On Wednesday, Ron Paul discussed the moral hazard caused by government interference in the market during his opening statement in the Financial Services Committee hearing on “Monetary Policy and the State of the Economy.”
The speech brings joy to my heart. Telling the truth is how evil will be conquered!
I saw and captured the last 10 minutes of Ron Paul’s speech and he talked boldly. There could be 10 to 15 minutes of him speaking that I don’t have here. So post a link to the full version or search for it yourself.
In this follow up to his 2008 speech predicting the economic crisis, Congressman Paul argues that we are by no means free of the crisis, and he examines what lies ahead for our nation if we do not abandon the establishment’s failed way of thinking and pursue liberty.
The ideas of Austrian Economics continue to spread! Forward the rEVOLution!
Here is an expert from the article, Ron Paul’s ideas no longer fringe, posted in the LA Times on January 1st, 2009:
For three decades, Texas congressman and former presidential candidate Ron Paul’s extreme brand of libertarian economics consigned him to the far fringes even among conservatives. Not a few times, his views put him on the losing end of 434-1 votes on Capitol Hill.
No longer. With the economy still struggling and political divisions deepening, Paul’s ideas are not only gaining a wider audience but also are helping to shape a potentially historic battle over economic policy — a struggle that will affect everything including jobs, growth and the nation’s place in the global economy.
Already, Paul’s long-derided proposal to give Congress supervisory power over the traditionally independent Federal Reserve appears to be on its way to becoming law. His warnings on deficits and inflation are now Republican mantras.
Read the rest of the article: Ron Paul’s ideas no longer fringe
Russia Today talks to Congressman Ron Paul about why he opposes both Obama’s and his own party’s support for the war in Afghanistan, why he wants to abolish the Fed. and what is Paul’s recent Free Competition in Currency Act of 2009″.
Listen to Ron Paul read the below text on this YouTube video:
The Fed’s Money Monopoly
Posted by Ron Paul (12-14-2009, 12:14 PM)
Last week, in the name of protecting the little guy from Wall Street, the House passed HR 4173 to increase the little guy’s false sense of security in the financial system. This mammoth piece of legislation would massively increase government regulation and oversight in the banking industry under the misguided reasoning that more government could have stopped faulty lending practices, when in actuality it caused them. This bill would also greatly increase the powers of the Federal Reserve, which too many in Congress still see as savior rather than perpetrator in this mess.
One silver lining is that the amendment to audit the Fed is still attached to the bill, and if it survives the Senate, the Fed will no longer operate in secrecy. If any version of HR 4173 becomes law, the Fed will be intervening and bailing out more rather than less, as it will gain enormous new powers in addition to those it already has. Whatever happens, the Fed and its defenders have seen that people are becoming very wary of its methods of operation, and many are downright angry at its very existence. Never again will the Fed be immune from the scrutiny of its critics. This is very positive.
Because of legal tender laws that force acceptance of the dollar, the Fed has absolute power over the currency. This absolute power is leading to the absolute corruption of our currency. The money supply has doubled in the last year or so, which is extremely dangerous. The banks seem to be hoarding liquidity now but once these dollars make their way into the economy, hyperinflation and economic chaos will be a real possibility.
Every time hyperinflation rips through an economy, the middle class gets completely wiped out. It is very alarming to watch the purchasing power of an entire life savings reduced to that of a few pennies. Those savings represent years of real labor, real time, effort and sacrifice exchanged for corruptible pieces of paper that politicians and bankers can destroy at whim.
Legal tender laws force the people to become subject to this risk for the benefit of the rulers. Artificial demand for currency allows the authorities to create arbitrary amounts of it to pay for wasteful projects, like frivolous wars and an ever-expanding public sector. This saps the private economy of jobs and purchasing power, yet the temptation proves too great for politicians, time and time again. Our government is no different. Although our dollar has taken nearly a century to lose 98% its purchasing power, the fact that we are all obliged to participate in this slow burn of the economy on pain of imprisonment is anathema to the principles of liberty.
I introduced the Free Competition in Currency Act last week to free the people from these governmental threats. HR 4248 would repeal legal tender laws, prohibit taxation on certain coins and bullion, and repeal certain laws related to coinage. The prospect of people turning away from the dollar towards alternate currencies should provide incentive for Congress to regain control of the dollar and halt its downward spiral. Restoring soundness to the dollar will remove the government’s ability and incentive to inflate the currency and keep us from launching unconstitutional wars that burden our economy to excess. With a sound currency, everyone is better off, not just those who control the monetary system.
Video provided by YouTube user trinitytexas77.
Part 1
Part 2
Scenes from when I first arrived at the rally in front of the Denver branch of the Federal Reserve.
Video 1 of 4 (scroll down for more videos)
Andrew G. Eggleston Sr., Colorado’s organizer for The Liberty Coalition explains the goals of his group.
Thoughts from some of the rally’s participants.
More thoughts from some of the rally’s participants.
To see videos of other End the Fed events across the country visit this thread at RonPaulForums.com.
