Transcript
Larry Kudlow: Let’s go over to the House, which about 45 minutes ago passed Speaker Boehner’s debt plan. We’re now joined by Texas Republican Congressman and presidential hopeful, Ron Paul. As always, Mr. Paul, welcome back to the program. I read a piece in the Daily Caller today, you want to say no to businesses as usual, status quo and power and compromise to raise the debt ceiling. You are opposed to any debt ceiling increases. With all respect, isn’t that irresponsible? How can we operate without more borrowing?
Ron Paul: Of course, that’s why I want to stop the borrowing. I think it’s irresponsible to keep borrowing. If you have a debt problem, how do you solve the debt problem by raising the debt? See, that doesn’t make any sense to me, and it’s a spending problem and the Congress and the people don’t want us to really quit spending. Anytime you would have a token little cut, they yell and scream. So this crisis is going to evolve. I think everybody’s talking about default, but there’s not going to be any default in the sense that we’re not going to send the checks out and pay the interest; that’s not going to happen. Look at the bonds today, they did quite well, interest rates are going down, nobody’s worrying about it. But the default comes when we just print the money and pass it out, and the default comes because people are going to lose their purchasing power in the dollar, and that’s where the real problems come out.
Larry Kudlow: Well, I just want to circle back, though, because you got a 100 million checks being mailed, and yes, you could cover the interest on the debt, I fully agree with you, and the government bond market is trading very nicely off of the recessionary forecast, what, 2.75%. But what about the 100 million checks, that’s the position you’d be put in; Social Security, health care, veterans pensions, military troops fighting, the FBI. If you don’t raise the debt ceiling at all, you would reek havoc on the budget, havoc on the states, havoc on the cities. I just don’t see how you can take that position, Mr. Paul.
Ron Paul: Larry, you know something about runaway inflation, severe inflation. You remember the 1970s, I think you were in Washington at that time. Remember the dollar was under attack, we went hat in hand to the IMF and got 30 billion dollars 30 billion dollars, which is equivalent to 3000 billion dollars, to bail out our dollar. So we were on the rocks then and that was a bailout again and in a way it was a default during that year when we reneged on our promises to pay with the Bretton Woods Agreement.
So yes, I think it’s much worse to do what we’re doing, continue to spend, and usher in an age when all the checks bounce. And that is going to be much worse. You have to have priorities, and if Congress doesn’t give the President priorities on how to pay the bills, the President, I believe, has the prerogative of picking and choosing and spending the money as it comes in and face up to the fact that we are bankrupt. To deny that we’re not bankrupt is a big problem and will usher in this age of just endless spending and endless debt. You cannot solve the problem of debt by accumulating more debt. You would never tell an individual that’s way over their head with credit card debt, “Oh, what you need is more debt, and you’re going to be happy”. A country can’t do it either.
Larry Kudlow: Alright, let me ask you this, Congressman. In your campaign will you actually put out a blueprint plan for a balanced budget in 10 years? Because I know the Balanced Budget Amendment is in the new House plan, I understand that. But the odd thing to me, as a former budget official is, I have never seen anybody put on paper a plan that gets us to zero on the deficit in 10 years. Will you have such a plan on your campaign trail?
Ron Paul: Well, I can make it very simple; let’s just freeze the budget, give everybody this year what they got last year, and it would finally balance, probably in less time than that. So that would be a pretty good blueprint, and why should anybody scream? Do you know, Larry, even under the Boehner plan the spending is going up over a trillion dollars. So all these cuts are fictitious, they’re only cut in the CBO projected increases. So it’s all a fraud. We know this is all political gamesmanship. This bill has nothing to do with solving the problems.
Larry Kudlow: I agree with you, sir.
Ron Paul: Okay, good.
Larry Kudlow: But a balanced budget plan, I want to see one on paper. Anyway, Congressman Paul, we’re out of time. But I appreciate your time very much this evening. Good luck on the campaign.
Ron Paul: Alright.
Larry Kudlow: As we continue our live coverage of the House vote on the Boehner bill, coming up…
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One more thing, the Boehner doesn’t have a snowballs chance in hell of passing in this Congress.
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Not only are these ‘cuts’ a fraud, but all of Washington is a fraud. Obama is the biggest fraud of them all.
Ron Paul is REAL CHANGE, here’s our chance America to elect the only honest candidate out there !!
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Ya fuck the poor and make the billionaires richer. 100 million checks? Where do they get these numbers? Paul does not even disagree? Poor people did not cause this problem. GE paid zero in taxes last year and they just shipped 8 billion dollars worth of jobs across seas. Thanks Ron.
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I knew it was all a fraud, thanks Ron…..
