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| 39 of 39 results found for - "Ron Paul" | [Quote No.29691] Need Area: Mind > Learn
"The only thing we learn from history, I am afraid, is that we [as a group] do not learn from history." - Dr. Ron Paul
US Congressman, Texas District 14
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| [Quote No.32722] Need Area: Body > Exercise
"[Self-Defence and Martial Arts:] The most important element of a free society, where individual rights are held in the highest esteem, is the rejection of the initiation of violence. All initiation of force is a violation of someone else’s rights, whether initiated by an individual or the state, for the benefit of an individual or group of individuals, even if it’s supposed to be for the benefit of another individual or group of individuals. Legitimate use of violence can only be that which is required in self-defense." - Ron Paul
U.S. Congressman, (Republican) Texas
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| [Quote No.27638] Need Area: Money > Tax
"Inflating is immoral in a sense because it steals. It steals value if you double the money supply and your prices go up twice as much...it's an invisible hidden tax." - Ron Paul
Texas Congressman and Republican candidate for President.
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| [Quote No.36031] Need Area: Money > Tax
"All government spending represents a tax. The inflation tax, while largely ignored, hurts middle-class and low-income Americans the most. Simply put, printing money to pay for federal spending dilutes the value of the dollar, which causes higher prices for goods and services. Inflation may be an indirect tax, but it is very real — the individuals who suffer most from cost of living increases certainly pay a 'tax.'
Unfortunately no one in Washington, especially those who defend the poor and the middle class, cares about this subject. Instead, all we hear is that tax cuts for the rich are the source of every economic ill in the country. Anyone truly concerned about the middle class suffering from falling real wages, under-employment, a rising cost of living, and a decreasing standard of living should pay a lot more attention to monetary policy. Federal spending, deficits, and Federal Reserve mischief hurt the poor while transferring wealth to the already rich [because they own more assets that rise with inflation]. This is the real problem, and raising taxes on those who produce wealth will only make conditions worse.
Borrowing money to cut the deficit is only marginally better than raising taxes. It may delay the pain for a while, but the cost of government eventually must be paid. Federal borrowing means the cost of interest is added, shifting the burden to a different group than those who benefited and possibly even to another generation. Eventually borrowing is always paid for through taxation.
The third option is for the Federal Reserve to create credit to pay the bills Congress runs up. Nobody objects, and most Members hope that deficits don't really matter if the Fed accommodates Congress by creating more money [euphemistically called 'quantitative easing']. Besides, interest payments to the Fed are lower than they would be if funds were borrowed from the public, and payments can be delayed indefinitely merely by creating more credit out of thin air to buy U.S. treasuries. No need to soak the rich. A good deal, it seems, for everyone. But is it?
The 'tax' is paid when prices rise as the result of a depreciating dollar. Savers and those living on fixed or low incomes are hardest hit as the cost of living rises. Low- and middle-incomes families suffer the most as they struggle to make ends meet while wealth is literally transferred from the middle class to the wealthy [as inflation drives up the nominal value of their assets]. Government officials stick to their claim that no significant inflation exists, even as certain necessary costs are skyrocketing and incomes are stagnating.
The transfer of wealth comes as savers and fixed-income families lose purchasing power, large banks benefit, and corporations receive plush contracts from the government — as is the case with military contractors. These companies use the newly printed money before it circulates, while the middle class is forced to accept it at face value later on. This becomes a huge hidden tax on the middle class, many of whom never object to government spending in hopes that the political promises will be fulfilled and they will receive some of the goodies. But surprise — it doesn't happen. The result instead is higher prices for prescription drugs, energy, and other necessities. The freebies never come.
The moral of the story is that spending is always a tax. The inflation tax, though hidden, only makes things worse. Taxing, borrowing, and inflating...in an effort to pay for profligate government spending, can never make a nation wealthier. But it certainly can make it poorer." - Dr. Ron Paul
Doctor and Republican member of the US Congress from Texas, July 18, 2006.
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| [Quote No.44515] Need Area: Money > Tax
"When the federal government spends more each year
than it collects in tax revenues, it has three choices:
It can raise taxes, print money, or borrow money.
While these actions may benefit politicians,
all three options are bad for average Americans." - Ron Paul
US Congressman
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| [Quote No.47142] Need Area: Money > Tax
"You cannot tax people and businesses to the point of near slavery and expect them to keep producing." - Ron Paul
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| [Quote No.61918] Need Area: Money > Tax
"The theory of the IRS [US Internal Revenue Service which collects US taxes] is rather repugnant to me because the assumption is made that I, the government, owns 100% of your income and I permit you to keep 5%, 10% or 20%. You're vulnerable, you've sold out. The government can take 80% if they want, which they did at one time." - Dr. Ron Paul
(1935 - ) American physician, US Congressman (R-TX), US Presidential candidate. Source: Candidates@Google interview, July 13, 2007.
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| [Quote No.29861] Need Area: Money > Invest
"The [U.S.] government’s [low interest rate monetary] policy [is creating] a short-term boom in housing. Like all artificially-created bubbles, the boom in housing prices cannot last forever. When housing prices fall, homeowners will experience difficulty as their equity is wiped out. Furthermore, the holders of the mortgage debt will also have a loss. These losses will be greater than they would have otherwise been had government policy not actively encouraged over-investment in housing. Perhaps the Federal Reserve can stave off the day of reckoning by purchasing GSE debt and pumping liquidity into the housing market, but this cannot hold off the inevitable drop in the housing market forever. In fact, postponing the necessary but painful market corrections will only deepen the inevitable fall." - Ron Paul
U.S. Congressman in 2002. [The housing bubble eventually broke in 2006-9 as the subprime loan debacle, credit crisis, stock market crash of 2008 and the recession that followed.
