Date: 05/23/2011
by Ron Paul
The federal government once again has reached the limit of its legal ability to borrow money, meaning it cannot issue new Treasury debt without action by Congress to increase the debt ceiling limit. As of this month, our “official” national debt- which doesn’t include the staggering future payments promised to Social Security and Medicare beneficiaries- stands at $14.2 trillion.
The debt ceiling law, passed in 1917, enables Congress to place a statutory cap on the total amount of government debt rather than having to approve each individual Treasury bond offering. It also, however, forces Congress into an open and presumably somewhat shameful vote to approve more borrowing. If the new Republican majority in the House of Representatives gives in to establishment pressure by voting to increase the debt ceiling once again, you will know that the status quo has prevailed. You will know that the simple notion of balancing the budget, by limiting federal spending to federal revenue, remains a shallow and laughable campaign platitude.
It is predictable that Congress will once again merely delay the inevitable and raise the debt ceiling, after the usual rhetoric about controlling spending, making cuts, and yes, raising taxes. We have heard endless warnings about how irresponsible it would be to “shut down the government.” The implication is that sober, rational, mature pundits and politicians understand reality, while those who oppose raising the debt ceiling limit are reckless ideologues who will harm the economy just to make a point.
But like any debtor that has to reduce its spending, the federal government simply needs to establish priorities and stop spending money on anything other than those priorities. Interest payments on our federal bond debt likely will amount to about $500 billion for fiscal year 2011, an average of $41 billion per month. Federal tax revenues vary by month, but should total around $2 trillion to $2.5 trillion for FY 2011– an average of perhaps $180 billion per month. So clearly the federal government has sufficient tax revenue to make interest payments to our creditors. For now, those interest payments represent about 12% of the total federal budget.
What nobody wants to admit is this: even if the federal government has only $1.5 trillion remaining to spend in 2011 after interest payments, this is PLENTY to fund the constitutional functions of government. After all, the entire federal budget in 1990 was about $1 trillion. Does anyone seriously believe the federal government was too small or too frugal just 20 years ago? Hardly. So why have we allowed the federal budget to quadruple during those 20 years?
The truth is, in spite of how cataclysmic some might say it would be if we did not pass a new debt ceiling, it is hardly the catastrophe that has been advertised. The debt ceiling is a self-imposed limit on borrowing. The signal congress sends to worldwide markets by raising the debt ceiling is simple: business as usual will continue in Washington; no real spending cuts will be made; and fiscal austerity will remain a pipe dream.
When our creditors finally wise up and cut us off, we will be forced to face economic realities whether we want to or not. It would be easier to deal with the tough choices we face now, on our own terms, rather than wait until we are at the mercy of foreign creditors. However, leaders in Washington have no political will to admit that we cannot afford to continue spending without any meaningful limit. They prefer maintaining the illusion and putting off reality for another day.
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i was watching my local nbc news the other day, and they posted the republicans running for the 2012 election. the list did not include ron paul. what i want to know is if they purposely left him off the list? you know, these propaganda machines know as news networks now aday, have thier own agenda. i think washington and the ultra rich are afraid of paul running, because he might just shake things up!
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You go, Mr. Paul! It’s a shell game at best. Here’s your new theme song.
http://www.youtube.com/watch?v=wXvRDmM5Zx4
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there are so many people against ron paul it makes me sick, michael medved called him a crack pot.
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so call Michael Medved and tell him why you think Ron Paul is not a “crackpot”…Edved also called libertarians …”losertarians” a couple of years ago…
if we want to succeed, we need to stop complaining and do something about it….call…write…shout….disrupt….display your support for Ron Aul and FREEDOM…
Ron PAul 2012…you are either for FREEDOM or you are not….
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Dear Ron, keep up the good work
I love it when you wipe the smile off Ben Bernanke’s face.
Here is my view,
When someone is in debt they borrow money from their friends to pay it off.
Now lets suppose your friends are in debt also & can’t lend you money.
So they themselves borrow money from other people & it goes on forever.
Basically the country is totally bankrupt with no one to borrow money from
so there is infinite debt, whatever cuts to jobs or services are made all money saved today is spent tomorrow.
We need a new financal system that will dispose of this debt infinity loop forever BRICS could be the answer gold backed sound money. Paying with gold from fort knocks is a great idea, untill you find out they are worthless lego bricks,
God said “let there be light” he never said Ben Bernanke may create money out of thin air. For all those bankers ect who can’t answer the question of what money is
Definition Of Money: “A failed bad idea”.
