Transcript
Ron Paul: Mr. Speaker, the Congress is concerned about the debt, the people are concerned about the debt, the markets are concerned about the debt, the world is concerned about the debt and what we’re doing here today, because we live with a world fiat dollar standard and so the whole world is engulfed in this very serious problem.
I do not understand, though, that if the debt is the problem – and I agree, the debt is the problem – that for us to come here and raise the debt by 2.4 trillion dollars is the solution. That just baffles me. I think it’s a distraction, because when a country gets indebted to the degree that we’re indebted, the country always defaults. This is historic, especially if the country is a significant country. On occasion, a small country will quit sending the checks and they’ll go bankrupt; we’re not going to do that, but we will default because the debt is unsustainable.
This year it is said that we have a debt increase of 1.6 trillion dollars, but that’s not true. If you count what we borrow from the pension funds, the Social Security and highway funds, it’s 2 trillion dollars. But if you include the increase in the entitlement obligation, it’s 5 trillion dollars. So this is a huge, huge problem.
But the argument here is, how do you default. And it is said that if we don’t raise the debt limit, we’re going to default and not send out the checks. I don’t believe that for a minute, somehow or another the checks are going to go out.
But if you really wanted to live within the technicalities of law, there’s a very simple thing you could do. We owe the Federal Reserve 1.6 trillion dollars. Well, that’s not a real debt – they bought those treasury bills with money out of thin air. We could just write that off or quit paying the interest, tide ourselves over and get down to serious business to cut back and live within our means. And that would be a solution. But to increase the national debt will only encourage another type of default, and that’s what we’re going through. We’re engaged in the most difficult and a very bad way of defaulting; and that is through the destruction of the currency. Today we have an inflation rate of 9%, and that is defaulting. So if a government can default and print money, and if they can get a 50% inflation rate over a period of time, they’ve cut that debt in half. That is the goal, that is what’s happening, and that is very, very serious.
Just in these last 3 years in dealing with this crisis, the dollar has been devalued 50% against gold, and gold, of course, is the best measurement of the value of a currency and it’s been that way for thousands of years and it cannot be denied because it’s economic law. So we are defaulting, and when the American people go out and start buying goods and services, like they are now, they’re recognizing it costs a lot of money. So right now, we’re in the early stages of rampant inflation, which means we’re going to be hit with higher prices and higher interest rates. That is going to be a tax. So I see the only solution, and that is to cut spending.
Now the reason we don’t cut spending is one side loves entitlements, and the other side loves war. And even this token attempt of a 100 billion dollars of cuts when we have this huge, huge deficit… But there’s no mention of cutting military spending. I don’t want to cut defense spending. This military spending doesn’t defend us, it makes things worse.
Our problem in this country doesn’t come only from the Congress, it comes from the people! The people still have a strong appetite for big government programs. They’re not willing to cut, they think government can take care of us from cradle to grave, and that we can be the policeman of the world. So someday, we as a country, we as a people, and we as a Congress, will have to say, “What should the role of government be?” The founders had a pretty strong suggestion, they wrote a constitution that said the government should be very limited, and the government should be protecting our liberties and providing national defense and a sound currency. We don’t do any of that. We’ve embarked on a course that was destined to end badly and this is where we are today.
So if we don’t understand this, this default will not be because we don’t send out the checks – we will send out the checks – it will be defaulted on because people will get their money back, or they will get their Social Security checks, and it won’t buy anything.
That is much, much worse than facing the fact that we not raise the debt limit and work our way out of this. That is devastating economically, and it’s devastating politically, because if we just saw a taste of what happens, how the anger is built when you see other countries in Europe now defaulting and can’t pay their bills. So this is more significant than ever, because we provide the reserve currency of the world.
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Ron Paul is that man that you want to have in any position because he tells the TRUTH and doesn’t compromise the values of the PEOPLE (not business and banks) and this country’s constitution. When was the last time you had a politician that you believed was telling you the truth? Vote for Honest Ron in 2012.
