Today Greece, Tomorrow the World?

Greece is just the beginning. The crisis will spread across Europe and finally to the United States. The US will be the last to fall because we have the dollar, and people still believe in the dollar.

Channel: Fox News
Date: 05/06/2010


Megyn Kelly: Joining me now is someone who has thoughts about this and warned about it, and that’s Texas Congressman Ron Paul. Congressman, thanks so much for being back with us. You’ve had your eye on Greece for a while now. This probably comes as no surprise to you.

Ron Paul: No, not at all. And I think this is just the opening of a much more serious crisis than the financial crisis. I think what we’re seeing is a shift from the financial crisis, the financial institutions, to a currency crisis. Even though the dollar is up sharply today and has been up sharply last week, I see this as an attack on the dollar. Because in terms of gold, the dollar has been rampantly devalued and this means that gold is acting as money. They’re giving up on the paper currencies and I think this country and the world is in for big trouble because this is a currency crisis and it’s much worse that having a financial crisis.

Megyn Kelly: You know they say that look, what’s happening in Greece is one thing, but if this expands to Europe and they’re saying Portugal could be next, the German chancellor says she’s very worried, and that the European [Union] has to bail out Greece because she’s worried about it spreading to Europe, and there are other countries that could follow, Spain and others. If this becomes a European problem, it very much becomes an American problem as well, does it not?

Ron Paul: There’s no doubt about it. It is a world problem and we’re going to be the last one to fall because we have the dollar and people still think that the dollar will save everybody. The dollar is going to have to bail out California and so many other problems that we have here. But that’s going to make the whole world vulnerable. It’s a debt explosion, it has occurred for 40 years, we’ve known it has been building, we knew it couldn’t last, and we knew it would end first with the financial bubble collapsing, and now we’re in the midst of a currency crisis.

Megyn Kelly: You know, it’s really scary to see what can happen in a society when the overspending comes home to roost. You know, when you see the consequences of years and years of overspending. Obviously people here are very worried about our debt and our deficit. Congressman Paul, could this kind of thing happen here? Could what we’re seeing in Greece and in California happen on a nationwide basis here?

Ron Paul: Absolutely. There’s going to be anger and there’s going to be riots in the streets as well. But this is all a consequence of the fact that why and how the government spends like this. It’s because they don’t have sound money. When we run up deficits, we tax, but never enough. We can’t tax, it would ruin the economy. Then we borrow, and we get away with that for a long time. But we rely on the printing presses from the Federal Reserve to create the money, and that’s where the problem is. This is why we have to look at the Federal Reserve, we have to get an audit of the Federal Reserve, we have to look at the monetary system and the dollar system because you can’t have fake money. This is counterfeit. We’ve been operating like this since 1971. No time in the history of the world has the whole world been on fiat money for so long building up these financial bubbles, distorting the economies and running up all this debt, and it has to be paid for. This is just the beginning.

Megyn Kelly: Do you actually think that the Federal Reserve may be secretly bailing out Greece anyway, because we can’t audit the Federal Reserve, so we don’t know what it’s doing with this money. You think they may be funneling money over there right now?

Ron Paul: Well, they’re capable of doing it, that’s why I demand an audit. But we do know that the IMF has offered them a lot of money, and we’re like 25 percent of the IMF, and that money has to come from us, it has to come from creating new money. But what they do secretly we don’t know. But they’re capable of doing it. And believe me, if push comes to shove, they’re going to use the dollar because people are still trusting the dollar. We still have the big economy. But that just delays the inevitable and it makes the downturn that much worse.

Megyn Kelly: How much of this fall on the Dow do you attribute to Greece?

Ron Paul: Oh, I think a lot. But that’s just the tip of the iceberg. They’re the ones who have been the first ones to fall, but then there’s going to be Portugal, there’s going to be California, then it’s going to be United States government, and it’s going to be all the governments. I mean, they talk about Germany being the powerhouse? You think they have balanced budgets and they’re going to be able to bail out Europe? No! Everyone’s in this together. So Greece is just the beginning because they were probably worse off and it was precipitated. But all the countries and so many of our states are that way and many of our corporations, individuals, it’s still debt that has to be liquidated.