Go Ron Paul
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A living breathing “Founding Father!” RON PAUL FOR PRESIDENT! 2012….the revolution has startted,if hes not elected,the revolution will turn from a “diplomatic” revolution, to a “full on” revolution! so say the people! we’re fed up with the “status quo!”
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Raising the debt ceiling will indeed send a STRONG signal to the markets/creditors that the US in not addressing its fundamental debt problems and will make them nervous. HOWEVER, if we do not raise it, markets and creditors will calm down as they see that the US is indeed trying to do something positive about their fiscal health, and prosperity and integrity can be restored in this country eventually
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The people who criticize him for no reason make me laugh. They always have no argument and just say that he’s racist or something stupid like that. Stop spreading misconceptions about him. He has a great record and the policies he stands by are constitutional. None of you have anything on him and you know it! GROW UP……..
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Let banks and hedge funds go bancrupt. Only save the little men / public.
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I Have a question why do people keep attack Social Security like it is part of the debt? when I have paid for my share of it out of my pay my whole work life. I know what I pay go’s to the people in front of me and the one that are behind me will pay for me when I get old and can not work any more. I just don’t understand how they can say it is part of the debt when it is paid for allready by our taxes?
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badaboomrock,
At the growing rate of people retiring, SS won’t be there for the people behind you. It was never meant to be a retirement fund and be the only source of income for the elderly. I’m 35 and make no plans to having it when I get old because it’ll be gone, yet I pay into it just like everyone else. It may not be in the red now, but wait until all the baby boomers retire. Rand explains this perfectly
http://www.youtube.com/watch?v=b0YegDo87DA
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Good grief! You can’t stop the debt ceiling from being raised after the fact. Ron Paul, you are again sensationalizing to the mentally challenged. And the worst part of it is, you know damn well what you’re doing.
And for that reason Ron Paul, you will be my president!
when hell freezes over.
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I wil presme that you are not living on govt “assistance”
I suppose you are a federal employee. Who, other than those living on govt cheese, would want govt employees to be so overly compensated and want the federal payrolls to be so bloated when most of the “services” are simply counterproductive.?
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instead of just running your mouth off Michael, why don’t you take a position and explain it?
So we should raise the debt limit ad infinitum? Why don’t we just run the presses 24/7 and give everyone $1m each. Infinite money. Then everyone can pay for all their health care / retirement needs.
We should debase the US$ through QE-100?
And all these economic policies have worked wonders since the $2.5 trillion balance sheet of the Fed has decreased unemployment to 5%?
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Lol…now that is more like it…the wise posts from LIbertarian777…The best way to show the ignorance of liberal policies is to go beyond their numbers to demonstrate how ridiculous they are…I often joke when liberals bring up minimum wage and suggest raising it….if they think it should be $9/hr, I ask them why not $20…if 9 is good, is not 20 better? Or, when BUsh tried his stupid, ill-fated stimulus, I suggested to a liberal that he should have given everyone a million dollars…
the point is $1 of deficit spending weakens the dollar as proportionately as $100,000,000,000,000 does in the exact same manner…
Finally, a comment about social security. In 2011, it will finally take in less than it pays out…and will do so for an extended unlimited future…it is broke and needs to be phased out…the obligations need to be paid from the sale of government assets and, if more is needed, from printing money (as distasteful as that is…) and, the debt that is most often quoted does NOT include SS
Ron Paul 2012…you are either for FREEDOM or you are not
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Congress Vote On Declaration Of World War 3
blog. alexanderhiggins. com/2011/05/15/congress-vote-declaration-world-war-3-endless-war-borders-clear-enemies-22785/
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U.S. 4-star General Wesley Clark (Ret.), explains that the Bush Administration planned to take out 7 countries in 5 years: Iraq, Syria, Lebanon, Libya, Somalia, Sudan, Iran (2007 upto 2012)
/watch?v=bX7hMj2NKTc
/watch?v=lpBAC9dPr-o
“Japan’s government, threatened with more HAARP attacks, pays 60 trillion yen to Feds”
eclinik. wordpress. com/vital-issues/ben-fulford/japan%E2%80%99s-government-threatened-with-more-haarp-attacks-pays-60-trillion-yen-to-feds/
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the first corporations started after the civil war. Abraham Lincoln actually warned that we would have our first corporations forming from this that would start to lobby congress and start changing it from capitalism to fascim, which is the merger of state and corporate power. In 1913 right after the federal reserve was created you had the first big corporations. The fed is not owned by the us goverment as the public are lead to believe. The president is told by the cartel who to appoint as chairman of the federal reserve, like Paul Vocker former head of federal reserve (member of Trilateral Commision, Cfr, and bilderberg group, and Alan Greenspan(member of Trilateral Commision, cfr, and bilderber group. The us goverment borrows money or rather credit from the fed and taxpayers pay the intrests that swells the profits of the pivate banks that make up the federal reserve system. the fed prints the money and gives it to the us treasury at 6 percent intrest, and the goverment spends more than it recieves from the fed and is in debt to it
2/3 of the money you spend in taxes goes to the federal reserve to pay the intrest on the money the goverment borrows, and only 1/3 goes to goverment.
