Ron Paul: No More Bailouts, Don’t Raise the Debt Ceiling, Cut Foreign Aid!

Ron Paul spoke with Stuart Varney about the problem of job creation, the benefits of not increasing the debt ceiling, and how foreign aid contributed to the uprising in Egypt.

Date: 02/02/2011


Stuart Varney: This morning, ADP reported 187,000 new private sector jobs added in January. That was more than expected. But this pace is still not enough to bring the unemployment rate down below 9%; not even close. Joining the company by phone from Texas — Republican Congressman Ron Paul. Congressman, you’ve been a frequent guest on this program, talking about gold, about the Federal Reserve, and about Ben Bernanke. But we’d like to ask you today about jobs; what do we have to do to spur some real job growth in America? What do you think, sir?

Ron Paul: You won’t have real growth until you liquidate all the mal-investment and all the bad debt. Everything we’ve done in the last 2 years is to prop up bad debt and bad investment and, therefore, real growth I don’t think will come very soon.

Stuart Varney: You don’t see that happening anytime soon, do you – liquidation of all the debt that we accumulated?

Ron Paul: No, we’re doing exactly the opposite. Matter of fact, the debt is still there, but taxpayers own it. The people who ran up the debt and lived high on the hog are back living high on the hog again and getting the bailout. So it’s just a transfer of all that penalty to the taxpayers so the Fed owns all this bad debt, and we’re responsible for it and that’s just going to delay the recovery; the real recovery.

Stuart Varney: I take it that you would not raise the debt ceiling? You would live within our means, starting as soon as that debt ceiling is reached. I take it that’s your position?

Ron Paul: Absolutely. And you could pay your bills as you go along, you could have priorities, you could, you know, pay the interest on the treasury bills, so there’s, the foreign holders of the debt don’t panic. You could do that, it’s not like all the money stops. I think those who are saying the end of the world will come if we don’t raise the debt limit, matter of fact, it might usher in a new era of growth if we ever got, you know, determined enough to do that. And people might say, “Hey, that is great. These people are serious, maybe it would be a real boost to our economy and restore a lot of confidence”.

Stuart Varney: You know, I’d love to take you on on this one, but the producers are in my ears saying, “Ask him about Egypt! Ask him about Egypt!” I will now defer to the producers and ask you about Egypt. I’ve heard you on this subject before, you don’t like the idea that we spend any money to the Egyptians, or virtually anybody else. That’s your position on Egypt, I think.

Ron Paul: Yea, it’s your money, you earn it, you keep it, you spend it. If you like one faction in Egypt, you send your money over there, that’s how a free society works. No, and I think the 60 billion dollars we invested for an artificial peace over there wasn’t worth it, because all it does is build up instability. We invested a lot in the Shah of Iran, but it was unstable and eventually it broke down. So I think this is somewhat similar.

Stuart Varney: Would you say the same thing about Israel, no more government money to Israel?

Ron Paul: Yea, if we cut all the money off to everybody, actually Israel comes out to a benefit because we give more money to Arab nations, when you add it all up, than we give to Israel. And this would prompt Israel to act differently and be more self-reliant and they might have a greater incentive to strike out peace agreements with their neighbors. So I think it would change the dynamic completely. But actually it would help Israel because we would send less money to their Arab enemies.

Stuart Varney: Congressman Ron Paul, I wish we had an extra 3 or 4 hours, maybe one day we will. But I can assure you, sir, that your colleague and friend, Judge Andrew Napolitano, is sitting right next to me and he will continue the debate right after you’ve left our program.

Ron Paul: Yea, and I’m sure he’ll do a better job than I.

Stuart Varney: He will just fight with me as usual. Thank you very much, Congressman. Good stuff.


  • SuperPreciousMetal

    god bless ron paul

  • waterchildtera

    theft of wealth
    transfer of debt !
    this means WAR!

  • theothertwin

    Stuart Varney has dual citizenship and has lived in this country since 1974 and is more an American than the Democrats in Congress. He has his family of 8 here and has as much at stake as a native born American. Give him a break, he is a smart cookie and has a degree in Economics…….so there. Do you homework before you make nasty accusations…..

    • Travis

      is the the comment you’re replying to already deleted? I didn’t notice anyone dissing Varney.

  • …english must not be your primary language. This guy must have 20 youtube accounts.


    Inflation is the hidden Tax.

    Pass it on.

  • ronpaulfan1

    audit and end the fed!!!

  • I’ve written in Count Chocula for quite a few positions… I know he’ll never let me down.

  • cankorgbr

    Paul/Paul 2012 or hyperinflation, take your pick america.

  • To advance a revolution you don’t have to break away from either party. In fact i would say he has already done so by doing just the opposite. Ron has proven that he can stay true to his principles without submiting himself to the party establishment. He proves that party labels don’t dictate individual ideals and that the party establishments seek only to divide and conquer us. If he runs as a Rep. he will have a stronger platform to get the truth out, thus a better chance at victory.

  • Bluto2973

    End the damn Fed.

  • jfarris4417

    Ridiculous smug faced bafoon spineless cunts laugh at Ron Paul when he actually talks sense. That is how stupid and nonsensical America has become; people who actually think rationally are laughed at and called fools.

  • madryboy

    OHHH HSHITITIT lol they have crafted this very very well lol obama is gone ron is in buttt guess what the face can put makeup on but the SKIN NEVER CHANGESS lol u will all see this man will put us into the ground just like obama has and oh ya hes part of the FREEMASONS group lol

  • I was saying this only yesterday!

  • wejewsdid911HAHAHA89

    we jews are very clever hehehehehehhehehehe

  • Bitch Bitch Bitch get a life

  • what i mean is if you are going to talk about revolution then one needs to branch away from corrupt political parties which Ron will not do. Someone asked him why he did not run as a Libertarian candidate again and he said he didn’t want to lose. Well who gives a damn about losing as truth stomps all . He likes the benefits of being a Republican that is what i mean.

  • LoL, I hear you sleed. I’m also a Ron Paul supporter but I sometimes find that the crowd we associate with by extension aren’t all necessarily the sharpest knives in the drawer. Case in point: the highest rated comment couldn’t even spell “Greece” correctly.

  • LoL, I hear you sleed. I’m also a Ron Paul supporter but I sometimes find that the crowd we associate with by extension aren’t all necessarily the sharpest knives in the drawer. Case in point: the highest rated comment couldn’t even spell “Greece” correctly.

  • Let me clear something up. I am a supporter of Ron Paul. I voted for him. Did you not read my short statement? Saying that someone has uncommon sense is not an insult. Have you never heard that rather old expression. To say that a person has uncommon sense–I’m surprised that I have to spell this out,is saying that that person has unusual good sense. In normal english,IT’S CONSIDERED A COMPLIMENT.

  • You are the 3rd person that I have had to explain this to,so I’m a little irritated. I’m beginning to wonder about the collective IQ of the internet. (1)I’m a Ron Paul supporter. I voted for him and I like the guy (2) Saying that someone has uncommon sense is a old expression meaning unusual good sense. For the slower amongst you–a compliment and (3)I know that he is a physcian,but anyone who has spent 20 years in congress is as much a career politician as he is a career medical man.