Megyn Kelly: Alright. Well, Congressman Ron Paul, we always appreciate hearing your insights on it. Thank you so much for being here.

Ron Paul: Thank you.

  • After I served our US country by trying to get my ass shot off as advisory team leader in our former ally: “The Republic of Vietnam”, I realized inadvertently that we supported the wrong side. Though I saw a lot of our American men die, as the Intelligence Operations Officer of the 4th US Armored Division in Germany of my home country of Germany, I had decided on supporting the wrong side: As a witness to the “Allied Massacre of our Dresden civilians”, I had hoped that we (my newly supported government) would “see the light”, and involve itself in no further government (CIA) supported atrocities. Obviously, I was wrong, and I welcome whatever pathetic “hit-man” they send to my door, so that his invariable death will provide certain, though temporary employment, to another idiot, who may believe that I am an easy target!

  • JosephWhitewolf

    I can not believe how blind We The People of the world are. It is the powerful world banks already caught in e-mails PROVING they are guilty of bringing down the wealth of Americans by trickery. Mark my words! This is the start of a deliberate fall of major countries brought down to 3rd world status for no other reason than to start all over with a planned restructure called a New World Government. One Currency, One Law, a World Constitution where all of us that speak out against this treason commited against our freedom and stolen 401k and retirements paying for the bail outs for example are now called terrorists and tried with out a jury in tribunal courts. This is just the beginning!

    Phase 2: Overnight the value of the dollar will dissolve to 1/3 of the value of your bank accounts and stocks/bonds everything will have a pay out of 1/3. Example if you have $100.00 in the bank you will be paid only about $30.00. You will also see bank holidays now and several day delays for withdrawls. During the final heist of our retirement stocks and bonds and other various are wiped out Protests and riots as you see going on right now in Greece will spread across the globe. Additionaly, in America at this time race wars and competition for jobs and home evictions will explode throwing families into the street as government crashes, no more food stamps, welfare, section 8 housing. Skeleton crews of law enforcement and firemen will not respond as crime and gangs and hungry citizens will pillage, rape and kill Americans.

    The final phase of the global plan, anything related to the Bill of Rights and The Constitution will be abolished in the name of giving up freedom for protection. Just like 9/11 where the same patriot act written by Hitler was brought to America to have you give up your rights for protection from terrorists. However, this time our own criminal cartel banksters and certain government agencies and the United Nations are the terrorists. At this time the United Nations will intervene with foreign troops along with Obamas civilian military police forces to disarm America to take control thus a socialistic system in the form of communism will be installed called the New World Order or government if you will. This has been a plan by design long ago set in place one plank at a time creating the submission and fall of We the People just as Hitler did. We are being ntaxed into slavery but you have not seen any thing yet wait until the health care costs fines and incarcerations begin along with the global warming taxes fines and fees. Look who stands to gain from this. It is the same that gained from 911 you lost your rights THEY GAINED MORE POWER AND MONEYand ask your self then why are the boarders still open???WAKE UP AMERICA YOU ARE SLEEPING ON YOUR WATCH!!


  • The Other David

    The U.S. owns the biggest tin cup; it is the World’s No. 1 beggar nation. The amount that Greeces owes the Rest of the World is piddly compared to what the U.S. owes the Rest of the World. The U.S. has run a balance of trade deficit for nearly forty years – through Republican regimes, through Democrat regimes, through boom times, through recessions. The American dollar is no ultimate safe haven – there will come a time when you will no longer be able to pay for those 12 million barrels of oil you need every day – because exporters will not accept the American dollar. So the U.S. has the most at stake in saving Greece. If Greece is allowed to fall, the dominos keep falling until it is the U.S. itself. And when that domino falls it will not be a pretty sight.

  • Cannabis smoka

    @Christine I agree, and you should really watch the film “Zeitgeist Addendum” and learn about the “Venus Project”. The venus project proposes a new Social System called a “Resource Based Economy” and Jaque Fresco invented the idea. Anyone reading should really research what a resource base economy is, and watch (YouTube) Zeitgeist Addendum.