If you look at a american banknote it will say federal reserve note- This note is legal tender for all debts public and private. The federal reserve is a private cartel of banks and yet the american paper currency is called a federal reserve note. The rothschild cabel owns the dollar as it owns sterling and the rest. Indeed the paper money is worth nothing backed by nothing, and means nothing more than iou.
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british banknotes promise to pay the bearer on demand of the sum of whatever the note is said to be worth. If the money was actually worth nothing, the note we hand over would pay the debt, and would not just be a promise to pay. That would make it an IOU-which is what it is. Our money only buys something because we think it worth something. It is like a counterfiet note that has purchasing power only until somewone holds it to the light to see it is fake. The policies of the central bank are coordinated by the bank of international settlements formed in 1930 and its associated network. The banks charter drafted at the international bankers confrence, and the bis is based in switzerland one of the most important centers of the financial web. That is why Switzerland is never attacked in enginnered wars.
The bank of international settlements interlocks with the european central bank, world bank, imf, wto, and others to form the iron grip that controls global finance and trade, and therefore the choice and opportunities of people and countries. Goverments are at the mercy of the financial system, and of course the bankers control the goverments.
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Today the global financial nexus is coordinated by central banks in almost evrey country. These appear to be working independently but in fact are working together to a common end. The rothschild controlleed bank of England chartered by the black nobility William of orange in 1694 has been a central manipulater in this web, and now the rothschild-controlled privately owned Federal reserve in the us is a highly significant player. Ironically, the federal reserve is neither federal nor has any reserve. The bankers and politicians met at a place called Jekyll Island in Georgia in 1910 to plot their strategy to impose the federal reserve, and among them was senator Nelson Aldrich, the grandfather of Nelson Aldrich Rockefeller, the four times mayor of new york, and the vice president under President ford.
Adrich’s dauther Abby was married to Jhon d Rockeffeler Jr. For years after the meeting on Jeckell Island the educaters, commentators, and historians denied that it even took place. In 1902 the Rothschilds sent one of their agents Paul Warburg to America with his brother Felix to rearrange us banking to suit Rothschild. Another brother Max Warburg stayed at home in Frankfurt Germany to run the family banking buisness there. Max was a director of the chemical giant Ig farben that funded Hitler and ran the Auschwitz concentration camps, and paul was director of farbens american division. After arriving in the us Paul Warburg married Nina loeb, of the rothschild controlled kuhn, Loeb and company while Felix married Frieda Schiff, the dauther of Jacob Shiff, the head of Kuhn, Loeb, and Co, and the guy who helped to fund the russian revolution. When jacob shiff arrived in america to join Khun, loeb and co he married the dauther of Solomon Loeb.
The federal reserve bill known as the Aldrich bill was passed in 1913 and american debt has soared ever since, just as it was meant to. The federal reserve system is a private cartel of banks of which the bank of new york is the most powerful.
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Viva La LIBERTAD, viva viva via Ron Paul.
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Special forces of good are waking up ,standing up to Tyranny . Let ‘s allow the right Person take this country back and raise from the ashes up….Let’s make history together.We Own it to our Future generations……Let’s make an Example to Others in the Government in how things need to be done. Let’s choose RON PAUL IN 2012. BECAUSE NO MAN,NO ARMY CAN STOP AN IDEA WHOSE TIME HAS COME !
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Ron Paul is the leader of a religion. All of his followers are emotional young people, none of them are serious academics (unless they’re getting paid by David Koch). Like most religious people, his followers mean well. It’s just that their reasoning faculties have been disabled by their emotions and the propaganda they’ve been exposed to.
You can’t blame them for getting angery and looking for answers. Their country has been getting raped by the top 0.1% for some time now.
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No urdisturbing, it’s not just young people. The tone of some of the replies makes it painfully obvious that there are a lot of older people supporting Ron Paul too. Stupid older people who have been propagandized into buying the load of bullshit that Ron Paul peddles. It’s cruel to lead them on as he does especially when he must know himself that his issues are all losing issues. As raising the debt ceiling will of course be too. Good grief!
