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Ron Paul's speech this morning on the bailout 9/29/08
Dr. Paul’s House floor remarks on the bailout
September 29th, 2008 by Matt Hawes
Dr. Paul gave a quick speech on the House floor this morning concerning the bailout. Due to the nature of the debate today, he didn’t have time to read his full remarks, which were put into the congressional record and are featured below:
The process of this bailout reminds me of a panic-stricken swimmer thrashing in the water only making his situation worse. Even a “bipartisan deal”—whatever that is supposed to mean— will not stop the Congress from thrashing about.
The beneficiaries of the corrupt monetary system of the last three decades are now desperately looking for victims to stick with the bill after they have reaped decades of profit and privilege.
The difficulties in our economy will continue because the Legislative and the Executive branches have not yet begun to address the real problems. The housing bubble’s collapse, as was the Dot Com bubble’s collapse, was predictable and is merely a symptom of the monetary system that brought us to this point.
Indeed, we do face a major crisis but it is much bigger than the freezing up of Wall Street and dealing with worthless assets on the books of major banks. The true crisis is the pending collapse of the fiat dollar system that emerged after the breakdown of the Bretton Woods agreement in 1971.
For 37 years the world built a financial system based on the dollar as the reserve currency of the world in an attempt to make the dollar serve as the new standard of value. However since 1971, the dollar has had no intrinsic value, as it is not tied to gold. The dollar is simply a fiat currency, which has fluctuated in value on a daily, if not hourly, bias. This worked to some degree until the market realized that too much debt and malinvestment existed and a correction was required.
Because of our economic and military strength, compared to other countries, trust in America’s currency lasted longer than deserved. This resulted in the biggest worldwide economic distortion in all of history. The problem is much bigger than the fears of a temporary decline on Wall Street if the bailout is not agreed to.
Money’s most important function is to serve as a means of exchange—a measurement of value. If this crucial yardstick is not stable, it becomes impossible for investors, entrepreneurs, savers, and consumers to make correct decisions; these mistakes create the bubble that must eventually be corrected.
Just imagine the results if a construction company was forced to use a yardstick whose measures changed daily to construct a skyscraper. The result would be a very unstable and dangerous building. No doubt the construction company would try to cover up their fundamental problem with patchwork repairs, but no amount of patchwork can fix a building with an unstable inner structure. Eventually, the skyscraper will collapse, forcing the construction company to rebuild—hopefully this time with a stable yardstick. This 700 billion package is more patchwork repair and will prove to be money down a rat hole and will only make the dollar crisis that much worse.
But what politicians are willing to say that the financial “skyscraper”—the global financial and monetary system-is a house of cards. It is not going to happen at this juncture. They’re not even talking about this. They talk only of bailouts, more monetary inflation, more special interest spending, more debt, and more regulations. There is almost no talk of the relationship of the Community Reinvestment Act, HUD, and government assisted loans to the housing bubble. And there is no talk of the oversight that is desperately needed for the Federal Reserve, the Exchange Stabilization Fund, and all the activities of the President’s Working Group on financial markets. When these actions are taken we will at last know that Congress is serious about the reforms that are really needed.
In conclusion, there are three good reasons why Congress should reject this legislation:
a. It is immoral—Dumping bad debt on the innocent taxpayers is an act of theft and is wrong.
b. It is unconstitutional—There is no constitutional authority to use government power to serve special interests.
c. It is bad economic policy—By refusing to address the monetary system while continuing to place the burdens of the bailout on the dollar, we can be certain that in time, we will be faced with another, more severe crisis when the market figures out that there is no magic government bailout or regulation that can make a fraudulent monetary system work.
Monetary reform will eventually come, but, unfortunately, Congress’ actions this week make it more likely the reform will come under dire circumstances, such as the midst of a worldwide collapse of the dollar. The question then will be how much of our liberties will be sacrificed in the process. Just remember what we lost in the aftermath of 9-11.
The best result we can hope for is that the economic necessity of getting our fiscal house in order will, at last, force us to give up our world empire. Without the empire we can then concentrate on rebuilding the Republic.