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| [Quote No.31087] Need Area: Money > Invest
"This week the House is expected to pass an $825 billion economic stimulus package. In reality, this bill is just an escalation of a government-created economic mess. As before, a sense of urgency and impending doom is being used to extract mountains of money from Congress with minimal debate... There is a lot of stimulus and growth in this bill – that is, of government. Nothing in this bill stimulates the freedom and prosperity of the American people. Politician-directed spending is never as successful as market-driven investment. Instead of passing this bill, Congress should get out of the way by cutting taxes, cutting spending, and reining in the reckless monetary policy of the Federal Reserve." - Ron Paul
U.S. Congressman [Republican - Texas]. Quoted January 26th, 2009.
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| [Quote No.40225] Need Area: Money > Invest
"The government’s policy [is creating] a short-term boom in housing. Like all artificially-created bubbles, the boom in housing prices cannot last forever. When housing prices fall, homeowners will experience difficulty as their equity is wiped out. Furthermore, the holders of the mortgage debt will also have a loss. These losses will be greater than they would have otherwise been had government policy not actively encouraged over-investment in housing. Perhaps the Federal Reserve can stave off the day of reckoning by purchasing GSE debt and pumping liquidity into the housing market, but this cannot hold off the inevitable drop in the housing market forever. In fact, postponing the necessary but painful market corrections will only deepen the inevitable fall." - Ron Paul
Doctor and US Republican Congressman for Texas. Quote from 'Government Mortgage Schemes Distort the Housing Market', 16 July 2002. The housing market started imploding in 2005 and in 2008 it caused the greatest share market crash since the Great Depression.
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| [Quote No.45365] Need Area: Money > Invest
"A system of capitalism presumes sound money, not fiat money manipulated by a central bank. Capitalism cherishes voluntary contracts and interest rates that are determined by savings, not credit creation by a central bank." - Ron Paul
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| [Quote No.30863] Need Area: Money > General
"Capitalism should not be condemned [due to the scandal of Enron, etc], since we haven't had capitalism. A system of capitalism presumes sound money, not fiat money manipulated by a central bank. Capitalism cherishes voluntary contracts and interest rates that are determined by savings, not credit creation by a central bank. It's not capitalism when the system is plagued with incomprehensible rules regarding mergers, acquisitions, and stock sales, along with wage controls, price controls, protectionism, corporate subsidies, international management of trade, complex and punishing corporate taxes, privileged government contracts to the military-industrial complex, and a foreign policy controlled by corporate interests and overseas investments. Add to this centralized federal mismanagement of farming, education, medicine, insurance, banking and welfare. This is not capitalism!
To condemn free-market capitalism because of anything going on today makes no sense. There is no evidence that capitalism exists today. We are deeply involved in an interventionist-planned economy that allows major benefits to accrue to the politically connected of both political spectrums. One may condemn the fraud and the current system, but it must be called by its proper names – Keynesian inflationism, interventionism, and corporatism." - Ron Paul
U.S. Congressman. Quote from his 'Has Capitalism Failed?'," speech before the U.S. House of Representatives, July 9, 2002.
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| [Quote No.30869] Need Area: Money > General
"Capitalism is not a system, but rather the result of free individuals taking economic actions without interference by government. A true capitalist economy is neither planned by bureaucrats nor steered by regulators." - Ron Paul
U.S. Congressman
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| [Quote No.35566] Need Area: Money > General
"[Monetary policy along with fiscal policy are two very powerful ways a government can influence a country's economy. When a country has the status of having the predominantly traded currency, the global reserve currency, in which many commodites are valued - ie oil and metals are measured and paid for in US dollars - then that country's monetary and fiscal policy can significanrtly effect other countries' economies, including exporting and importing inflation and effecting the price competitiveness of their traded goods and therefore their real Gross National Product and through these the standard of living of its citizens. Here is a speech given before the U.S. House of Representatives, by Congressman Ron Paul who stated that the United States’ dollar dominance is coming to an end...and when this paper money runs out, wealth and political stability is lost.]
'The End of [US] Dollar Hegemony', Part I:
A hundred years ago it was called 'dollar diplomacy.' After World War II, and especially after the fall of the Soviet Union in 1989, that policy evolved into 'dollar hegemony.' But after all these many years of great success, our dollar dominance is coming to an end.
It has been said, rightly, that he who holds the gold makes the rules. In earlier times it was readily accepted that fair and honest trade required an exchange for something of real value.
First it was simply barter of goods. Then it was discovered that gold held a universal attraction, and was a convenient substitute for more cumbersome barter transactions. Not only did gold facilitate exchange of goods and services, it served as a store of value for those who wanted to save for a rainy day.
Though money developed naturally in the marketplace, as governments grew in power they assumed monopoly control over money. Sometimes governments succeeded in guaranteeing the quality and purity of gold, but in time governments learned to outspend their revenues. New or higher taxes always incurred the disapproval of the people, so it wasn't long before Kings and Caesars learned how to inflate their currencies by reducing the amount of gold in each coin -- always hoping their subjects wouldn't discover the fraud. But the people always did, and they strenuously objected.
This helped pressure leaders to seek more gold by conquering other nations. The people became accustomed to living beyond their means, and enjoyed the circuses and bread. Financing extravagances by conquering foreign lands seemed a logical alternative to working harder and producing more. Besides, conquering nations not only brought home gold, they brought home slaves as well. Taxing the people in conquered territories also provided an incentive to build empires. This system of government worked well for a while, but the moral decline of the people led to an unwillingness to produce for themselves. There was a limit to the number of countries that could be sacked for their wealth, and this always brought empires to an end. When gold no longer could be obtained, their military might crumbled. In those days those who held the gold truly wrote the rules and lived well.
That general rule has held fast throughout the ages. When gold was used, and the rules protected honest commerce, productive nations thrived. Whenever wealthy nations -- those with powerful armies and gold -- strived only for empire and easy fortunes to support welfare at home, those nations failed.
