Today Is the 40th Anniversary of Ron Paul’s Decision to Go into Politics

On August 15th, 1971, President Richard Nixon announced the end of the Bretton Woods Gold Exchange Standard. Under that system, the U.S. had promised to fix the price of gold at $35 per ounce.

But federal expenditures for the Vietnam War and persistent balance of payments deficits led Richard Nixon to renege to end the direct convertibility of the dollar to gold. Watch his speech below:

When Ron Paul, then a 35-year old OB/GYN who had recently left the Air National Guard and relocated to Texas, heard Nixon’s speech, he realized that what the Austrian school economists had warned against was becoming true. He would later say, “After that day, all money would be political money rather than money of real value. I was astounded.

The same day, Ron Paul decided to go into politics. After facing defeat in his first attempt in 1974, he won a special election in April 1976 and became a Congressman representing Texas’s 22nd district. A few months later, Paul lost the general election to Democrat Robert Gammage, by fewer than 300 votes (0.2%), but defeated Gammage in a 1978 rematch, and was reelected in 1980 and 1982.

In 1988, Ron Paul ran for President on the Libertarian ticket, but lost. He returned to Congress as a Republican in 1996 and was reelected seven times, also running for President in 2008 and 2012. He is currently in his 12th and final Congressional term as he decided not to seek reelection in 2012 to focus on the presidential race.

40 years after that fateful day in August 1971, the U.S. government is bankrupt, gold is trading at $1,740 an ounce, and Ron Paul is a frontrunner for the Republican nomination for the Presidency.

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  • PeoplePower

    Happy Ron Paul day folks :-)


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  • greg redden

    As Indonesia celebrates national independence tomorrow (17th August), it stands in need of a “tiruan” Ron Paul
    But good men of strength and courage always frighten the hell out of the establishment………
    Indonesian power centers were recently scared by Sri Mulyani (Ex Minister for Finance)’s honesty, directness and commitment….
    Australia dismissed “honest” John Howard and (perhaps) has already come to regret it…
    Perhaps neither can match his consistency, fearlessness and kind wisdom, but I suspect that Ron would get on well with both of them..

    As he moves bravely against a monolithic power for evil that has deeply ingrained itself in the American industrial/banking and political system, may God preserve Ron from being “diMunirkan”!!
    In the words of Indonesia’s great founding father, Soekarno……

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  • Ellen Ring

    Mr. Paul et al,
    I voted with my feet, and am finally considering voting for you. When 9/11 happened, and the Patriot Act happened, I sold it all off, and said goodbye for Panama. I then said, ‘God I don’t understand how money works or how to make it work for me. Please show me this world so that I can afford to build the alternative lodging, food security, logistics transporting, and save myself from the fallout.’

    3 weeks later I began working as the apprentice to an international finance consultant. 4 years later, I consult on asset protection structures, Panama tourism, and now have dedicated my practice to Sovereign Asset Management.

    I trust your ability to make the right decisions that will pull us out of this mess. But I honestly hope you have some serious bodyguards; we need you to stick it out the way Kennedy couldn’t. I don’t like to put out such energy, but I appeal that you please take extreme measures to make sure you can carry out your mission.

    In the meantime, my mission is to save the HNWIndividuals smart enough to transfer their assets and retirement accounts into something more stable and profitable than this sick addicted Fed.

    Mr. Paul, I’ve given up politics, but I will support you this time.

    May I humbly appeal to your audience that if you seek sovereign tax exempt asset protection, that you begin your due diligence at:


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  • Nikole Knieff

    Neal Bootz said you wouldn’t speak with him at an event some time back. If this is true, why not? He is a libertarian and I think it would be a great idea for you to speak with him. Call his show and apologize for not speaking to him.

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