by Ron Paul
Last year the Chairman of the Federal Reserve told me that gold is not money, a position which central banks, governments, and mainstream economists have claimed is the consensus for decades. But lately there have been some high-profile defections from that consensus. As Forbes recently reported, the president of the Bundesbank (Germany’s central bank) and two highly-respected analysts at Deutsche Bank have praised gold as good money.
Why is gold good money? Because it possesses all the monetary properties that the market demands: it is divisible, portable, recognizable and, most importantly, scarce – making it a stable store of value. It is all things the market needs good money to be and has been recognized as such throughout history. Gold rose to nearly $1800 an ounce after the Fed’s most recent round of quantitative easing because the people know that gold is money when fiat money fails.
Central bankers recognize this too, even if they officially deny it. Some analysts have speculated that the International Monetary Fund’s real clout is due to its large holdings of gold. And central banks around the world have increased their gold holdings over the last year, especially in emerging market economies trying to protect themselves from the collapse of Western fiat currencies.
Fiat money is not good money because it can be issued without limit and therefore cannot act as a stable store of value. A fiat monetary system gives complete discretion to those who run the printing press, allowing governments to spend money without having to suffer the political consequences of raising taxes. Fiat money benefits those who create it and receive it first, enriching government and its cronies. And the negative effects of fiat money are disguised so that people do not realize that money the Fed creates today is the reason for the busts, rising prices and unemployment, and diminished standard of living tomorrow.
This is why it is so important to allow people the freedom to choose stable money. Earlier this Congress I introduced the Free Competition in Currency Act (H.R. 1098) to permit people to use gold as money again. By eliminating taxes on gold and other precious metals and repealing legal tender laws, people are given the option between using good money or fiat money. If the government persists in debasing the dollar – as money monopolists have always done – then the people would be able to protect themselves by using alternatives such as gold that are both sound and stable.
As the fiat money pyramid crumbles, gold retains its luster. Rather than being the barbarous relic Keynesians have tried to lead us to believe it is, gold is, as the Bundesbank president put it, “a timeless classic.” The defamation of gold wrought by central banks and governments is because gold exposes the devaluation of fiat currencies and the flawed policies of government. Governments hate gold because the people cannot be fooled by it.
Processing your request, Please wait....
So sorry to have not seen you last night. God speed.
Report this comment
Like or Dislike:
0 
0
The “DEBATE” — here is the condensed to 6 minutes video.
http://www.youtube.com/watch?v=4vWVdOTFs8M&feature=player_embedded
Report this comment
Like or Dislike:
0 
0
Thank you, Dr. Paul!
Report this comment
Like or Dislike:
0 
0
Thank you, Dr. Paul!
Report this comment
Like or Dislike:
0 
0
Vote Gary Johnson! Yes, there are differences, but he’s the best bet for a liberty-minded president who is already on the ballot in all 50 states.
Report this comment
Like or Dislike:
0 
0
abolish money ! the venus project resource based economy!
Report this comment
Like or Dislike:
0 
0
Obomber love to bomb innocents in Pakistan.
Report this comment
Like or Dislike:
0 
0
Poetry doesn’t do much…. now does it….. fag… get real.. Ron Paul needs to run independent and keep his campaign going! Pussies like you just sit back and talk some gay shit.. get the damn revolutionary ball rolling.. and stop with your homo shit while obama and romney are laughing their asses off deciding whose gonna be president… tool!
»crosslinked«
Report this comment
Like or Dislike:
0 
0
If he had any true concern for the American people, he would be running independent right now.. Yea yea… he’s republican.. fuck that, its push come to shove time…. the revolution needs a boost into hyper mode NOW!!! Ron Paul Independent, or this was all a scam to get the votes taken from the republican party and he was paid off… Ron Paul Independent! We NEED IT NOW!!! WRITE INS WONT WORK! RUN THIRD PARTY!!!
Report this comment
Like or Dislike:
0 
0
Machines will be more integrated as we move into the future yes but they can not completely take all of the jobs, they will simply create more jobs because machines can’t take care of themselves. The point of me saying machines can’t think is the reason why they won’t take over. The purpose for technology is to make the job simple and efficient for humans to perform. My point stands jobs will always be apart of human society. Honestly, this isn’t debatable I don’t know why you continue to argue.
Report this comment
Like or Dislike:
0 
0
Only when the last tree has been cut down
Only when the last river has been poisoned
Only when the last fish has been caught
Only then will you find that money cannot be eaten.
personally, i love Ron Paul’s “Freedom/Liberty Message” but i dont think gold is the answer to any of our problems.
Report this comment
Like or Dislike:
0 
0
Such a future will never exist, person’s labor or resources will always be of value to another person.