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i hope and wish he makes it to the poles………probably will and obama will rig the election……….but i dont think the currency will last until the election before the bedlum and civil war boils over…….to bad we live in a country where 50% voted for a half muslim half merovigian blood line 100%open marxist indonecian citizen because his father happened to be black….fuck this country because the bill of rights and constitution means nothing to 70%……..we lost our republic in 1913
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hey Paul that was a good speech bro, I usually disagree with the stuff you say but you hit the nail right on the head with that one
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cinemascope
August 5, 2011 at 12:28 pm | Permalink | Reply
Early bird
July 31, 2011 at 3:27 pm | Permalink | Reply
I’ve to show you something:
http://www.usdebtclock.org/
http://nationaldebtclocks.com/germany.htm
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Can’t you see? Don’t you get it?
Ron Paul spelled backward is Laup Nor.
That’s right – he’s a Klingon.
He’s come to mush your brains with an idiotic simplistic circular philosophy.
He’s doing it so that when the Klingons takeover – they can round up the idiots thatbelieved him and destroy them – thereby thinning the herd of genetically inferior humanoids.
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Enemy of Greece, Europe, & America —- Jew
1. Goldman Sachs CEO, Lyold Blankfein is Jew
2. IMF Deputy CEO, John Lisky is Jew
3. Ex IMF CEO, Dominic Strauss is Jew
4. World Bank CEO, Robert Zoellick is Jew
5. Ex World Bank CEO, James Woolfesen is Jew
6. Fed Chairman, Ben Bernanke is Jew
7. Ex Fed Chairman, Alan Greenspan is Jew
8. Obama Treasury Secretary, Timothy Geithner is Jew
9. George Bush Treasury Secretary, Hank Paulson is Jew
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Denmark is one of the strongest economies, the happiness index of the people is greater than in the US, yet it would be termed a “socialist” country.
Explain that Ron you ol’ fart.
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We should start cleaning up. We need to clean up our beaches. Our beaches are infested with bacteria. People are walking barefoot instead of wearing their stocks. OMG!! Wear socks everybody!!! Nuclear radiation is washing on shore. White people are laying around getting cancers. Were using cement to pave roads infesting soil.
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We need to get rid of the old. They built this country under Bricks instead of Steel. We need to re-write the entire financial system. It is corrupt. That Inflation, GDP, Consumer Price Index stuff is FAKE!!!
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Airplanes will be technologically Advanced. Hybrid Boats and Hybrid Cars. Power Plants will be Solar and Wind Turbines. We need to begin building Government Hospitals and Government Schools.
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Stupid IDIOTS in Washington, DC – Mr. Obama and this Congress, you just shafted your nation! That rating was downgraded for a reason – S&P determining we don’t have a viable plan for getting our debt under control. Obama and congress had their chance and blew it. Folks we are in for some very difficult days ahead.
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Raising the ceiling? Most of us are struggling to keep one over our heads!
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Debt Ceiling Debate “Fraud” — youtube . com/watch?v=TzY_FRSecyI — Polling shows majority of Americans want to tax the rich and cut the military before making social program cuts. theRealNews . com — DefundWar . org — US Cost of War at Least $3.7 Trillion and Counting — WarCriminalsWatch . org — Tax the rich. Tax big oil. Stop cutting education and health programs. Expel corporatists. Prevent climate catastrophe. ClimateProgress . org
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Interior Department Fails to Collect Billions in Oil Royalties, Launches Major Investigation into … Polar Bear Research: thinkprogress . org/romm/2011/08/03/286396/interior-department-fails-to-collect-billions-in-oil-royalties/ —- Expel the oil mafia scum from positions of power. They have already ruined far too much of the environment. — ChevronToxico . com — crudethemovie . com — gaslandthemovie . com — blackwavethefilm . com — priceofoil . org — EndOfSuburbia . com
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Mind-numbing asphalt suffocation, concrete suffocation. Automobile air pollution, automobile noise pollution, day after day after day. Sick. Jobs? Poisoning our environment. Pollution destroys health. Gangster capitalism is criminal. Investigate and dismantle the polluter mafia. Brain dead puppets of the automobile industry and the exploitative banking and real estate industries, FREE YOURSELVES. Tax the rich. Tax big oil. Boycott polluters. Never trust polluters to make healthy decisions.