    • Christine

      What we are going through worldwide is totally unnecessary. There can be no balance unless and until the people of the world who are the responsible, industrious, creatives ones, the caring individuals with sound minds pull away from the corrupt system and start a system that actually works for humanity and the earth, a world wherein we share equitably all that good, all that is available for us all. Who cares if there is enough money….just do it without the belief in this limitation and control mechanism that it is.

      Cut the unnecessary from the cycle…..war, military, politicians, lawyers, money, corrupt scientists. These are the instruments of disruption and they will never ever bring peace and prosperity. It’s not their intention or surely we would have it by now.

  • Dr. Scott

    Well spoken, Dr. Paul. Sadly, Rocket Scientist is correct: the damage is done, and the biggest problem is how the whole mess is gonna shake down.

    • Dr? Scott,

      I would hate to ride in a car with you driving. I fear that when we come to the first steep hill or even a turn, you’ll throw up your arms and declare we are all going to die, without even trying to navigate the situation.

      You drive like a paper tiger. The crisis isn’t over until it is averted or the wheels are in the air. Try A, try B, try C, just don’t panic and accept crashing as an option.

      Second Greece is not our problem, it is the fictional paper crisis of bankers who claim to be our allies, who are testing to see if they can con us more into debt on their behalf. Portugal, Ireland, etc. is just the additional scammers jockeying for a better place in queue. They are tipping their hands, but too greedy to play it well. We have to get our own affairs in order so only a bunch mad, arrogant, clueless college pussies would arrange to bleed America to feed these leeches in our time of crisis. Be glad its not a military solution, we have those too.

      This should be only a problem to the wealthier EU nations, but Germany, the richest with the most to lose, has done the right thing and called it what it is. So now the beggar’s cup comes to our door. Since it arrived by learjet I am disinclined to acquiesce to these con bankers and their whores.

      Dysfunctional bureaucracies collapse under their own weight. Greece needs to roll out from under their fatally fat momma and bury her before she stinks up the place any more than she has already. The islands aren’t going anywhere, just the white collar criminals; most to new offices, hopefully still in Greece.

  • Once again, the mainstream media have been forced to acknowledge – after prolonged denials – that huge government debts matter, the Federal Reserve acts in secret, undemocratic ways, and Ron Paul’s demands for a full audit of the Fed are extremely reasonable.

    May I ask why did it take the Greek crisis and riots in the streets to wake up the media to the huge dangers involved? Why is the media giving a pass on the many Congressional leaders and administration members who have tried to demonize and marginalize Ron Paul? Why is telling the simple truth so very unpopular in the Bush-Obama era?

    • Boxer


      Only 5 corporations control all mainstream media. Thats down from 50 30 years ago. Ever heard of the Rape of Darfur? The mainstream media is propaganda, sanitized so much that all the meaning of the events they do actually reports are bleached meaningless. The real investigative reporters are dead or chased off. Google “Gary Webb”. With GE owning media, there will never be another “China Syndrome” movie. The next Chernobyl will not be televised…

      If you think they awoke guess again, they are still trying to trick the system into shooting coins into their mouths.

  • Rocket Scientist

    While I sympothise with all of the comments I have read here, ( because it shows how much you care), understand this. All of these comments are too late. The money has already been spent. The debt already exists. There is no escape. It’s finished, except for the screaming. The only thing left to fight over is the debt, and it is yours.
    As for ” how will it end”? It’s simple. Our standard of living wile continue to deteriorate. Each one of us will have our individual heartbreak, as we lose our job, forced to live on the street, and eventually die of some simply cured disease because we can’t get the healthcare we need, because your money is all gone to bailouts and taxes. It’s pretty hard to win the fight when you are already on your knees.