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I fear that congress saw the outcries from their constituency as a vote against "this" specific form of a bailout, and not against a "bailout" of ANY kind!
When will people stop seeing DC as the solution? For me - this is the central, foundational issue... And RP taps into it perfectly when he mentions:
"But what politicians are willing to say that the financial “skyscraper”—the global financial and monetary system-is a house of cards. It is not going to happen at this juncture. They’re not even talking about this. They talk only of bailouts, more monetary inflation, more special interest spending, more debt, and more regulations. There is almost no talk of the relationship of the Community Reinvestment Act, HUD, and government assisted loans to the housing bubble. And there is no talk of the oversight that is desperately needed for the Federal Reserve, the Exchange Stabilization Fund, and all the activities of the President’s Working Group on financial markets. When these actions are taken we will at last know that Congress is serious about the reforms that are really needed."
Man oh man. We have never had a politician in our lifetime that was 100% as Ron Paul is now.
What a speech. Bravo. If Divide and others cant see the point after reading this it just goes to further prove why a man like Ron Paul will never be given the office to fix this country.
__________________
Goal for 2008: Half as many penalties.
Man oh man. We have never had a politician in our lifetime that was 100% as Ron Paul is now.
What a speech. Bravo. If Divide and others cant see the point after reading this it just goes to further prove why a man like Ron Paul will never be given the office to fix this country.
Partisan politics get in the way... How many times have you heard "it's all Bush's fault!!"
RP has clearly spelled out "the fault" time and time again... If only people would listen...
Partisan politics get in the way... How many times have you heard "it's all Bush's fault!!"
RP has clearly spelled out "the fault" time and time again... If only people would listen...
Bush was the final dimitted nail in the coffin. His empire building, nation building on the backs of the taxpayer and the continuous printing of the dollar to pay for his illogic was the boulder that broke the camels back.
Dont worry 82 in 12 months youll be on here saying its all Obamas fault
__________________
Goal for 2008: Half as many penalties.
Bush was the final dimitted nail in the coffin. His empire building, nation building on the backs of the taxpayer and the continuous printing of the dollar to pay for his illogic was the boulder that broke the camels back.
Dont worry 82 in 12 months youll be on here saying its all Obamas fault
Oh - I totally agree that from a spending perspective, Bush has been as guilty as anyone...
And should Obama step in and continue the spending spree, he too will be nothing more than yet another guilty contributor to this mess...
Oh - I totally agree that from a spending perspective, Bush has been as guilty as anyone...
And should Obama step in and continue the spending spree, he too will be nothing more than yet another guilty contributor to this mess...
At least he will spend it on us while McCain will continue the empire building.
Bring all the troops home from everywhere in the world: Korea, Germany, Bosnia, Egypt, Iraq, Afghanistan, Japan, Phillipeans, Italy etc etc etc
__________________
Goal for 2008: Half as many penalties.
Let's hope Ron Paul is still interested in running in 2012.
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People of Mars, you say we are brutes and savages. But let me tell you one thing: if I could get loose from this cage you have me in, I would tear you guys a new Martian ***hole. You say we are violent and barbaric, but has any one of you come up to my cage and extended his hand? Because, if he did, I would jerk it off and eat it right in front of him. “Mmm, that’s good Martian,” I would say. - Jack Handey
The measure of one's individual liberty is proportionate to their acceptance of personal responsibility. Without the latter the former will cease to exist.
Sorry I couldn't get the link to work. What's Paul's proposal now that the bill failed?
how is he suggesting the country solve the problem now.
A) Don't look to the same people who caused the problem to save the problem
B) Don't blame free-market economics; it's a special interest problem, not true deregulation
C) Don't worry about pumping more money into the system, worry about taking care of the dollar.
He only had two minutes, but what went unsaid is that our money means nothing if the government continues to just print it. We need to have meaningful monetary reform, and that means a gold-backed dollar.
__________________ America cannot have an empire abroad and a Republic at home.
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