Today the principles are the same, but the process is quite different. Gold no longer is the currency of the realm; paper is. The truth now is: 'He who prints the money makes the rules' -- at least for the time being. Although gold is not used, the goals are the same: compel foreign countries to produce and subsidize the country with military superiority and control over the monetary printing presses.
Since printing paper money is nothing short of counterfeiting, the issuer of the international currency [global reserve currency] must always be the country with the military might to guarantee control over the system. This magnificent scheme seems the perfect system for obtaining perpetual wealth for the country that issues the de facto world currency. The one problem, however, is that such a system destroys the character of the counterfeiting nation's people -- just as was the case when gold was the currency and it was obtained by conquering other nations. And this destroys the incentive to save and produce, while encouraging debt and runaway welfare.
The pressure at home to inflate the currency comes from the corporate welfare recipients, as well as those who demand handouts as compensation for their needs and perceived injuries by others. In both cases personal responsibility for one's actions is rejected.
When paper money is rejected, or when gold runs out, wealth and political stability are lost. The country then must go from living beyond its means to living beneath its means, until the economic and political systems adjust to the new rules -- rules no longer written by those who ran the now defunct printing press.
'Dollar Diplomacy,' a policy instituted by William Howard Taft and his Secretary of State Philander C. Knox, was designed to enhance U.S. commercial investments in Latin America and the Far East. McKinley concocted a war against Spain in 1898, and (Teddy) Roosevelt's corollary to the Monroe Doctrine preceded Taft's aggressive approach to using the U.S. dollar and diplomatic influence to secure U.S. investments abroad. This earned the popular title of 'Dollar Diplomacy.' The significance of Roosevelt's change was that our intervention now could be justified by the mere 'appearance' that a country of interest to us was politically or fiscally vulnerable to European control. Not only did we claim a right, but even an official U.S. government 'obligation' to protect our commercial interests from Europeans.
This new policy came on the heels of the 'gunboat' diplomacy of the late 19th century, and it meant we could buy influence before resorting to the threat of force. By the time the 'dollar diplomacy' of William Howard Taft was clearly articulated, the seeds of American empire were planted. And they were destined to grow in the fertile political soil of a country that lost its love and respect for the republic bequeathed to us by the authors of the Constitution. And indeed they did. It wasn't too long before dollar 'diplomacy' became dollar 'hegemony' in the second half of the 20th century.
This transition only could have occurred with a dramatic change in monetary policy and the nature of the dollar itself.
Congress created the Federal Reserve System in 1913. Between then and 1971 the principle of sound money was systematically undermined. Between 1913 and 1971, the Federal Reserve found it much easier to expand the money supply at will for financing war or manipulating the economy with little resistance from Congress -- while benefiting the special interests that influence government.
Dollar dominance got a huge boost after World War II. We were spared the destruction that so many other nations suffered, and our coffers were filled with the world's gold. But the world chose not to return to the discipline of the gold standard, and the politicians applauded. Printing money to pay the bills was a lot more popular than taxing or restraining unnecessary spending. In spite of the short-term benefits, imbalances were institutionalized for decades to come.
The 1944 Bretton Woods agreement solidified the dollar as the preeminent world reserve currency, replacing the British pound. Due to our political and military muscle, and because we had a huge amount of physical gold, the world readily accepted our dollar (defined as 1/35th of an ounce of gold) as the world's reserve currency. The dollar was said to be 'as good as gold,' and convertible to all foreign central banks at that rate. For American citizens, however, it remained illegal to own. This was a gold-exchange standard that from inception was doomed to fail.
The U.S. did exactly what many predicted she would do. She printed more dollars for which there was no gold backing. But the world was content to accept those dollars for more than 25 years with little question - until the French and others in the late 1960s demanded we fulfill our promise to pay one ounce of gold for each $35 they delivered to the U.S. Treasury. This resulted in a huge gold drain that brought an end to a very poorly devised pseudo-gold standard.
It all ended on August 15, 1971, when Nixon closed the gold window and refused to pay out any of our remaining 280 million ounces of gold. In essence, we declared our insolvency and everyone recognized some other monetary system had to be devised in order to bring stability to the markets.
Amazingly, a new system was devised which allowed the U.S. to operate the printing presses for the world reserve currency with no restraints placed on it - not even a pretense of gold convertibility, none whatsoever! Though the new policy was even more deeply flawed, it nevertheless opened the door for dollar hegemony to spread.
Realizing the world was embarking on something new and mind boggling, elite money managers, with especially strong support from U.S. authorities, struck an agreement with OPEC to price oil in U.S. dollars exclusively for all worldwide transactions. This gave the dollar a special place among world currencies and in essence 'backed' the dollar with oil. In return, the U.S. promised to protect the various oil-rich kingdoms in the Persian Gulf against threat of invasion or domestic coup. This arrangement helped ignite the radical Islamic movement among those who resented our influence in the region. The arrangement gave the dollar artificial strength, with tremendous financial benefits for the United States. It allowed us to export our monetary inflation by buying oil and other goods at a great discount as dollar influence flourished.
This post-Bretton Woods system was much more fragile than the system that existed between 1945 and 1971. Though the dollar/oil arrangement was helpful, it was not nearly as stable as the pseudo gold standard under Bretton Woods. It certainly was less stable than the gold standard of the late 19th century.
During the 1970s the dollar nearly collapsed, as oil prices surged and gold skyrocketed to US$800 an ounce. By 1979 interest rates of 21% were required to rescue the system. The pressure on the dollar in the 1970s, in spite of the benefits accrued to it, reflected reckless budget deficits and monetary inflation during the 1960s. The markets were not fooled by LBJ's claim that we could afford both 'guns and butter.'
Once again the dollar was rescued, and this ushered in the age of true dollar hegemony lasting from the early 1980s to the present [2007]. With tremendous cooperation coming from the central banks and international commercial banks, the dollar was accepted as if it were gold.