    • Christine

      We could do without them and their fiat currency. Their money has no real value anyway, it’s meaningless, except for the meaning we only believe it has. We could invent a system without money altogether if people got up and went to work and did what they do without pay, without charging and just give and receive freely. I can tell you, the reward in this way of living is far greater than working for the govt or a corporation. Everyone would need to contribute their time, talent and skills. I’m sure we all would willingly …because we know our lives and our liberty and freedom depends on it. There are so many out of work, they’d love something meaningful to do, and they would do whatever it took with zeal. We must lose the banksters and the gangsters with a plan of our own. They use money as a weapon. As long as we hold on to the belief that it has any value, as long as we keep using it, they will keep whipping us around and down with it. Time to let go of it and let them have their worthless sheets of paper! Americans are hard working people and given the cause of overcoming the banksters and gangsters…this is a way to overcome and put the government back in the control of the people, to do what we can’t get the government to create laws to provide, AND we are the people with all the talent, love and skills to get the job done our way, under the guidance of the constitution. We can keep that document alive by and through our actions. We need to unite and spread this idea of an America based on our own ingenuity and fortitude, our personal strength. Give and receive freely. It’s time those who “work” in the shadows stop siphoning the wealth off the people who do the actual work and get a real job with real skills….it’s time for them to break a sweat like the rest of us….that or get off our land. We are what is of real value, that and our values, morals and principles. If they want to act un-American, then they don’t belong here! and I seriously doubt anyone else wants them either. They are all about death and destruction. We are all about life and construction. We need to make sure all of our human needs are finally met. We live in a world of plenty (except for the illusion of scarcity corporations and governments create by and through their policies and practices not fit for humans). There is no reason, in a world with this much talent and plenty, enough to share worldwide, that we or anyone should do without anything.

  • Mike

    OK so this what I don’t get if the whole world goes bankrupt does that even really matter? Obviously we will still have human resources to build products, cars, houses, etc. It seems to me it would just have a different price tag. Or will China just own everything? I just don’t really understand what this means. Please explain what this will look like. Thank you

    • Libertarian777

      two words…

      “social unrest”

      This is how governments fall, and dictators rise.

      What happens is those who have saved and lived within their means will be better off than those that have spent and lived beyond their means. Then those without will complain to the government that those who have saved, have ‘means’ and are ‘capitalist pigs who steal from us’. Laws will be enacted to further redistribute wealth, savers will be marked as ‘evil hoarders’ and will be scapegoated.

      Social unrest will result in some ‘saviour’ coming and finding a scapegoat. That ‘saviour’ becomes the head of the government who restores social order (in Germany the Jews became the scapegoat).

      • Boxer

        We are already in the trap and your history of causes of the world wars is programmed reality = fiction.

        History shows that by Viking or stagnance, bureaucracies are periodically overturned. The redistribution of hoarded wealth creates opportunity; progress depends on opportunity, so we only advance between oppressive regimes.

        The Hebrews made Germany the scapegoat when the ‘Jewish International Congress’ declared war on Germany in 1933 and boycotted German products world wide. Hitler put the European Jews in labor camps because they represented the majority of communist and socialist sympathizers as well as a present threat to German economic interests. When cheated out of eastern Europe, the nice innocent European Jewish gangsters then invaded and took over Palestine. Such good, genocidal, hostile neighbors they have been too.

        Change is good. Toss the hoarders under the wheels to lubricate the engine of progress.

    • Libertarian777

      Mike, that was the short version.

      The longer version is when a country goes bankrupt, no one will fund their deficits or will only fund it at very high interest rates.

      Taking the US as an example, if China and Japan stopped buying US treasuries, the government would have no one to sell Treasuries to (except the social security and medicare funds). So it would have to offer a higher interest rate to entice people to buy those funds.

      Then it becomes, like Greece, a death spiral. Interest rates going up even just 5% will destroy the US ($13 trillion national debt currently, since the government doesn’t repay any of it, it just ‘rolls’ it, depending on the maturity ladder, raising rates NOW to 5% will result in the overall interest rate increasing). For simplicity sake lets assume the 5% is instantaneous, on $13 trillion, that amounts to $650 billion a year. More than the Pentagon spends currently.

      So how does this affect YOU?