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only 304 views?
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Ron Paul: Explained it well that the 2 party system is finished, nothing ever gets done and our country is falling into a Debt Black Hole…This is why we need you to run as an Independent with Ventura…The both of you can pull this country back to its glorious self and the people can finally feel at ease…These insane wars, the police state we are in now need to go away or the people are going to revolt and I am afraid that it is going to be bloody mess, if Obama is aloud to continue…
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Get a food storage people, If we default we could go into hyperinflation.
Then, Get out & support Ron for 2012 & save this country!
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And how are we supposed to stop raising the debt cieling, Mr. Paul. Answer me that.
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See folks, this is the kind of lunacy that lurks where Ron Paul treads. A commenter asks a simple question of Ron and he gets 4 thumbs down. Why not 4 thumbs up and an answer from Ron Paul? Well, because Ron Paul doesn’t have any answers and that’s because his supporters don’t care. They just want to keep on drinking his Kool-aid.
Oh, and Paul Ryan, how’s your plan working out for you so far?
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neither a borrower nor a lender be.
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default so the bankers can take it in the ass!
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declare bankruptcy.
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agree or disagree with Ron Paul’s positions., He is an honest man in a world of liars and thieves
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My President!
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Either ways my patriotism commands me to support you and you will ALWAYS have my vote!
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I adore Ron Paul thus I want him not to be president, they will take him out like JFK…I love you Ron Paul but a dead patriot is futile.
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Don’t worry maokly1, there’s nothing to fear. Ron Paul could get elected in 2012 to dogcatcher and nobody will care enough to threaten his life.
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Wow, this guy is the ONLY polititian I’ve ever heard that cuts the bull & speaks 100% sense!!!!
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Why even have a debt ceiling if Congress is just going to keep raising it. It’s stupid to even call it a ceiling. Congress is an alcoholic (drug of choice is cheap money). It gets liquored up real good everynight by the bartender Osama Bin Bernanke. He pours the drinks real stiff. We could stop drinking now + experience the worst hangover ever (we might even die) and hopefully survive or keep drinking and gurantee ourselves a slow death by suffocating in our own vomit (debt). Congress will drown
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I would definitely fight a war for this President.
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We have everything we need to straighten this out, People. We just need to get these sellouts out of the driver’s seat. End Unconstitutional Charities and Wars. Keep American dollars for Americans.
Vote Liberty in 2012. End the Status Quo. End Corporate Welfare. Wallstreet isn’t Washington.
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Mr. Paul, your views on the uncontrollable spending by the present administration are certainly valid. However how do you plan change what in my opinion is a government at all levels under the control of the money changers?
How can I feel my vote will make a difference when the wining candidate was selected prior to election day
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Ron Paul for president….
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FOr those not voting for ron paul Vote For me
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GIVE ME RON PAUL OR GIVE ME DEAD !
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I got 20 strong family Members going for Ron PAUL. I wonder How many Friend they may have going for Ron Paul in 2012.
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truth
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RON PAUL FOR PRESIDENT!!!
FROM ITALY!!!!
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Islam disproved at my channel. Check it out…
Exmuslim N Free
Muhammad lied… Check my videos
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Lets work together and Restore America Vote Ron Paul 2012
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The US follows it’s constitutuion to much, just like they follow the bible to much. outdated and only worths a guidence at most in the society
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love how my local new talks about all the republican candidates BUT Ron Paul here in iowa, kinda bull shit
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I know debt is a bad thing when it’s america’s size but i’d say if japan can survives an earthquakes, tsumanmi and godzilla with 200% gdp debt and a economy in recession then i’m sure the weathiest nation in the world can survives a few more $ debt
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Live free or die. Vote Paul, or demise. 2012
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HE NEEDS TO SAY STOP HAARP WEATHER MANIPULATION IN THE USA AND CHEM TRAILS DEPOPULATION THIS IS A BUNCH OF BS GET EDUCATED PEOPLE
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We should make the rest of the world pay the US to police the world for the good the the bankers.
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THERE IS NO OTHER CHOICE !!!THE RULES OF CHECKS AND BALANCE NEED TO BE FOLLOWED!!
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Ron Paul-the only candidate that really runs for the US by following the constitution on which the US was created on
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It is RON PAUL vs Death of America
R O N P A U L vs all the rest
that is the choice we face. He was cheated out of Nomination in 2008.
Will we let it happen again.
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We love you Dr. Paul… you are our only hope!
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