We should’ve elected Ron Paul

Ron Paul knows economics.  He knows how the free market system is supposed to work.  I say “supposed to” because we haven’t had a free market system in the US for almost 100 years.

And yet people say the dumbest things, like “this proves the free market system doesn’t work without regulation” and “we need more regulation of the banks” like they have a clue what they’re talking about.

Yes, this rant has a point.  I’ll get there.

As a country, we have now spent over $3 trillion on bailing out idiots – both individual and corporate – with absolutely nothing to show for it.  Now Obama is saying that any delay in passing his almost $900,000,000,000 bailout plan is “inexcusable and irresponsible“.

Please look at the balloon tags on the right of this web page.  By far the largest (which shows that it’s been used more than any other tag) is “Bush is an idiot”.  I’ve made dozens of posts where I detail why Bush sucked as President.  I wanted to mention that before I get flamed by Obamaniacs saying that I’m a pissed off Republican.

I’m not.  I’m a pissed off US Citizen who can’t believe that this is the path that people of our country want to go down.  I wonder whatever happened to individual responsibility.  I wonder whatever happened to the free market economy.  I wonder if we can ever eliminate the thousands of areas of government interference in our daily lives.  I wonder if we can ever again have a federal government that governs within the rules set forth in the Constitution – no more, no less.

I wonder all this because I happened upon the text of a speech tonight.  It’s a speech that Ron Paul made on the floor of the US House of Representatives on February 3rd, just 3 short days ago.  None of it is new – Dr. Paul has been talking about it for years – but I think it speaks to the problems we are facing today (Feb 6th, 2009) better than any blatant pandering by Obama or the Republicans.

His speech is available online here, but I’m going to quote it in it’s entirety because it’s part of the public record, and I support what he says 100%.   I fear that it’ll be a cold day in hell before anything Ron Paul proposes is adopted into law, but who knows – maybe one day the people of this country will wake up and demand a real solution – not simply rhectoric and irresponsible spending.

Here’s the speech.  Enjoy!


Statement of Congressman Ron Paul

United States House of Representatives

Statement on Federal Reserve Board Abolition Act February 3, 2009

Madame Speaker, I rise to introduce legislation to restore financial stability to America’s economy by abolishing the Federal Reserve. Since the creation of the Federal Reserve, middle and working-class Americans have been victimized by a boom-and-bust monetary policy. In addition, most Americans have suffered a steadily eroding purchasing power because of the Federal Reserve’s inflationary policies. This represents a real, if hidden, tax imposed on the American people.

From the Great Depression, to the stagflation of the seventies, to the current economic crisis caused by the housing bubble, every economic downturn suffered by this country over the past century can be traced to Federal Reserve policy. The Fed has followed a consistent policy of flooding the economy with easy money, leading to a misallocation of resources and an artificial “boom” followed by a recession or depression when the Fed-created bubble bursts.

With a stable currency, American exporters will no longer be held hostage to an erratic monetary policy. Stabilizing the currency will also give Americans new incentives to save as they will no longer have to fear inflation eroding their savings. Those members concerned about increasing America’s exports or the low rate of savings should be enthusiastic supporters of this legislation.

Though the Federal Reserve policy harms the average American, it benefits those in a position to take advantage of the cycles in monetary policy. The main beneficiaries are those who receive access to artificially inflated money and/or credit before the inflationary effects of the policy impact the entire economy. Federal Reserve policies also benefit big spending politicians who use the inflated currency created by the Fed to hide the true costs of the welfare-warfare state. It is time for Congress to put the interests of the American people ahead of special interests and their own appetite for big government.

Abolishing the Federal Reserve will allow Congress to reassert its constitutional authority over monetary policy. The United States Constitution grants to Congress the authority to coin money and regulate the value of the currency. The Constitution does not give Congress the authority to delegate control over monetary policy to a central bank. Furthermore, the Constitution certainly does not empower the federal government to erode the American standard of living via an inflationary monetary policy.

In fact, Congress’ constitutional mandate regarding monetary policy should only permit currency backed by stable commodities such as silver and gold to be used as legal tender. Therefore, abolishing the Federal Reserve and returning to a constitutional system will enable America to return to the type of monetary system envisioned by our nation’s founders: one where the value of money is consistent because it is tied to a commodity such as gold. Such a monetary system is the basis of a true freemarket economy.

In conclusion, Mr. Speaker, I urge my colleagues to stand up for working Americans by putting an end to the manipulation of the money supply which erodes Americans’ standard of living, enlarges big government, and enriches well-connected elites, by cosponsoring my legislation to abolish the Federal Reserve.

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