Fed Chair Alan Greenspan, on several occasions before the House Banking Committee, answered my challenges to him about his previously held favorable views on gold by claiming that he and other central bankers had gotten paper money -- i.e. the dollar system -- to respond as if it were gold. Each time I strongly disagreed, and pointed out that if they had achieved such a feat they would have defied centuries of economic history regarding the need for money to be something of real value. He smugly and confidently concurred with this.
In recent years central banks and various financial institutions, all with vested interests in maintaining a workable fiat dollar standard, were not secretive about selling and loaning large amounts of gold to the market even while decreasing gold prices raised serious questions about the wisdom of such a policy. They never admitted to gold price fixing, but the evidence is abundant that they believed if the gold price fell it would convey a sense of confidence to the market, confidence that they indeed had achieved amazing success in turning paper into gold.
Increasing gold prices historically are viewed as an indicator of distrust in paper [fiat] currency. This recent effort was not a whole lot different than the U.S. Treasury selling gold at $35 an ounce in the 1960s, in an attempt to convince the world the dollar was sound and as good as gold. Even during the Depression, one of Roosevelt's first acts was to remove free market gold pricing as an indication of a flawed monetary system by making it illegal for American citizens to own gold. Economic law eventually limited that effort, as it did in the early 1970s when our Treasury and the IMF tried to fix the price of gold by dumping tons into the market to dampen the enthusiasm of those seeking a safe haven for a falling dollar after gold ownership was re-legalized.
Once again the effort between 1980 and 2000 to fool the market as to the true value of the dollar proved unsuccessful. In the past 5 years [2002-07] the dollar has been devalued in terms of gold by more than 50%. You just can't fool all the people all the time, even with the power of the mighty printing press and money creating system of the Federal Reserve.
Even with all the shortcomings of the fiat monetary system, dollar influence thrived. The results seemed beneficial, but gross distortions built into the system remained. And true to form, Washington politicians are only too anxious to solve the problems cropping up with window dressing, while failing to understand and deal with the underlying flawed policy. Protectionism, fixing exchange rates, punitive tariffs, politically motivated sanctions, corporate subsidies, international trade management, price controls, interest rate and wage controls, super-nationalist sentiments, threats of force, and even war are resorted to-all to solve the problems artificially created by deeply flawed monetary and economic systems." - Ron Paul
(born August 20, 1935), Ronald Ernest 'Ron' Paul is an American Medical Doctor and Republican U.S. Congressman for the 14th congressional district of Texas.
He enjoys a national reputation as the premier advocate for liberty in US politics today. Dr. Paul is the leading spokesman in Washington for limited constitutional government, low taxes, free markets, and a return to sound monetary policies based on commodity-backed currency. He is known among both his colleagues in Congress and his constituents for his consistent voting record in the House of Representatives: Dr. Paul never votes for legislation unless the proposed measure is expressly authorized by the Constitution. In the words of former Treasury Secretary William Simon, Dr. Paul is the 'one exception to the Gang of 535' on Capitol Hill.
Quote from 'The Daily Reckoning', Thursday, May 31, 2007.
Google also 'currency wars' and 'petrodollars/petroeuros'.
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| [Quote No.35567] Need Area: Money > General
"[Monetary policy along with fiscal policy are two very powerful ways a government can influence a country's economy. When a country has the status of having the predominantly traded currency, the global reserve currency, in which many commodites are valued - ie oil and metals are measured and paid for in US dollars - then that country's monetary and fiscal policy can significanrtly effect other countries' economies, including exporting and importing inflation and effecting the price competitiveness of their traded goods and therefore their real Gross National Product and through these the standard of living of its citizens. Here is a speech given before the U.S. House of Representatives, by Congressman Ron Paul who stated that the United States’ dollar dominance is coming to an end...and when this paper money runs out, wealth and political stability is lost.]
'The End of [US] Dollar Hegemony', Part II:
In the short run, the issuer of a fiat reserve currency can accrue great economic benefits. In the long run, it poses a threat to the country issuing the world currency. In this case that’s the United States. As long as foreign countries take our dollars in return for real goods, we come out ahead. This is a benefit many in Congress fail to recognize, as they bash China for maintaining a positive trade balance with us. But this leads to a loss of manufacturing jobs to overseas markets, as we become more dependent on others and less self-sufficient. Foreign countries accumulate our dollars due to their high savings rates, and graciously loan them back to us at low interest rates to finance our excessive consumption.
It sounds like a great deal for everyone, except the time will come when our dollars – due to their depreciation – will be received less enthusiastically or even be rejected by foreign countries. That could create a whole new ballgame and force us to pay a price for living beyond our means and our production. The shift in sentiment regarding the dollar has already started, but the worst is yet to come.
The agreement with OPEC in the 1970s to price oil in dollars has provided tremendous artificial strength to the dollar as the preeminent reserve currency. This has created a universal demand for the dollar, and soaks up the huge number of new dollars generated each year. Last year alone M3 increased over $700 billion.
The artificial demand for our dollar, along with our military might, places us in the unique position to 'rule' the world without productive work or savings, and without limits on consumer spending or deficits. The problem is, it can’t last.
Price inflation is raising its ugly head, and the NASDAQ bubble – generated by easy money – has burst. The housing bubble likewise created is deflating. Gold prices have doubled, and federal spending is out of sight with zero political will to rein it in. The trade deficit last year was over $728 billion. A $2 trillion war is raging, and plans are being laid to expand the war into Iran and possibly Syria. The only restraining force will be the world’s rejection of the dollar. It’s bound to come and create conditions worse than 1979-1980, which required 21% interest rates to correct. But everything possible will be done to protect the dollar in the meantime. We have a shared interest with those who hold our dollars to keep the whole charade going.
