U.S. Rep. Ron Paul | monetary standard |
monetary standard
New Global Economic Plan
9 October 1998 1998 Ron Paul 117:3
Fluctuating fiat currencies, no matter how inefficient as compared to a world commodity monetary standard, function solely because exchange rates are allowed to fluctuate and currency movements across borders are freely permitted as capital seeks the most efficient market. This process provides an indication when host countries need to improve monetary and fiscal policy.
monetary standard
A Republic, If You Can Keep It – Part 2
2 February 2000 2000 Ron Paul 5:71
We find ourselves at the close of this century realizing all our standards have been undermined. A monetary standard for our money is gone. The dollar is whatever the government tells us it is. There is no definition and no promise to pay anything for the notes issued ad infinitum by the government. Standards for education are continually lowered, deemphasizing excellence. Relative ethics are promoted and moral absolutes are ridiculed. The influence of religion on our standards is frowned upon and replaced by secular humanistic standards. The work ethic has been replaced by a welfare ethic based on need, not effort. Strict standards required for an elite military force are gone and our lack of readiness reflects this.
monetary standard
Paper Money and Tyranny
September 5, 2003 2003 Ron Paul 93:49
A paper monetary standard means there are no restraints on the printing press or on federal deficits. In 1971, M3 was $776 billion; today it stands at $8.9 trillion, an 1100% increase. Our national debt in 1971 was $408 billion; today it stands at $6.8 trillion, a 1600% increase. Since that time, our dollar has lost almost 80% of its purchasing power. Common sense tells us that this process is not sustainable and something has to give. So far, no one in Washington seems interested.
monetary standard
Paper Money and Tyranny
September 5, 2003 2003 Ron Paul 93:68
Alan Greenspan, although once a strong advocate for the gold standard, now believes he knows what the outcome of this battle will be. Is it just wishful thinking on his part? In an answer to a question I asked before the Financial Services Committee in February 2003, Chairman Greenspan made an effort to convince me that paper money now works as well as gold: “I have been quite surprised, and I must say pleased, by the fact that central banks have been able to effectively simulate many of the characteristics of the gold standard by constraining the degree of finance in a manner which effectively brought down the general price levels.” Earlier, in December 2002, Mr. Greenspan spoke before the Economic Club of New York and addressed the same subject: “The record of the past 20 years appears to underscore the observation that, although pressures for excess issuance of fiat money are chronic, a prudent monetary policy maintained over a protracted period of time can contain the forces of inflation.” There are several problems with this optimistic assessment. First, efficient central bankers will never replace the invisible hand of a commodity monetary standard. Second, using government price indexes to measure the success of a managed fiat currency should not be reassuring. These indexes can be arbitrarily altered to imply a successful monetary policy. Also, price increases of consumer goods are not a litmus test for measuring the harm done by the money managers at the Fed. The development of overcapacity, excessive debt, and speculation still occur, even when prices happen to remain reasonably stable due to increases in productivity and technology. Chairman Greenspan makes his argument because he hopes he’s right that sound money is no longer necessary, and also because it’s an excuse to keep the inflation of the money supply going for as long as possible, hoping a miracle will restore sound growth to the economy. But that’s only a dream.
monetary standard
A Wise Consistency
February 11, 2004 2004 Ron Paul 2:10
Free Trade Fraud—Neo-mercantilism : Virtually all economists are for free trade. Even the politicians express such support. However, many quickly add, “Yes, but it should be fair.” That is, free trade is fine unless it appears to hurt someone. Then a little protectionism is warranted, for fairness sake. Others who claim allegiance to free trade are only too eager to devalue their own currencies, which harms a different group of citizens — like importers and savers — in competitive devaluations in hopes of gaining a competitive edge. Many so-called free-trade proponents are champions of international agreements that undermine national sovereignty and do little more than create an international bureaucracy to manage tariffs and sanctions. Organizations like NAFTA, WTO, and the coming FTAA are more likely to benefit the powerful special interests than to enhance true free trade. Nothing is said, however, about how a universal commodity monetary standard would facilitate trade, nor is it mentioned how unilaterally lowering tariffs can benefit a nation. Even bilateral agreements are ignored when our trade problems are used as an excuse to promote dangerous internationalism.
monetary standard
What To Do About Soaring Oil Prices
2 May 2006 2006 Ron Paul 32:9
Exploding deficits due to runaway entitlement spending and the cost of dangerous militarism create pressure for the Fed to inflate the money supply. This contributes greatly to the higher prices we all claim to oppose. If we want to do something about gas prices, we should demand and vote for greatly reduced welfare and military spending, a balanced budget, and fewer regulations that interfere with the market development of alternative fuels. We also should demand a return to a sound commodity monetary standard. All subsidies and special benefits to energy companies should be ended; and, in the meantime, let’s eliminate Federal gas taxes at the pump.
monetary standard
The Maestro Changes his Tune
21 February 2005 Texas Straight Talk 21 February 2005 verse 3 ... Cached
Nearly 40 years ago, Federal Reserve chair Alan Greenspan wrote persuasively in favor of a gold monetary standard in an essay entitled Gold and Economic Freedom. In that essay he neatly summarized the fundamental problem with fiat currency in a few short sentences: “The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit… In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value… Deficit spending is simply a scheme for the ‘hidden’ confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.”
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.