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.
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The Zeitgeist movement has provided scientific evidence in their videos and all you’ve done was speculate, being mad about nothing (lol); nor provided any evidence to back your claims.
But hey, a decade ago a dumb phone use to cost me $100 + minutes. Now I can get one for free. India is making $20 laptops too. I guess I need to stop and realize technology will never get cheaper and ultimately free. Maybe India should stop trying to make them damn laptops so cheap too!/sarcasm
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Um…electoral college…
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Um…electoral college…
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A hobby based society… Your hobby would be jerking off and producing nothing of value. You’d sit in your house painting, imagining it’s some other guys job to produce what you need.
Once the system breaks down and people get hungry for what they could produce themselves, they’d understand it’s true nature. You’d stop them, condemning their efforts in every way you could.
The Zeitrash movement is nothing but empty promises, slavery, and genocide while a covetous horde jerks off.
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Yes he really is our only hope and if EVERYONE would just go against the grain and VOTE for him…not only would we get a great president we would show congress we are NOT THEIR SHEEPLES….STOP voting what they want!!
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Yes he really is our only hope and if EVERYONE would just go against the grain and VOTE for him…not only would we get a great president we would show congress we are NOT THEIR SHEEPLES….STOP voting what they want!!
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Princess Leia: Help me Ron Paul, you are my only hope.
»crosslinked«
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No, I’m a civil engineer who laughs at 911 twoofer magical theories.
911 WAS AN OUTSIDE JOB!
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are you a 911 denier?
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are you a 911 denier?
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Bernanke disliked this.
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Bernanke disliked this.
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Exactly. Hopefully after four years (whether this nation suffers under Obama or Romney), the American people will demand real constitutional change to the federal government. We can always hope, right?
Plus, on the Tonight Show, Dr. Paul hinted that he was preparing for a 2016 run for the presidency when asked about running as a third party candidate for the 2012 general election. I’m excited!
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Exactly. Hopefully after four years (whether this nation suffers under Obama or Romney), the American people will demand real constitutional change to the federal government. We can always hope, right?
Plus, on the Tonight Show, Dr. Paul hinted that he was preparing for a 2016 run for the presidency when asked about running as a third party candidate for the 2012 general election. I’m excited!
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……and if wRONg Paul were standing in front of you, you’d be on your knees pulling down his zipper with your teeth!
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I don’t get it? Ron Paul is either right or wrong. If the country is really in trouble, how can I throw away my vote? I figure my vote is more important now.
If Obama wins, will there even be a 2016 election?
I wanted Ron Paul, but am not just going to abandon my country to make a point. Romney is not a perfect candidate and I hate making the “lessor of two evil” argument, but it’s more than that. This really comes down to, is it over? If you really think the US will fall and your last, final message is hey I will vote for Ron Paul, then maybe you don’t get it.
It sounds to me like you have given up.
I wanted Ron Paul, did not get him, so I got my name on the ballot in my district for committeeman and will work to support candidates that share Ron Paul values. Stop feeling sorry for yourself, and get out there and do something.
Fellow Libertarians, don’t punish our children by allowing Obama to rule over us and destroy the constitution for another 4 years.
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Why thank you…
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Why thank you…
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I’m just searching for the truth.
But Operation Northwoods NEVER happened and was planned by Democrats?
911 TRUTH = 911 LIES
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But Ron Paul is a 911 twoofer?
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ron paul sucks ass
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y’all are psycho
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sadly, he did not make the ballot
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Great idea. How do you reach 200 million Americans?… in the next 3 weeks?
I bet it can be done. You need to think outside the box… or just nuke the box!
Gary Johnson is suing them for monopoly or something creative. I hope he wins quickly so he can get in at least one of the nationally televised debates.
Go get’em tiger!
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Talk about non-sequitur. What does this have to do with monetary policy and the Texas Straight Talk update?
Aren’t you in the wrong place with this stuff?
About the 1st 2 Qs, I have no idea. No info. But the 3rd Q is simple. Northwoods was a perfect example of False Flag terrorism because it was Planned by the Government and would’ve happened, if approved. It shows intent! If the government can intend to do it then, they can intend to do it other times, too. Heck, they might even carry it out
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Don’t vote Paul everyone please, we love him but if you want to make a difference and have an impact on the wider libertarian movement, vote Johnson! If all Paul supporters voted Libertarian then you would be doing more of a service to your country than voting for someone who isn’t even running anymore.
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Actually, scarce money isn’t good, plentiful is better. When the US introduced the gold standard and demonetized silver, it went into a depression. This was because the maximum wealth that was circulating in the economy decreased and so did the wealth per-capita. Inflation and deflation both have the same effect, watch the documentary “The Secret of Oz” and you will understand exactly what I just said, and much more.
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Rong Paul is still a jackass, and you’re a horse’s ass.
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and you are an uneducated person that fears a person that could actually bring freedom back to America.
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Ronald McDonald-Paul is a MUTHAFUCKIN’ jackass.
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your right i wasnt really into politics until i saw ron paul and saw him speak.i can tell he speaks through his heart i have not seen that in any of the other candidates not to mention the other candidates in the past elections
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i don’t honestly care
i want ron paul, he is our only hope
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is ron paul still running now?
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your a fucking moron… i dont watch lamestream media and will NOT be voting for Obamney. like i said, you know nothing about me and you’re talking out your ass. i dont fear prison, death or YOU!
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3 QUESTIONS 911 TRUTHERS DON’T WANT YOU TO ASK THEM:
Why won’t Dr. Steven Jones release the “rigorous non-critical” peer review comments offered by David L. Griscom regarding his nanothermite paper?
What did the USA give the government of Pakistan concerning Bin Laden and 911 in early October of 2001?
How can Operation Northwoods be an example of “false flag terrorism” if it never happened?
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