Ron Paul: The Day of Reckoning Is Coming




by Ron Paul

Last week the financial markets were roiled by Standard & Poor’s announcement that they will change their outlook on the fiscal health of the United States over the next two years from “stable” to “negative”. The administration decried this decision as political. However, it seems the only political thing about this decision is the fact that it took so long. The Washington Post recently reported that the White House and the Treasury Department put tremendous pressure on S&P not to do this. However, if S&P made its ratings based on political pressures rather than economic reality, it would cease to have any relevance to the business community. Even if S&P delayed its announcement that U.S. government bond market would be downgraded, at some point it would become obvious that the finances of this country are out of control and our leadership is out of touch. All credibility would be lost if S&P simply continued to assign U.S. debt a AAA rating.

S&P noted in its announcement that negotiations among leaders in Washington to address deficit concerns did not sound promising, and expressed skepticism that politicians could agree to any viable budget compromise. Of course this has been obvious for years but in the midst of the current debate over raising the debt limit it is perhaps the wake-up call that Washington needs. For decades politicians and government officials have been able to maintain their denial about our real financial situation, patching the system together by passing emergency and supplemental funding bills, issuing more debt, and allowing the Federal Reserve and foreign creditors to paper over deficits with more monetary expansion. I’ve said many times the real day of reckoning comes when fiscal and monetary tricks no longer work and there are no buyers for our debt.

Even the most conservative budget that has been proposed by Republican leadership requires raising the debt ceiling by an additional $9 trillion by 2021. This demonstrates absolutely that no one in power right now has any real intention of addressing our spending problems or paying down the debt. They simply expect to continue to borrow and run up more debt forever, without limit. Yet they always imagine our dollar will have value no matter how many we print. This expectation is foolish and naïve. I guarantee that those buying our debt are not foolish and naïve enough to go along with this charade forever.

The S&P announcement may just be the harbinger of economic realities acting as a restraint on government expansion. Government is not anxious to cap its own growth, in spite of misnomers like “debt limit” or “deficit reduction”. Government will continue to grow like a cancer, sapping our country of its wealth and freedom until the laws of economics no longer can be ignored.



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169 Comments:

  1. Ever noticed how the word democracy is similar to demonocracy? The latter word means "government or rule by demons". Democracy and Demonocracy are eerily too similar for me to feel comfortable with that choice of wording to describe our government.

    Ron Paul says he believes in Jesus. When the Lord Jesus returns he will establish a kingdom. It will be much more peaceful than any democracy was. Peace.

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  2. revolutions are what changed this world. Without revolutions democracy wouldn't even exist. Sorry, but the government today is controlled by the corporations and we have to fight in order to win our country back. we can try to be peaceful, but the cops will never support us. it's unavoidable, you can only push the people so far.

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  3. I see the word "Revolution" on your video. Revolution = WAR not love! People are killed during revolutions, including innocent children.

    I clicked on the user account that uploaded this video and am relieved that the user clearly states Ron Paul does NOT approve or endorse this YouTube channel.

    God commands: Thou shall not kill. Stop encouraging a revolution. Instead, encourage peaceful cooperation with like-minded people. Let's work together, not fight against each other. Peace.

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  4. BobbyWarrenMiller

    David Axelrod: "This is a Tea Party downgrade".

    Naturally this goddamn Jew would blame the Sheep. There are only four Jew skin lamp shades in the world. George H. W. Bush has one set and I have the other set that I inherited from a man who knew Jews inside and out, Dr. Josef Mangele.

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  5. democratsaresmart

    RON PAUL, WE ARE STILL WAITING FOR AN ANSWER! TELL AMERICAN PEOPLE HOW EXACTLY RU GOING TO CREATE JOBS? OK LETS SAY ALL TROOPS CAME BACK AND THEN WHAT? THEY ARE GOING TO SELL IPHONES AND BLACKBERRIES? DUDE BE A MEN, HOW RU GOING TO CREATE JOBS? POPULATION OF CHINA IS 1.4 B CHINESE WORK LIKE ROBOTS, BE HONEST TELL AMERICAN PEOPLE TO BUY UR BOOK U NEED CASH , U LOVE POWER, U LOVE CASH, U WILL NEVER CREATE JOBS, U HAVE NO ANSWER!

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  6. im gonna do that everyday..{even though im from england...}...

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