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obama is just pocketing the money.. simple
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Sideshow Collectibles are the new world currency
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Not raising the debt ceiling is retarded.
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long term economics > short term economics
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Reminds me of what is in the news today: Apple has more money than the US government. It can simply be put, the government produces less than anything company in the “free” market; on the other hand, Apple produces things people are willing to pay good money for. I think the government needs simply to know its place in society and get out of its bankrupting policies and attempts at social engineering.
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Ron Paul is the real deal.
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i am the reincarnation of Thomas Jefferson and I APPROVE OF RON PAUL
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Why don’t pundits get it??? YOU CAN’T GET OUT OF DEBT BY GOING FURTHER INTO DEBT! Either we end it now or we let the country totally implode into the worst depression the world has ever seen.
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Dear God, please let Ron Paul become the president of the United States of America
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He brought up a good point. Why don’t you put it down on paper? You didn’t answer the question, you redirected to a simple idea. Its it because putting things on paper can lead to pork barreling? Why not get rid of that stupid concept.
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In my 57 years I have seen inflation rear iti’s ugly head many times but this time it’s about the worst I have ever seen, and it’s only going to get worse. If they raise the debt ceiling once again all commodities like gas and food are going to continue a frightening march upward!!
»crosslinked«
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At least ron paul doesn’t use pathetic sound bites like boner oh I stuck my neck out blah blah
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What they really don’t want the American people to know is the WHY?
Serfdom.
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Give em a history lesson on the who, what, when, where and the why Ron.
Good man.
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This guy looks like he could be Alan Green$pan’s brother… banking is in his blood lol
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Ron Paul; My nigga.
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Everyone get with the fucking program! Tell everyone about Ron Paul, wake people up to the serious trouble we are in, and let’s bring some real change to this country!
Ron Paul 2012!
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PLEASE TELL YOUR FRIENDS AND FAMILY WHY RON PAUL IS OUR LAST BEST HOPE! GET THE WORD OUT! PASS FLYERS! JOIN HIS SUPPORTERS!
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“How can we operate without more borrowing?” I am hoping that was delivered in a sarcastic tone. Otherwise, we need a complete shift in paradigm with regards to monetary policy and philosophy.
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I dont believe Ron Paul has to put anything on paper. He would do it as needed. This will be my first time to vote.
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The health insurance industry and medical field would fall out without social security because most nursing homes get it, not the beneficiary.
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Wait a minute. If you’re a social security beneficiary, ask yourself how much of that monthly check do you actually get to spend or physically hold? How much of it goes back into a bank or insurance? Just think about it. People cannot be that stupid to figure out how it works. How insurance works, your premium is used to pay other claims until you have a claim and need a claim paid, then other premium money is used to fund it. Figure it out. And the DAs hands are not tied.
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The interviewer is a brainless drone without creativity enough to venture outside of monopolized media enforced interpretation of our monetary system. He no doubt voted for Obama and is yet another example of why our country is going down the tubes.
People, Check out Ron Paul. With President Paul in the White House you will NOT see the inside of a FEMA camp in 2013.
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not by not passing a debt ceiling and making it worst =.= Ron Paul is a moron
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I wanna see Ron Paul’s plan on paper too. He should put one out..
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err stop all foreign aid and cut the military spending by 80%, fire all current politicians and charge them with treason, public executions on the white house lawn for all those found guilty. raise import tariffs dramatically. end the fed, re-write the constitution. deport all illegal immigrants, bring all troops home world-wide and put some on the border. all corp leaders involved in banker bailout and other crimes against humanity shall be hung with no trial. I could feed the world mofos!!!
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hey CSJ, Ron and Rand were on Cavuto together today, you might want to find that clip.
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watch?v=3jcZIq9l1LE
Ron Paul : The Preservation of Liberty
watch it, rate it, favorite it, and pass it around
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1:19 Ron Paul ASSASINATED. That’s what the flicker of the camera sounded like gun shots.
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v=hX5Lwecv7bQ
AUGUST 3RD MONEY BOMB FOR RON PAUL’S 2012 CAMPAIGN – FOLLOWED BY A WEEK LONG “PUSH” FUNDRAISER!! The campaign recently sent out a letter asking supporters to help them raise more needed funds in preparation for Ames on August 13th. Please SPREAD this information and remember to donate on August 2nd!!!!!!!
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It seems everyone forgets that if they can’t borrow any money they are still going to pay the bills…. The Federal Reserve has a printing press, they will just print the money. Everyone on fixed income will still get paid, it just won’t buy anything.
We need to cut the military spending over seas and start taking care of stuff here. As far as i’ve heard, Ron Paul is the only one with an actual plan to fix and transition Social Security.
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