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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too bad ron paul will never get elected- ! america deserves its fate!
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Ben Bernanke dislikes this video.
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Ron Paul is the ONLY chance the US has to recover from its astronomical debt. Ron Paul is 75 years old and he is willing to lead the US on a road to recovery.
If he wins the election he will go down in history as the best president the US has ever had, until the power elite kill him that is…
..just like they did Kennedy.
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Ron Paul is the ONLY chance the US has to recover from its astronomical debt. Ron Paul is 75 years old and he is willing to lead the US on a road to recovery.
If he wins the election he will go down in history as the best president the US has ever had, until the power elite kill him that is…
..just like they did Kennedy.
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“the appetite of big govt comes from “the people”…” he is so right
and that’s why people don’t listen to ron paul enough….they’re mostly too fuckin stupid
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They want more debt because they can get it and they don’t care how we(americans) feel about it,let The corporation called United states of America go bankrupt let them fail,if i was in a 50 trillion dollar debt i couldn’t get a dam bailout NO way i would have to suck it up go for broke and rebuild.People on social security and welfare is NOT the problem the way the whole entire system is set up is the problem,fire ALL of them and start from scratch because what we have now isn’t working.
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They want more debt because they can get it and they don’t care how we(americans) feel about it,let The corporation called United states of America go bankrupt let them fail,if i was in a 50 trillion dollar debt i couldn’t get a dam bailout NO way i would have to suck it up go for broke and rebuild.People on social security and welfare is NOT the problem the way the whole entire system is set up is the problem,fire ALL of them and start from scratch because what we have now isn’t working.
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American people are too addicted to entitlement programs and the welfare state. Can you imagine if Ron Paul was nominated by the GOP to run against Obama. All the blacks, Al Sharpton, Jesse Jackson, Sheila Jackson Lee and company would be calling Ron Paul a racist for trying to end all these entitlements and treat everyone equally as we should be. I hope Ron Paul would run against Obama but the media will have a field day killing Ron Paul and labeling him an extremist
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American people are too addicted to entitlement programs and the welfare state. Can you imagine if Ron Paul was nominated by the GOP to run against Obama. All the blacks, Al Sharpton, Jesse Jackson, Sheila Jackson Lee and company would be calling Ron Paul a racist for trying to end all these entitlements and treat everyone equally as we should be. I hope Ron Paul would run against Obama but the media will have a field day killing Ron Paul and labeling him an extremist
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381 LIKES 302 views……….. Fucking YouTube
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Ron Paul is the embodiment of the Constitution, common sense and freedom.
Ron Paul r3VOLution 2012!!!
»crosslinked«
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Ron Paul is the embodiment of the Constitution, common sense and freedom.
Ron Paul r3VOLution 2012!!!
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He has a lil’ bit to go before he reaches the achievements of the guys on the Top 10 list on my channel.
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He has a lil’ bit to go before he reaches the achievements of the guys on the Top 10 list on my channel.
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0:00-5:12..Nuff said!
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0:00-5:12..Nuff said!
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amazing
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361 likes and 301 views
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There’s one thing I don’t get: If Americans are so concerned about such issues, and support Paul, how come he and no one like him ever gets elected?! How can ANYONE be against such ideals?! If you don’t believe in the NWO, you should take a good look around you!
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There’s one thing I don’t get: If Americans are so concerned about such issues, and support Paul, how come he and no one like him ever gets elected?! How can ANYONE be against such ideals?! If you don’t believe in the NWO, you should take a good look around you!
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I can’t believe he’s actually going to retire is he doesn’t win… I hope that Rand keeps up his legacy for the decades to come…
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I can’t believe he’s actually going to retire is he doesn’t win… I hope that Rand keeps up his legacy for the decades to come…
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He’s absolutely right, with too much money comes inflation. Im going to burn the 4 thousand dollars I was saving in order to fight back!
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He’s absolutely right, with too much money comes inflation. Im going to burn the 4 thousand dollars I was saving in order to fight back!
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notice how fast they try shutting him up at the end….how dare he tell the truth
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Powerful speech.
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Get monetized silver in the form of coin bernanke said gold is not money he was techinaly right its not money till its monetized hence the two definitions of money comitity gold and monetized gold.
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GOOD SPEECH to bad no LEMMINGS in the USA will ever hear it
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IS VERY HARD TO DISAGREE WITH RON PAUL.
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Thank you President Paul 8 D, for being one of the few with common sence!
Its gives a warm fuzzy fealing deep inside when you hear someone, not only quote history, yet also put today into a perspective.
I Wonder actually how many were awake, or actually paying attention.
After seeing how some of these people act when presented with the truth, I wouldn’t doubt several were sitting there with their fingers in their ears, daydreaming about their next vacation on the tax payers tabs!
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I would love to hear Obama make a response to that, without a teleprompter haha
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Write Ron Paul on all your money. Leave a Ron Paul 2012 comment on every Presidential Candidates video. DO IT. Just do it.
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i love you ron paul
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YES
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One of the best speeches President Paul has ever made.
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