Greenspan, in his first speech after leaving the Fed, said that gold prices were up because of concern about terrorism, and not because of monetary concerns or because he created too many dollars during his tenure. Gold has to be discredited and the dollar propped up. Even when the dollar comes under serious attack by market forces, the central banks and the IMF surely will do everything conceivable to soak up the dollars in hope of restoring stability. Eventually they will fail.
Most importantly, the dollar/oil relationship has to be maintained to keep the dollar as a preeminent currency. Any attack on this relationship will be forcefully challenged – as it already has been.
In November 2000 Saddam Hussein demanded Euros for his oil. His arrogance was a threat to the dollar; his lack of any military might was never a threat. At the first cabinet meeting with the new administration in 2001, as reported by Treasury Secretary Paul O’Neill, the major topic was how we would get rid of Saddam Hussein – though there was no evidence whatsoever he posed a threat to us. This deep concern for Saddam Hussein surprised and shocked O’Neill.
It now is common knowledge that the immediate reaction of the administration after 9/11 revolved around how they could connect Saddam Hussein to the attacks, to justify an invasion and overthrow of his government. Even with no evidence of any connection to 9/11, or evidence of weapons of mass destruction, public and congressional support was generated through distortions and flat out misrepresentation of the facts to justify overthrowing Saddam Hussein.
There was no public talk of removing Saddam Hussein because of his attack on the integrity of the dollar as a reserve currency by selling oil in Euros. Many believe this was the real reason for our obsession with Iraq. I doubt it was the only reason, but it may well have played a significant role in our motivation to wage war. Within a very short period after the military victory, all Iraqi oil sales were carried out in dollars. The Euro was abandoned.
In 2001, Venezuela’s ambassador to Russia spoke of Venezuela switching to the Euro for all their oil sales. Within a year there was a coup attempt against Chavez, reportedly with assistance from our CIA.
After these attempts to nudge the Euro toward replacing the dollar as the world’s reserve currency were met with resistance, the sharp fall of the dollar against the Euro was reversed. These events may well have played a significant role in maintaining dollar dominance.
It’s become clear the U.S. administration was sympathetic to those who plotted the overthrow of Chavez, and was embarrassed by its failure. The fact that Chavez was democratically elected had little influence on which side we supported.
Now, a new attempt is being made against the petrodollar system. Iran, another member of the 'axis of evil,' has announced her plans to initiate an oil bourse in March of this year. Guess what, the oil sales will be priced Euros, not dollars.
Most Americans forget how our policies have systematically and needlessly antagonized the Iranians over the years. In 1953 the CIA helped overthrow a democratically elected president, Mohammed Mossadeqh, and install the authoritarian Shah, who was friendly to the U.S. The Iranians were still fuming over this when the hostages were seized in 1979. Our alliance with Saddam Hussein in his invasion of Iran in the early 1980s did not help matters, and obviously did not do much for our relationship with Saddam Hussein. The administration announcement in 2001 that Iran was part of the axis of evil didn’t do much to improve the diplomatic relationship between our two countries. Recent threats over nuclear power, while ignoring the fact that they are surrounded by countries with nuclear weapons, doesn’t seem to register with those who continue to provoke Iran. With what most Muslims perceive as our war against Islam, and this recent history, there’s little wonder why Iran might choose to harm America by undermining the dollar. Iran, like Iraq, has zero capability to attack us. But that didn’t stop us from turning Saddam Hussein into a modern day Hitler ready to take over the world. Now Iran, especially since she’s made plans for pricing oil in Euros, has been on the receiving end of a propaganda war not unlike that waged against Iraq before our invasion.
It’s not likely that maintaining dollar supremacy was the only motivating factor for the war against Iraq, nor for agitating against Iran. Though the real reasons for going to war are complex, we now know the reasons given before the war started, like the presence of weapons of mass destruction and Saddam Hussein’s connection to 9/11, were false. The dollar’s importance is obvious, but this does not diminish the influence of the distinct plans laid out years ago by the neo-conservatives to remake the Middle East. Israel’s influence, as well as that of the Christian Zionists, likewise played a role in prosecuting this war. Protecting “our” oil supplies has influenced our Middle East policy for decades.
But the truth is that paying the bills for this aggressive intervention is impossible the old fashioned way, with more taxes, more savings, and more production by the American people. Much of the expense of the Persian Gulf War in 1991 was shouldered by many of our willing allies. That’s not so today. Now, more than ever, the dollar hegemony – it’s dominance as the world reserve currency – is required to finance our huge war expenditures. This $2 trillion never-ending war must be paid for, one way or another. Dollar hegemony provides the vehicle to do just that.
For the most part the true victims aren’t aware of how they pay the bills. The license to create money out of thin air allows the bills to be paid through price inflation. American citizens, as well as average citizens of Japan, China, and other countries suffer from price inflation, which represents the 'tax' that pays the bills for our military adventures. That is until the fraud is discovered, and the foreign producers decide not to take dollars nor hold them very long in payment for their goods. Everything possible is done to prevent the fraud of the monetary system from being exposed to the masses who suffer from it. If oil markets replace dollars with Euros, it would in time curtail our ability to continue to print, without restraint, the world’s reserve currency.
It is an unbelievable benefit to us to import valuable goods and export depreciating dollars. The exporting countries have become addicted to our purchases for their economic growth. This dependency makes them allies in continuing the fraud, and their participation keeps the dollar’s value artificially high. If this system were workable long term, American citizens would never have to work again. We too could enjoy 'bread and circuses' just as the Romans did, but their gold finally ran out and the inability of Rome to continue to plunder conquered nations brought an end to her empire.
The same thing will happen to us if we don’t change our ways. Though we don’t occupy foreign countries to directly plunder, we nevertheless have spread our troops across 130 nations of the world. Our intense effort to spread our power in the oil-rich Middle East is not a coincidence. But unlike the old days, we don’t declare direct ownership of the natural resources – we just insist that we can buy what we want and pay for it with our paper money. Any country that challenges our authority does so at great risk.
