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[ThatHawaiiGuy]

CONGRESSMAN RON PAUL: A STATESMAN FOR ALL SEASONS

By: Murray Sabrin

Last Friday on the floor of the House of Representatives Congressman Ron Paul of Texas gave a one-hour speech. What was so remarkable about Dr. Paul's speech was not its length but its content. He spelled out in great detail the inevitable negative consequences of paper money, the current monetary system of the United States and the other nation-states of the world.


Speech is here: http://www.lewrockwell.com/paul/paul124.html


Dr. Paul has been warning his fellow congressman and congresswomen for more than two decades about the Federal Reserve's destabilizing impact on the U.S. economy. So far, his warnings have fallen on deaf ears. Dr. Paul's colleagues may begin to take seriously his critique of the FED soon, because the proverbial chickens are coming home to roost.


The United States Government and the Federal Reserve are conducting the most inflationary policies in the history of the Republic. The federal budget is growing greater than personal income and population growth, and the deficit for this fiscal year, which ends on September 30th, may exceed $500 billion. Total spending is running at a $2.2 trillion annual rate. Next year's budget deficit may reach at least $600 billion.

On the monetary front, the Federal Reserve has pushed short-term rates to 1%, well below the inflation rate and "real rate" of interest, effectively "robbing" individuals of a real return on their savings. The FED's unlimited checking account gives it the power to create money out of thin air, in effect, having a legal monopoly to print money. The inevitable consequences of the FED's legalized counterfeiting have been the business cycle, stock market bubbles, runaway housing prices, increasing unemployment, rampant speculation, increasing bankruptcies, and big government at home and military interventionism abroad.

With such a track record, one would think members of Congress, the "people's" representative body, would question the need for the FED and hold its chairman Alan Greenspan and his board accountable for the economic and financial wreckage they have caused. Instead, FED chairman Alan Greenspan is treated like a god when he testifies in Congress. What's going on here?

There are three explanations. Members of Congress are ill informed about the effects of monetary policy. Virtually all of them have been taught that the FED is necessary to promote "economic growth"--one of the great economic fallacies of the ages. Print money and reap the benefits of prosperity! So, in other words, Africa is in the economic pits because their central bankers have failed to crank up the printing presses. What nonsense.

Congressman Paul has educated his colleagues with his speech on September 5th, thus the people's representatives now have no excuse for not understanding how the FED destabilizes the economy.

Second, members of Congress could be as dumb as nails. Congressman Paul has been criticizing the Federal Reserve since he first entered Congress more than 25 years ago. He is co-author of The Case for Gold, the 1982 Gold Commission's minority report, which outlines the monetary and banking history of the United States, and the effects of fiat money on the economy. Dr. Paul's analysis of the FED has been in the public record for two decades. Members of Congress should read Dr. Paul's and Lewis Lehrman's report and they can judge for themselves if paper money is compatible with freedom, sustainable prosperity, and peaceful international relations. If they still "don't get it", it will confirm what some of have said about the intelligence of our congresspersons--they are on the left side of the bell curve.

Lastly, members of Congress could know exactly what is happening, but they are unwilling to buck the FED, knowing the FED's enormous power and influence could destroy their political careers. In other words, members of Congress are unwillingly to challenge the FED's nefarious activities, because they would rather play ball with Greenspan and Company so they could keep their cushy jobs, perks, and pensions.

Please Read Congressman Paul's September 5th speech and then send it your representative and two senators. If they still support the FED after reading Dr. Paul's systematic analysis about the pernicious effect of paper money, we can conclude they are dumb, afraid, or bought and paid for by the political establishment.

We need more statesmen like Dr. Ron Paul to expose the great lies of the Welfare-Warfare State. Dr. Paul is working hard for all the American people who love liberty. That's why he is a statesman for not only our era but for all the ages.




"Published originally at EtherZone.com : republication allowed with this notice and hyperlink intact."

http://www.etherzone.com/2003/sabr090903.shtml