      Well simple, interest rates will skyrocket from the 5% (once everyone realises at 5% the US can’t pay interest on its national debt, the rate goes even higher). So when you want a credit card, car loan, home loan or whatever else your interest rate will be double digits.

      Now you’d THINK it would be NICE if you had lots of savings, since you now are earning higher interest rates, BUT remember, in this death spiral your purchasing power decreases (look at the Euro, its dropped from $1.35 to $1.26 in a week. So for Europeans, their cost of imported goods, e.g. oil priced in US$, has just shot up 7% in a week; think of that happening the opposite way between the US and say China). So inflation takes off, and while you’re earning a nice 12% on your CD, yoru cost of living is going up at 17-20%.

      To try and prevent default the Federal Reserve racks up the printing presses even more, and prints trillions more and buys US treasuries. Of course this just results in even higher inflation and lower dollar purchasing power. Until it gets to a stage like Zimbabwe where inflation was on the order of double digit quadrillion % p.a.

      Not to mention at $650 billion interest repayments just on current debt, the government won’t be able to issue an additional $1.5 trillion budget deficit to fund shortfalls in social security, medicare, medicaid and the pentagon. It has to cut funding somewhere, and drastiscally.

      Then social unrest occurs, like Zimbabwe; Greece; and Germany (back in the early 1930’s).

      Hitler became the ‘saviour’ for Germany to lead it out of its economic crises. In the meantime (1930s), Germans were outlawing Jews from owning guns (and eventually property and things like that). And we all know how that turned out.

      Zimbabwe’s Mugabe blames the British (scapegoats) for their economic ills.
      Greece blames the IMF for their economic ills.
      Germany blamed the Jews for their economic ills.

      The Germans have learnt their lesson, hence they don’t want to bail Greece out.

    • I believe this is all part of the globalists plan. They want to cripple all major economies so that the central bank-controlled governments can step in with the “solution” for all the desperate people. Which will be the one world government (New World Order) and the one world currency that’s being developed.

      Uneducated people will gladly accept the one world currency.


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    • Dfens

      What the globalists, people like Ronny and Randy Paul, fear the most is that Greece will abandon the European Union and get their way of life back. That’s why they are willing to spend billions of dollars to bail out Greece. The worst possible thing for the globalists is if Greece goes back to being what Greece always has been, a soveriegn nation with it’s own currency, tariffs, economic inefficiencies, and way of life. It is the globalist nightmare come true. That’s why you see all this trashing of the Greeks as being lazy and stupid. They had a civilization before the rest of Europe had an alphabet, but now they’re too stupid and lazy to run their own country?

      The Libertarian globalists are already making the same kind of statements about our own country. “Secede!”, they say. After all, the US doesn’t stand for anything. It’s just a market like any other market. We aren’t individuals. We don’t stand for anything unique or honorable or worthy of saving. We are just a market. The sooner we do away with our national identity, the better. We are interchangable with the Communist Chinese, not better or different. We are just a market.

      It is time to stand up and be Americans and Greeks! It’s time to take our country back from the Libertarian globalists and stand for something once again. We were once the bastion of freedom in the world. In those days we had strong tariffs that protected our markets and our way of life. Stop listening to the Libertarian globalists and stand up for what is ours once again. Greece is doing that now, and the globalists are trying their best to stop them with bullets and payoffs. It’s time we did what the Greeks are doing and took back our nation, secured our borders, and reestablished our way of life.

  • W’s Oath of Office

    A German representative suggested that to resolve the credit charges they have racked up partying, Greece ought to sell off a couple of islands and start getting up at 8 instead of noon, in order to pay their bills. I’m with the Germans on this. Any economic solution involving US taxpayers is right out.

  • The whole situation really scares me. I think that Dr. Paul is right; Greece is just the beginning–a global domino effect is a real possibility. Ecomonically, we’ve lived on “air” for a long time, but in the end there has to be a reckoning.

    • Obama’s Campaign Promises


      What do you mean by ‘we’? I’ve lived within my means; I’m not bailing out the drunken frat sots.