Once again Congress has bought into the war propaganda against Iran, just as it did against Iraq. Arguments are now made for attacking Iran economically, and militarily if necessary. These arguments are all based on the same false reasons given for the ill-fated and costly occupation of Iraq.
Our whole economic system depends on continuing the current monetary arrangement, which means recycling the dollar is crucial. Currently, we borrow over $700 billion every year from our gracious benefactors, who work hard and take our paper for their goods. Then we borrow all the money we need to secure the empire (DOD budget $450 billion) plus more. The military might we enjoy becomes the 'backing' of our currency. There are no other countries that can challenge our military superiority, and therefore they have little choice but to accept the dollars we declare are today’s 'gold.' This is why countries that challenge the system – like Iraq, Iran and Venezuela – become targets of our plans for regime change.
Ironically, dollar superiority depends on our strong military, and our strong military depends on the dollar. As long as foreign recipients take our dollars for real goods and are willing to finance our extravagant consumption and militarism, the status quo will continue regardless of how huge our foreign debt and current account deficit become.
But real threats come from our political adversaries who are incapable of confronting us militarily, yet are not bashful about confronting us economically. That’s why we see the new challenge from Iran being taken so seriously. The urgent arguments about Iran posing a military threat to the security of the United States are no more plausible than the false charges levied against Iraq. Yet there is no effort to resist this march to confrontation by those who grandstand for political reasons against the Iraq war.
It seems that the people and Congress are easily persuaded by the jingoism of the preemptive war promoters. It’s only after the cost in human life and dollars are tallied up that the people object to unwise militarism.
The strange thing is that the failure in Iraq is now apparent to a large majority of American people, yet they and Congress are acquiescing to the call for a needless and dangerous confrontation with Iran.
But then again, our failure to find Osama bin Laden and destroy his network did not dissuade us from taking on the Iraqis in a war totally unrelated to 9/11.
Concern for pricing oil only in dollars helps explain our willingness to drop everything and teach Saddam Hussein a lesson for his defiance in demanding Euros for oil.
And once again there’s this urgent call for sanctions and threats of force against Iran at the precise time Iran is opening a new oil exchange with all transactions in Euros.
Using force to compel people to accept money without real value can only work in the short run. It ultimately leads to economic dislocation, both domestic and international, and always ends with a price to be paid.
The economic law that honest exchange demands only things of real value as currency cannot be repealed. The chaos that one day will ensue from our 35-year experiment with worldwide fiat money will require a return to money of real value. We will know that day is approaching when oil-producing countries demand gold, or its equivalent, for their oil rather than dollars or Euros. The sooner the better. " - Ron Paul
(born August 20, 1935), Ronald Ernest 'Ron' Paul is an American Medical Doctor and Republican U.S. Congressman for the 14th congressional district of Texas.
He enjoys a national reputation as the premier advocate for liberty in US politics today. Dr. Paul is the leading spokesman in Washington for limited constitutional government, low taxes, free markets, and a return to sound monetary policies based on commodity-backed currency. He is known among both his colleagues in Congress and his constituents for his consistent voting record in the House of Representatives: Dr. Paul never votes for legislation unless the proposed measure is expressly authorized by the Constitution. In the words of former Treasury Secretary William Simon, Dr. Paul is the 'one exception to the Gang of 535' on Capitol Hill.
Quote from 'The Daily Reckoning', Thursday, May 31, 2007.
Google also 'currency wars' and 'petrodollars/petroeuros'.
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| [Quote No.55469] Need Area: Money > General
"Almost all wars ...have been paid for through inflation, that is debasing the currency ...
I don’t know if we ever had a war paid though tax payers. The only thing where they must have been literally paid for, was when they depended on the looting. They would go in and take over a country, and they would loot and take their gold, and they would pay for the war." - Dr. Ron Paul
Former U.S. Congressman and presidential candidate. [http://www.zerohedge.com/news/2015-07-31/ron-paul-all-wars-are-paid-through-debasing-currency ]
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| [Quote No.27063] Need Area: Friends > General
"I believe one of the greatest threats facing this [or any] nation is the wilful economic ignorance of the political class. Many of our elected officials at every level have no understanding of economics whatsoever, yet they wield tremendous power over our economy through taxes, regulations, and countless other costs associated with government. They spend your money with little or no thought given to the economic consequences of their actions...
We cannot suspend the laws of economics or the principles of human action any more than we can suspend the laws of physics. Yet this is precisely what Congress attempts to do time and time again, no matter how many times history proves them wrong or economists easily demonstrate the harms caused by a certain policy.
I strongly recommend that [everybody] acquire some basic knowledge of economics, monetary policy, and the intersection of politics with the economy. No formal classroom is required; a desire to read and learn will suffice. There are countless important books to consider, but the following are an excellent starting point: 'The Law' by Frédéric Bastiat; 'Economics in One Lesson' by Henry Hazlitt; 'What Has Government Done to Our Money?' by Murray Rothbard; 'The Road to Serfdom' by Friedrich Hayek; and 'Economics for Real People: An Introduction to the Austrian School' by Gene Callahan." - Ron Paul
U.S. Congressman (R-TX), from 'The Perils of Economic Ignorance', 27 March 2006.
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| [Quote No.30879] Need Area: Friends > General
"The most basic principle to being... free... is the notion that we as individuals are responsible for our own lives and decisions. We do not have the right to rob our neighbors to make up for our mistakes, neither does our neighbor have any right to tell us how to live, so long as we aren’t infringing on their rights. Freedom to make bad decisions is inherent in the freedom to make good ones. If we are only free to make good decisions, we are not really free.