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*by not passing
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inflation rate is at 3.5%…where did he get 9%?
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The next time you vote Republican keep something in mind. Mr. Bush and his policies is what put us into this tail spin. So what does America do? They help and assist the ones that put us into the mess get back into power.
The American people only have themselves to blame for the chaos, disasters and hysteria that exist today because you are the ones that put these idiots in the position to control your destinies.
I hope that Boehner’s and Cantor’s incompetence has taught you something.
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Unfortunately Mr. Paul is outnumbered by the radical left and the radical right members of our Congress and guess what…YOU PEOPLE PUT THEM THERE.
So when you people are pissing and moaning about the economy or are concerned about your jobs, livelihoods and families you are the people that on voting day will help assist in this downward trend in America.
What other country do you know of that rewards companies for doing business outside their own nation?
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So true. Is there any other person in congress who thinks like him? It’s us the people who caused the downgrade of countries credit rating. Thank all the lobbyist, all the wars, all the people on welfare who don’t know how to take care of themselves. Thank the liberal agenda. NOT only liberals but republicans have followed the liberal agenda. Rinos!
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Yes, Alejandro 163: The inflation rate is maintained by the Government manipulative low, so people feel better!
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Early bird
July 31, 2011 at 3:27 pm | Permalink | Reply
I’ve to show you something:
http://www.usdebtclock.org/
http://nationaldebtclocks.com/germany.htm
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im voting for ron paul in 2012
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Yes, Work our way out of DEbt.
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I completely agree with Ron Paul but I have a doubt. He said that the inflation rate is 9%, but I look everywhere on the internet and I see no more than 3.6% inflation. Does anyone know why?
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You Got My Vote President Paul 2012
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This is the last time we will have the chance to elect Ron Paul, after the next election if he doesn”t win he is going to retire from politics. This is our last chance, Obama sold us out, the republicans are all crazy, this is our last hope. He has been saying this stuff for years but the media either dont cover him, or make him out to be a joke, in my mind the fact that the MSM hates him is the best sign that he will do the right thing for the people, not the elites. RON PAUL 2012!!
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Also of interest because the only time being the future you can borrow more money. Linked to a new currency will be issued (not enough for a rogue?)
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Ok, next question, food, 4 people per week, what are you guys spending per week then? Costs me about $350. What are you guys in the U.S paying per week for your shopping bills?
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I was leaning in Obama’s direction for the next election, but I don’t know any more… This guy’s pretty smart… I like what I hear so far
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I was leaning in Obama’s direction for the next election, but I don’t know any more… This guy’s pretty smart… I like what I hear so far
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You Americans are lucky ot have politicians like Ron &Rand Paul. In France, we only have liberals, socialists and communists (and some even look like nazists and make 10% at the elections).
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Who wants a president from texas, look at the last one
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but they dont. Boehner has already compromised with Obama several times, and by compromise I mean he has done what Obama wants.Right now, the people of America are at war. We are in a crisis unparralled in all of histories vast crisees. The greatest country the world has EVER seen, is about to be brought to its knees, and the people that we hired to defend us have become TRAITORS! I was going to use the republicans as a sybol when i said traitor but the more i think about it, the
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as if they are not fighting for the very survival of our country( that is what it has come to in theese past months and weeks) but more like they have disagreements with their colleagues on “that issue” and think a compromise is necessary. I say enough compromise! Enough of talking back and forth and debating. The democrats are a seriously outpopulated minority right now! the
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