Report this comment
Like or Dislike:
0 
0
thank you Mr. Paul.. i appreciate your time and effort…
Report this comment
Like or Dislike:
0 
0
that’s the goal , to replace most jobs with machines. That’s why civilization progresses. People do not need ‘jobs’ just for the sake of having a job, they need products and services. If the machine can provide them, that’s perfect. We wouldn’t be better of by having no youtube and this message board, even though if we both rode our horse-carriages to a bibliotheque and have a discussion there, it would create more jobs. Fuck Modern Luddism !
Report this comment
Like or Dislike:
0 
0
I’m speaking entirely in the future where you wouldn’t need to “barter or exchange”
Report this comment
Like or Dislike:
0 
0
What do you mean by “abolishing money” ?
Isn’t money just a medium of exchange/barter. Wouldn’t money always be necessary to barter and exchange within your community?
Report this comment
Like or Dislike:
0 
0
“Actually most jobs can’t be done by machines”
Pffthaha. Let me give you a 2 second google search example and see what it gives me, oh look: ‘Machines will 80 percent of doctors”
“Machines can’t think for themselves”
Captain obvious over here.
“Jobs will forever be apart of human society”
Incorrect. Can you tell me the purpose of technology in the first place so you disprove yourself lol…
/watch?v=i2xJ1CnVfsk
Report this comment
Like or Dislike:
0 
0
Actually most jobs can’t be done by machines, and machines always needs maintenance. Machines can’t think for themselves they only do as they were designed or programmed. Jobs will forever be apart of human society, maybe you should get one.
Report this comment
Like or Dislike:
0 
0
Ron Paul will be on the ballet, when I write his name in on the ballet !
Report this comment
Like or Dislike:
0 
0
you didn’t miss much to be honest, the same old crap that we’ve been hearing from both the parties for decades now and nothing will change.
Report this comment
Like or Dislike:
0 
0
is ron paul going to be on the ballot?
Report this comment
Like or Dislike:
0 
0
I wish you would stop putting words in my mouth and strawmanning me. Most jobs in America can be replaced by machines. Jobs are obsolete.
Report this comment
Like or Dislike:
0 
0
RON PAUL IS THE ONLY SMART ONE.
Report this comment
Like or Dislike:
0 
0
Gold is a raw resource and is mildly useful, and most importantly, is not perishable. This means that you can always get a fair price because you can just sell it later. This means the price is set by the seller and not the buyer. It is a garunteed profit if you buy gold (or silver, copper, or any other non perishable element or mineral.)
Report this comment
Like or Dislike:
0 
0
He is using a telephone. Texas Straight Talk is just an epic answering machine service.
Report this comment
Like or Dislike:
0 
0
I watched the debate… I think I lost brain cells.
Report this comment
Like or Dislike:
0 
0
Hmm. Currency issues were the main thing I’d been thinking about for a couple days and this right here is the answer.
Report this comment
Like or Dislike:
0 
0
Vote Gary Johnson
Report this comment
Like or Dislike:
0 
0
So you’re saying everyone should just be slaves then? When people work you’re supposed to compensate them for their time and effort. Normal compensation is what we call money. Slavery isn’t the answer!
Report this comment
Like or Dislike:
0 
0
RON PAUL CAN YOU USE A BETTER MICROPHONE TO MAKE THESE VIDEOS PLEASE.
Report this comment
Like or Dislike:
0 
0
so happy I left the USA regime 13 years ago and chose a communist/socialist country VN as my home where gold is bought and sold at the banks. can be saved in the bank and can be debited against the same as a cash account.. can americans spell FREEDOM anymore?? take it back and kick the imperialist globalist OUT of DC. the VC did it to the French and then kicked the US the hell out. U can do the same guys,, kick em out or keep dancing to their tune.. good luck!!
Report this comment
Like or Dislike:
0 
0
Me too Gary….me too! <3
Report this comment
Like or Dislike:
0 
0
I think it is important to the Liberty Movement for Ron to officially give his blessing to Gary Johnson during this election. He was clearly not our first chice to run this late in the year but he is a third horse in this two horse race which will help keep our momentum alive. I also think Gary should in return officially announce where in his cabinet he would place Paul. In my opinion, this issue should be a priority. ~Cheers
Report this comment
Like or Dislike:
0 
0
The watching the “debate” gave me a bad headache. My head felt a lot better, however, after watching this video.
Report this comment
Like or Dislike:
0 
0
Why would I need to create a black market in a society that has embraced technology and abolished currencies? This society isn’t resource based, coexists with nature and doesn’t wake up to make money; it’s hobby based.
Report this comment
Like or Dislike:
0 
0