Socialist ideologies blur this line between self reliance and government control because the mistakes of the individual are spread to everyone else. Thus the government becomes very interested in your decisions and way of life, with the justification that you could make a mistake others will have to pay for. The end result is, of course, that everyone loses privacy and control over their own lives. Whether they realize it or not, they are no longer truly free." - Ron Paul
U.S. Congressman. Quote from his speech, 'Personal Freedom and the Internet', June 30, 2008.
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| [Quote No.34240] Need Area: Friends > General
"War is never economically beneficial except for those in position to profit from war expenditures. The moral and constitutional obligations of our representatives in Washington are to protect our liberty, not coddle the world, precipitating no-win wars, while bringing bankruptcy and economic turmoil to our people." - Ron Paul
U.S. Congressman (Republican Party)
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| [Quote No.34247] Need Area: Friends > General
"[Never forget there is a difference between conscription and voluntary military service.] (During World War II, Joseph Stalin, the leader of Communist Russia) was once asked by an American writer, according to Professor Dean Russell, how he could justify conscripting all the property of all the people for use by the government to fight the war. Stalin answered by asking why they considered it more immoral and illogical to conscript lifeless property than to conscript life itself, as was being done in the United States and all other capitalistic countries. His American challenger had no answer, because there was no answer." - Ron Paul
U.S. Congressman (Republican). Quote from 'Freedom Under Seige'.
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| [Quote No.36439] Need Area: Friends > General
"...[small] limited government, free market, private property and sound money - ensures liberty and prosperity." - Ron Paul
U.S. [Republican, Texas] Member of Congress. Quoted from the US government report, 'The Case For Gold: A Minority Report of the United State Gold Commission', 1st July, 1982. The report was subsequently published as a book under the same title.
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| [Quote No.37334] Need Area: Friends > General
"The most basic principle to being a free American [person] is the notion that we as individuals are responsible for our own lives and decisions. We do not have the right to rob our neighbors to make up for our mistakes, neither does our neighbor have any right to tell us how to live, so long as we aren’t infringing on their rights. Freedom to make bad decisions is inherent in the freedom to make good ones. If we are only free to make good decisions, we are not really free." - Ron Paul
US Congressman from Texas
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| [Quote No.37335] Need Area: Friends > General
"Freedom is not defined by safety. Freedom is defined by the ability of citizens to live without government interference. Government cannot create a world without risks, nor would we really wish to live in such a fictional place. Only a totalitarian society would even claim absolute safety as a worthy ideal, because it would require total state control over its citizens’ lives. Liberty has meaning only if we still believe in it when terrible things happen and a false government security blanket beckons." - Ron Paul
US Congressman from Texas
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| [Quote No.37339] Need Area: Friends > General
"Ideas are very important to the shaping of society. In fact, they are more powerful than bombings or armies or guns. And this is because ideas are capable of spreading without limit. They are behind all the choices we make. They can transform the world in a way that governments and armies cannot. Fighting for liberty with ideas makes more sense to me than fighting with guns or politics or political power. With ideas, we can make real change that lasts.
" - Ron Paul
US Congressman for Texas
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| [Quote No.37398] Need Area: Friends > General
"It has been said that when all you have is a hammer, everything is a nail. Our government is full of people who sincerely believe big government and more spending is the answer to every problem. They automatically look to government for every solution. Government is their hammer, and all they know to do is to keep hammering. When government 'solutions' still don't solve the problems, they are unfazed. They keep calling for more government, more laws, and more programs.
This government-centric mindset is the root of the problem. And don't expect most politicians and bureaucrats to understand that because for whatever psychological reason] People who think this way are naturally drawn to politics and government." - Ron Paul
US Congressman. Sept 19, 2011.
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| [Quote No.40224] Need Area: Friends > General
"...the proper role for government is to provide national defence, a court system for civil disputes, a criminal justice system for acts of force and fraud, and little else. In other words, the state as referee rather than an active participant in our society." - Ron Paul
Doctor and US Republican Congressman for Texas. Quote from 'Political Power and the Rule of Law', 5 February 2007. [http://paul.house.gov/index.php?option=com_content&task=view&id=1106&Itemid=69 ]
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| [Quote No.45055] Need Area: Friends > General
"...To achieve liberty and peace, two powerful human emotions have to be overcome. Number one is 'envy' which leads to hate and class warfare. Number two is 'intolerance' which leads to bigoted and judgmental policies. These emotions must be replaced with a much better understanding of love, compassion, tolerance and free market economics. Freedom, when understood, brings people together. When tried, freedom is popular.
The problem we have faced over the years has been that economic interventionists [authoritarians] are swayed by envy, whereas social interventionists [authoritarians] are swayed by intolerance of habits and lifestyles. The misunderstanding that tolerance is an endorsement of certain activities, motivates many to legislate moral standards which should only be set by individuals making their own choices. Both sides use force to deal with these misplaced emotions. Both are authoritarians. Neither endorses voluntarism [freedom]. Both views ought to be rejected.
I have come to one firm conviction after these many years of trying to figure out 'the plain truth of things.' The best chance for achieving peace and prosperity, for the maximum number of people world-wide, is to pursue the cause of LIBERTY.
If you find this to be a worthwhile message, spread it throughout the land." - Ron Paul
Republican Congressman for Texas. Previously a doctor, he held and advocated libertarian views, promoting freedom socially and economically. Quote from his 'Farewell to Congress' speech, 14th November, 2012.
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| [Quote No.45056] Need Area: Friends > General
"The immoral use of force is the source of man’s political problems. Sadly, many religious groups, secular organizations, and psychopathic authoritarians [encourage, advocate and] endorse government initiated force to change the world... Government in a free society should have no authority to meddle in social activities or the economic transactions of individuals [which are peaceful and voluntary]. Nor should government meddle in the affairs of other nations. All things peaceful [and voluntary without force or fraud], even when controversial, should be permitted." - Ron Paul
Republican Congressman for Texas. Previously a doctor, he held and advocated libertarian views, promoting freedom socially and economically. Quote from his 'Farewell to Congress' speech, 14th November, 2012.
