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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GEEZE. I FEAR for this man’s LIFE… God help him, if he starts to do really well…
(Which he may, this time, and I hope he does..)
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very good
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This has to be the best speech I have heard in a damned while! RON PAUL 2012!!!!
»crosslinked«
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Ron Paul CAN FIX the economy for years to come. You can read about it on my page. I had no idea until I read this. I’m a college student and usually I mind my own business with this stuff, but just trust me you gatta read this. I only discovered this letter yesterday, and I became so moved, I decided I had to do something. So please come visit my page; read all about it and learn what YOU can do!
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AMERICA HAS THE OBAMA BLUES!!!!
VOTE RON PAUL 2012!
WHERE ARE THE TROOPS?
CLICK AND LISTEN TO THE OBAMA BLUES
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I like comparing RP to a modern day Thomas Jefferson. This man represents true hope. GO RP for 2012 and BEYOND !!!!!!!!!!!!!!!!!!!
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“If your house was full of backed up sewage, would you pump it out or ‘raise the ceiling’?” -gdloops
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“If your house was full of backed up sewage, would you pump it out or ‘raise the ceiling’?” -gdloops
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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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if pro is the opposite of con the what is the opposite of progress?
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LET’S PRAY GOD FOR THIS GENTLEMAN TO BE A President OF USA .
ISN’T HE AMAZING ??? one of the best ever seen .HE CAN CHANGE THE WORLD and becomes the universal hero of 21 century a symbol of real peace serving people
for there own good, protecting them from real monsters, killers, propagandist .
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LET’S PRAY GOD FOR THIS GENTLEMAN TO BE A President OF USA .
ISN’T HE AMAZING ??? one of the best ever seen .HE CAN CHANGE THE WORLD and becomes the universal hero of 21 century a symbol of real peace serving people
for there own good, protecting them from real monsters, killers, propagandist .
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America wake up to Ron Paul, he speaks the truth, something most politicians are incapable of.
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RON PAUL 2012! THE ONLY CHOICE AN INTELLIGENT HUMAN CAN MAKE!!
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I would love to live in Ron Paul’s America
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“they bought those treasuries with money printed out of thin air” YESS SIR… and all the rest of the debt is printed out of thin air since noone’s tied to gold… Ron Paul will end the fed
people are listening!
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RON 2012PAUL
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Uh, the money you put into social security doesn’t go into a private account just for you. In fact, it goes directly to current retirees. By the time young people today retire, there will be less money going into the system than coming out. That is not possible in a system of private accounts. There are privately-run retirement accounts, they’re called 401(k)s, and no one steals money from them – if a company did that, they’d lose all of their customers and face prison.
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You happen to notice that deduction on your paychecks named, social security? That would be what you paid into the social security system.
The government handing you anything other than a fair return on that money, is basically theft.
If you want to see a distortion in the market system, allow Wall Street full access to Social Security. You better believe Wall Street will fleece the American public.
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AMERICA COMMITS YET ANOTHER ABOMINATION minds fixed on money ,whilst it continues to tolerate the facts .
NOT EVEN ONE MEMBER OF SUPREME COURT IS PROTESTANT , ALL ARE JESUIT LACKEYS .
In 2005 ALL THREE LIVING PRESIDENTS WERE ON THEIR KNEES BEFORE A DEAD POPE IN A BOX , and BUGGERS CAN NOW HAVE LEGAL STATUS AS MARRIED .
JUDGEMENT WILL BE FAR MORE THAN ECONOMIC COLLAPSE .
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THE DAY OF RECKONING
BEFORE JUDGEMENT FALLS AMERICA WILL BE STRIPPED OF ALL ITS WEALTH .
IT EXALTED SODOMISTS , AND POPES .
PEDERASTS , AND JESUITS
PRESIDENTS WHO WERE LIARS ,PERVERTS , AND HALF BREED BRATS OF EX KENYAN WHORE WITH FORGED DOCUMENTS.
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THE DAY OF RECKONING
BEFORE JUDGEMENT FALLS AMERICA WILL BE STRIPPED OF ALL ITS WEALTH .
IT EXALTED SODOMISTS , AND POPES .
PEDERASTS , AND JESUITS
PRESIDENTS WHO WERE LIARS ,PERVERTS , AND HALF BREED BRATS OF EX KENYAN WHORE WITH FORGED DOCUMENTS.
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Dr. Seuss, anyone?
I do not like this Uncle Sam, I do not like the health care scam.
I do not like when Congress steals, I do not like their secret deals.
I do not like these dirty crooks, or how they lie and cook the books.
I do not like their smug replies, when I complain about their lies.
I do not like this ‘Yes We Can,’ I do not like this Inept Man.
I do not like this kind of hope, I do not like this dangerous dope.
I do not like this spending spree. I surely know that nothing’s free!
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Does anyone in the US actually listen to this poor guy is he the only one who knows what is really going on or is that the rest of the congress, senate or whatever else you call the government just bury it’s head.
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We owe the federal reserve $1.6T. Well that’s not our real debt. They bond those treasury bills with money out of thin air. We could just write that off or quit paying interest
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The only person who can save US
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Wow, President Obama had a solution video with a 50% or less rating. Too bad the wrong person is sitting in the Captain’s Chair.
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A revolution is upon us.
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Dr. Seuss, anyone?
I do not like this Uncle Sam, I do not like the health care scam.
I do not like when Congress steals, I do not like their secret deals.
I do not like these dirty crooks, or how they lie and cook the books.
I do not like their smug replies, when I complain about their lies.
I do not like this ‘Yes We Can,’ I do not like this Inept Man.
I do not like this kind of hope, I do not like this dangerous dope.
I do not like this spending spree. I surely know that nothing’s free!
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politics(DOT)blogs.foxnews.com/2011/08/10/paul-lashes-out-fellow-texan-perry VOTE RON PAUL on Fox News poll!!
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Help us Ron Paul, you’re our only hope – Princess Leia
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I love this guy. has my vote.
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I hate how they cut him off too…i think he had more to say…lol..
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I agree with Libertarians that the government is too big, and too involved in peoples personal freedoms. Where Libertarians lose contact with the mother ship is when their passion for their utopian ideal blinds them to those particular areas where peoples government is absolutely necessary to represent the masses who don’t have the wealth and power and would otherwise have no voice. Examples: regulations for Wall Street, and universal health care.
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make this viral do your part and show everyone u know spread the message to the sheep
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