worst the money ends up in the hands of corrupt dictators. Either way, most recipient nations face huge debts they cannot service, which only adds to their poverty and instability. IMF money ultimately corrupts those countries it purports to help, by keeping afloat reckless political institutions that destroy their own economies.
IMF
The IMF Con
27 September 2004 Texas Straight Talk 27 September 2004 verse 7 ... Cached
Government-to-government transfers through a middleman like the IMF cannot produce real growth. When capital remains in private hands, it is allocated to its most productive uses as determined by the choices of consumers in the market. Placing capital in the hands of politicians and bureaucrats inevitably results in inefficiencies, shortages, and economic crises, as even the best-intentioned politicians cannot know the most efficient use of resources.
IMF
The IMF Con
27 September 2004 Texas Straight Talk 27 September 2004 verse 8 ... Cached
American taxpayers already lend various governments more than $5 billion annually through the IMF, at a yearly cost of over $300 million because of loan defaults and subsidized interest rates. Now the IMF wants to double its pool of funding, which will put taxpayers on the hook for $12 billion in loans at a cost of about $750 million each year. Furthermore, since the IMF creates “drawing rights” accounts that are redeemable in US dollars, it in essence prints US dollars when it increases those drawing rights. This is a clear violation of our national sovereignty, and a vivid example of why we should stop participating in international schemes like the IMF altogether.
IMF
The IMF Con
27 September 2004 Texas Straight Talk 27 September 2004 verse 9 ... Cached
The IMF and other complex schemes only serve to obscure the real issue: Why should US taxpayers be forced to send money abroad? Certainly the Constitution provides no authority for foreign aid. In historical and practical terms, redistribution of wealth from rich to poor nations has done little or nothing to alleviate suffering abroad. Only free markets, property rights, and the rule of law can create the conditions necessary to lift poor nations out of poverty.
IMF
NeoCon Global Government
13 June 2005 Texas Straight Talk 13 June 2005 verse 8 ... Cached
This new policy is given teeth by creating a “Peacebuilding Commission,” which will serve as the implementing force for the internationalization of what were formerly internal affairs of sovereign nations. This Commission will bring together UN Security Council members, major donors, major troop contributing countries, appropriate United Nations organizations, the World Bank, and the International Monetary Fund among others. This new commission will create the beginning of a global UN army. It will claim the right to intervene in any conflict anywhere on the globe, bringing the World Bank and the IMF formally into the picture as well. It is a complete new world order, but undertaken with the enthusiastic support of many of those who consider themselves among the most strident UN critics.
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.