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| [Quote No.45461] Need Area: Friends > General
"...In just a few days, Congress will solemnly swear to support and defend the Constitution of the United States against all enemies, foreign and domestic. They should read Article 1 Section 8 and the Bill of Rights before taking such a serious oath. Most legislation violates key provisions of the Constitution in very basic ways, and if members can’t bring themselves to say 'no' in the face of pressure from the special interests, they have broken trust with their constituents and violated their oath. Congress does not exist to serve the special interests. It exists to protect [the spirit of the Declaration of Independence, the US Constitution, including the Bill of Rights, and] the rule of law... Congress should resolve to respect personal liberty and free markets. Learn more about the free market and how it regulates commerce and produces greater prosperity ever than any legislation or regulation.
Understand that economic freedom is freedom. Resolve not to get in the way of voluntary contracts between consenting adults. Stop bailing out failed yet politically connected companies and industries. Stop forcing people to engage in commerce when they don’t want to, and stop prohibiting them from buying and selling when they want to. Stop trying to legislate your ideas of fairness. Protect property rights. Protect the individual. That is enough." - Ron Paul
U.S. Congressman, (Republican) Texas. Quoted December, 2012. [http://www.zerohedge.com/news/2012-12-31/ron-paul-congress-stop-legislating-your-ideas-fairness-protect-property-rights-prote ]
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| [Quote No.47384] Need Area: Friends > General
"It is no coincidence that the century of total war coincided with the century of central banking." - Ron Paul
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| [Quote No.48578] Need Area: Friends > General
"Economic freedom is based on a simple moral rule: everyone has a right to his or her life and property, and no one has the right to deprive anyone of these things." - Ron Paul
Noted American libertarian politician. 'The Revolution: A Manifesto', published 2008.
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| [Quote No.49027] Need Area: Friends > General
"Why is patriotism thought to be blind loyalty to the government and the politicians who run it, rather than loyalty to the principles of liberty and support for the people? Real patriotism is a willingness to challenge the government when [you believe] it’s wrong." - Ron Paul
US Republican Congressman, 2012.
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| [Quote No.49117] Need Area: Friends > General
"Setting a good example is a far better way to spread ideals than through force of arms." - Ron Paul
(1935- ), American physician, US Congressman (Republican-Texas), US Presidential candidate.
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| [Quote No.58649] Need Area: Friends > General
"Our [US] federal government, which was intended to operate as a very limited constitutional [free market capitalist] republic, has instead become a virtually socialist [crony capitalist] leviathan that redistributes trillions of dollars. We can hardly be surprised when countless special interests fight for the money. The only true solution to the campaign money problem is a return to a proper constitutional [small, limited] government that does not control the economy. Big government and big campaign money go hand-in-hand." - Dr. Ron Paul
(1935- ), American physician, US Congressman (R-TX), US Presidential candidate. Source: Why Is There So Much Money in Politics?, February 4, 2002.
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| [Quote No.58691] Need Area: Friends > General
"[Free-market] Capitalism should not be condemned, since we [in the USA in particular] haven't had [free-market] capitalism. A system of [free-market] capitalism presumes sound money, not fiat money manipulated by a central bank. [Free-market] Capitalism cherishes voluntary contracts and interest rates that are determined by savings, not credit creation by a central bank. It's not [free-market] capitalism when the system is plagued with incomprehensible rules regarding mergers, acquisitions, and stock sales, along with wage controls, price controls, protectionism, corporate subsidies, international management of trade, complex and punishing corporate taxes, privileged government contracts to the military-industrial complex, and a foreign policy controlled by corporate interests and overseas investments. Add to this centralized federal mismanagement of farming, education, medicine, insurance, banking and welfare. This is not [free-market] capitalism! [This is best described as state-determined paternal socialism, with special consideration for political friends and special interest groups. While this is technically known as 'crony capitalism', these terms are avoided and contracted just to 'capitalism' to confuse and further disempower those disadvantaged by this socio-economic political system.]" - Dr. Ron Paul
(1935- ) American physician, US Congressman (R-TX), US Presidential candidate. Source: Has Capitalism Failed?, July 9, 2002.
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| [Quote No.62519] Need Area: Friends > General
"[Individual freedom and personal responsibility versus big, unlimited, paternalistic, interventionist, statist government:] I think it's time for us to declare our independence from an oppressive government that seeks to control our money and our lives in ways unimaginable to those who rebelled against the British Crown in 1776. Our revolution is peaceful, and it concentrates on winning hearts and minds one at a time. But it marches on. We must reclaim the spirit of independence every day and every night and intensify the struggle against those who seek to impose tyranny upon us." - Ron Paul
Libertarian, doctor and former U.S. politician. Quote from his article, 'We Must Declare Independence', July 2017. [http://www.ronpaulinstitute.org/archives/featured-articles/2017/july/03/we-must-declare-independence/ ]
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| [Quote No.63261] Need Area: Friends > General
"[Self-Defense and Martial Arts:] The most important element of a free society, where individual rights are held in the highest esteem, is the rejection of the initiation of violence [the denial of free, informed choice through force and/or fraud]." - Ron Paul
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| [Quote No.63776] Need Area: Friends > General
"In the final analysis, the last line of defense in support of freedom and the Constitution consists of the people themselves. If the people want to be free, if they want to lift themselves out from underneath a state apparatus that threatens their liberties, squanders their resources on needless wars, destroys the value of their dollar, and spews forth endless propaganda about how indispensable it is and how lost we would all be without it, there is no force that can stop them." - Ron Paul
'The Revolution: A Manifesto', published 2008.
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| [Quote No.71338] Need Area: Friends > General
"[Small, limited-power government versus large, power-hungry government:] Our [US] Constitution was written to restrain government, not the people." - Ron Paul
The Revolution: A Manifesto [2008]
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