      • Libertarian777

        doesn’t matter if you lived within your means or not
        the government and Federal Reserve will take away your savings via inflationary policies and taxes

      • Plus, since we are living on fiat money, which is paper backed by nothing, we ARE living on “air”.


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  • Dfens

    Now he’s blaming the Fed for the collapse of the Greek economy? Amazing! I’m sure the collapse of their economy has nothing to do with the elimination of all tariffs on European Union goods. No, why would that effect the Greek economy more than the US Fed? Duh.

    What is happening to Greece is exactly what would happen to the US if Ron Paul were elected. His brilliant idea of unilaterally eliminating all US tariffs would immediately plunge us into the same kind of civil strife as everyone loses their jobs. Even the sharp reduction in tariffs we’ve experienced under the 2 Bush’s and Clinton have brought our economy to its knees. Unemployment is 10%. Real unemployment is over 20% and what’s Ron Paul’s answer? Reduce tariffs even more! He won’t be happy until all of our industries and the jobs they provide have fled our country for Communist China.

    • Joan

      I just saw on the news that people in Greece are rioting over having to work until 55 instead of 53. Can you imagine? They raised the retirement age here to 70 for SS. It sounds like Greece isn’t really going under at all. It’s a bunch of government workers who refuse to take small pension cuts and refuse to work for two more years to keep the social programs funded.

      • Dfens

        You are absolutely correct, Joan. Their work-day and overall work ethic standards are very poor by contrast to those of, say, the Germans. The Greeks have different values, and as a once soveriegn country they had an economic system that reflected those uniquely Greek societal values. Now they’ve been sucked into the European Union. Suddenly they have no tariffs and a common monetary system with all other European countries, including the ever efficient Germans. The Germans have a much more efficient economy. They produce goods and services at a rate that is unimaginable in Greek society. And what is happening? Greece is being destroyed. Their way of life, for better or worse, is being systematically eliminated. It’s not efficient enough, and it is losing out in the European Union’s free market.

        Now whether you sympathize with the Greeks or not, it is a good example of what is and would happen even more rapidly here under the unilateral “free trade” system the Libertarians and Ron Paul are advocating for the US. In our case, we have systems in place that seem wasteful to other countries, and, in fact, they are not absolutely necessary. We do not believe in slave labor, for one thing. We fought a very bloody civil war on that one. We believe workers should be treated well and that employers should consider their health and safety in the development and maintenance of their facilities. We believe it is a good idea for food, water, and medicines to be tested to acceptable standards of hygiene.

        In some societies that kind of thing is considered wasteful. In ours, it is not. We place a very high value on the life and well being of the individual. It is our right as a soveriegn society to hold to those values. Tariffs allow us to have that difference in values with other countries and not be at a huge competitive disadvantage with countries who employ slave labor and have little regard for the lives and health of their workers. We keep being told that “free trade” will make us free, and we are suppose to accept that premise based on the fact that it has the word “free” in it. In reality, a soveriegn nation relies on tariffs to be free. Tariffs allow our society the freedom to adopt our own values instead of having our values dicatated to us by the global least common denominator.

        • Joan

          I enjoyed reading your post. So that’s what’s happening with Greece. They are losing money and they’re socialist, so people are rioting over losing some of their benefits. I was thinking too that Glenn Beck really hypes things up, always makes it sound like the world is coming to an end. He got on this thing about Greece is going under and we are all going under, then we hear it’s people rioting over having to retire at 55 instead of 53. Some days, I wish he would just go off the air before he drags the Tea Party people any further off track. He was on today telling millions of people that the Christian god created this country (the Mormon god at that I guess) and here 70 percent of the world is not Christian, many in this country are of different faiths, some are agnostics, some are atheists, and he cannot get off of selling the Tea Party people his religious stuff.

          I see what you are saying about free trade, but look how the corporations moved hundreds of millions of jobs to China and India and Mexico for cheap labor. Donald Trump said the Chinese are laughing at us, he said they think our politicians are nuts. He keeps talking about bring the jobs home, charge a little more and so what? We send our manufacturing jobs out of the country, pay to bring the stuff back so we an buy cheaper stuff at the expense of our own jobs. Our economy is based on us buying things.

        • Dfens

          There are some serious issues at stake in the Greece situation. Their country has been allowed to borrow more than they can produce in a given year. That’s an unpresidented debt load. Also, Spain and Portugal have similarly shaky economies, and even the UK’s economy is borrowing heavily. There’s a fear that if Greece defaults these other countries will fall like dominoes. Much of the rioting is due to the fact that the people hardest hit by the lack of jobs are the young, especially young men. That is common across all the European countries that are in trouble and is true even here in the US. Young men are not known for their patience or even great judgement, but on the other hand I can certainly see why they have lost faith in the older generation’s advice.

          What really surprises me about the situation in Greece is the growing popularity of Communism though all of this. I would think there would be a huge outcry for nationalism, a Greece is for the Greeks kind of thing, but instead people are turning to dictatorships and strong, authoritarian government control. I suppose it should be an object lesson to us that when things are allowed to get really bad like they are in Southern Europe people do not always seize on the smartest solutions. Certainly democracies have proven themselves failures in that they exist only to allow the majority to vote themselves a share of the wealth of the minority. Even here in the US where our federal constitution was carefully written to prevent tyranny of the majority, we have devolved into basically the same thing.

          Look at China, on the other hand. Their government is very pro-Chinese. They always put China’s interests first. They protect their industries and borders viciously. They manipulate other governments toward their own best interests and they have been growing at a double digit rate for over 20 years. There’s a lot to envy, though for the longest time our federal government looked out for our interests as well or probably better than the Chinese government ever will look after China.

          Unfortunately our government has been bought by multi-national corporations as have our major political parties. You never hear any real solutions to any of our real problems. Our economy is based on buying things, which is another way of saying it is based on nothing. Our economy used to be based on production, not consumption. We were the manufacturing engine of the world up until the ’80s. Then we let what we had go. We are now in the middle of a huge experiment that is being orchestrated not by great intellectuals in public debate, but behind closed doors by corporations whose only goal is the best bottom line on a ledger sheet. Capitalism is great when it is well managed, but it can really suck when left to find it’s own way through moral issues, as our own country’s history has shown.

        • Joan

          Dfens, yes, China is doing what we used to do. I read a book recently that talked about the way different countries function. I learned a lot about how people in Cuba live, wow, wow, it’s hell on Earth basically. It talked about socialist countries that function pretty well, countries that have everything and fail, countries that had nothing and succeed. Hong Kong had too many people and nothing to work with, but they are doing great. They have low taxes all the way around, no entitlement programs, no Social Security, most everyone works, but they pay low taxes, and many people start their own businesses.

          This is what Donald Trump was talking about. He goes over there and does deals with Chinese business people. He says they think we are nuts, we are handing them our jobs and making them what we used to be.

          One thing I notice too is you see all of these socialist countries who were functioning pretty well for decades, now they are going under, but, at the same time, we are the big military force, we are going under from that and from Wall Street screwing all of us, and from the corporations taking jobs out of the country, and from the socialist programs like FannieMae, and from the entitlements. So, capitalism is failing the middle class, while socialism tanks us too. It’s an odd situation in this country.

        • fred the protectionist

          Joan say: “China is doing what we used to do.”

          Not exactly. China isn’t protecting her markets to increase “the general welfare of the Chinese people”.

          China is increasing market share, acquiring massive amounts of fiat money supplies, rebating their exports not taxing imports to relieve taxes on their people, and using their own people as slave labor. Not to increase “the general welfare of the people” but to increase their military industrial complex.

      • No, their pensions and savings are being cut IN HALF and given to the central banks as a “bailout”. The banks are literally stealing from the people. Similar to the banker bailout fraud that happened here in the US. TRILLIONS of dollars were taken from taxpayers and given to foreign central banks. Are you really OK with that?


        FREE “Surviving Martial Law” e-course

  • These politicians think we don’t know what they’re up to behind closed doors when they try to make changes to this bill, like any other and think that we’re all stupid. Thanks to Chris Dodd (Mr. Hyde) just to play the politics game and scaring us with his evil negotiations. I’m glad that Dr. Paul didn’t sell us out and know what kind of dangerous games these other politicians are playing.
    Auditing the Fed would be the only way to have true transparency and they would be forced to give us accurate numbers to where are money is being spent and for what purposes.

    • Ryan

      The politicians know we the people are aware what they are doing.
      But they don’t want us to know who they are doing it with, and how much money is involved.
      That’s why they don’t want the audit.

      There will be blow-back towards the politicians on election day, and towards the companies and countries getting the stolen taxpayer money. The audit will also show how badly their policy has been and will be over the long term. This will make it practically impossible for them to continue their agenda to rob us all blind. They will be voted out, across the board. So they are fighting with all they have to stop the audit.

      • Boxer


        They just don’t give a damn if we know or not. If we step up to protest they’ll send in the National Guard *again*. The Guard is now far better armed for domestic disturbances than at any time previous…

  • Joan

    They said on the news that people are rioting in Greece because they refuse to take minor cuts to their government pensions and other benefits, they said the people don’t care it bankrupts the country, they want their free money.

    I see exactly the same thing in this country. Everytime I talk with people about Social Security and Medicare needing over 100 trillion dollars to hand out all of the free money and free health care to them, people just scream and scream they paid in five cents, it’s theirs, not one of them cares where the 100 trillion will come from to give to them. It’s the same thing. People are so addicted to entitlements, and they don’t care where or how the money gets to them, only that they receive it. I’ve talked to people online for months giving them the facts, they pay in 5,000 to Medicare, they want close to a million for themselves and their spouses in health care in return. All they say is they were promised, they paid in, who cares, give them what they want. And, nobody even wants to talk about privatizing any of it nor a tiered system, nothing except give them, give them what they planned on getting. It’s hard to believe people seeing over 100 trillion in unfunded liabilities, and no one even cares, it’s just give me, give me. That is what is going on in Greece and in the U.S.

  • Daniel

    The market would have already crashed and we would be in a depression now without government intervention. However, the government is not preventing the crash, nor can they. They are only delaying it, and their interference is making it worst.

    • Che

      It’s basically like we’ve missed our chance to take a dump. The longer you put it off the more its going to hurt when it finally happens.

      Or, according to ‘popular’ economic theory, we will just readsorb our poo if we wait long enough. Meanwhile we’re still consuming and getting fatter and less mobile and less responsive because of our refusal to purge. The mass balance doesn’t work. Something has to give.

      Maybe I carried that analogy too far, but it makes sense to me.


      • John Poindexter’s 7 Convictions

        We need to dump the corrupt politicians and roll back the systemic loopholes they have installed. Its too late to do it nice, we’re going to have to take out their lawyers, hard. Giving up because “its too late” is not an option, its enemy propaganda. This has to be done, otherwise the ship of state will capsize and the rats who did it will hog the life boats.

        I’m hoping that the patriotic peeps in the CIA & NSA who disapprove their management will have some constructive suggestions.

    • DeLay’s Trial

      Agreed, but if the existing laws had been enforced in the first place, and the SEC was not hamstrung and compromised, we wouldn’t have needed government intervention because the embezzlement would have been arrested and not accrued into “toxic debt”. The crash/bailout is all about fraud and judicial corruption.

      The Fed was created to protect our economy against foreign influence and there are better ways to do this. Time to change tactics, or go extinct.

  • Charlie

    A complete audit won’t solve the problems but at least we will know what is (and has been) going on in the FED. Chris Dodd and “Bailout Bob” Corker are trying to push a watered down version. The people are demanding a complete audit…….and not just the Ron Paul supporters.

    Entitlements, union wages, government pay scales, and spending must be brought under control in the US or else suffer the situation in Greece. PAYGO is nothing but a farce. Any “emergency” spending skirts right around that little political gesture. 47% of the working people in this country cannot support 100% of the population much longer. Plant some beans & taters folks.