Borrowing, Spending, Counterfeiting Editorial

[Mountain_Mike]

This is part of an article by Texas Congressman, Ron Paul. The full editorial is at the website listed below.

Borrowing, Spending, Counterfeiting
August 22, 2005

Few Americans truly understand how our Federal Reserve system enables Congress to spend far beyond its means, but the cycle of spending and printing money affects all of us. Simply put, the more money our Treasury prints, the less every dollar is worth. Our pure fiat money system, in place since the last vestiges of a gold standard were eliminated in the early 1970s, has reduced the value of your savings by 80%. Disregard the government’s Consumer Price Index, which substantially underreports price inflation. Monetary inflation is true inflation, and we only need to look at the cost of homes, cars, energy, and medical care to recognize that a dollar buys far less today than ever.
…

First, federal debt continues to grow exponentially and shows no sign of abating. Americans were shocked at the notion of a $1 trillion federal debt in 1980; just 25 years later the total approaches $8 trillion. The Bush administration and the current Congress have increased spending at rates unseen since the New Deal and Great Society eras, and single-year deficits now exceed $500 billion. There is zero political will in Washington to curb spending, as evidenced by the shameful transportation bill recently passed by Congress.

…

The greatest threat facing America today is not terrorism, or foreign economic competition, or illegal immigration. The greatest threat facing America today is the disastrous fiscal policies of our own government, marked by shameless deficit spending and Federal Reserve currency devaluation. It is this one-two punch-- Congress spending more than it can tax or borrow, and the Fed printing money to make up the difference-- that threatens to impoverish us by further destroying the value of our dollars.

http://www.house.gov/paul/tst/tst2005/tst082205.htm

 

[playaman]

I can't believe I would ever agree with Congressman Ron Paul about anything, but in this essay, he is absolutely correct. Fiscal irresponsibility is the nation's number one problem.

 

[uncledrz]

When is the last time he voted against a spending bill?

What was his vote on the Medicare drug bill? on the Highway bill?

I don't know, he's not my congressman, but I am more than a little miffed when those in Congress or the Executive talk about fiscal responsibility when they have imposed the largest deficits in history upon us, our children, our granchildren.....

 

[Mountain_Mike]

The Federal Government just cannot seem to stop over spending money. It seemed a little archaic for the government to (perviously) store tons of Gold in Fort Knoxx, but perhaps it served a purpose. Since our money system is no longer tied to any hard asset, there is not limit to the debt that can be accrued. It is kinda scary.

I do not know how Paul voted on those specific bills, but he seems to be a voice in the wilderness in Washington.

 

[REWahoo]

Here is what one source (Wikipedia) has to say about Congressman Ron Paul (R) TX:

Paul professes a limited government libertarian ideology (albeit one mixed with some social conservatism). His regular votes against almost all proposals for government spending, initiatives, or taxes, and his frequent dissents in otherwise unanimous votes have irked some of his Republican colleagues and have earned him the nickname "Dr. No".

His economic views oppose nearly all government intervention in the market. He criticizes the United States' intervention in Iraq and what he charges is the use of the war on terror to curtail civil liberties. He believes in the abolition of income tax, most Cabinet departments, the Federal Reserve, supports the legalization of marijuana, and American withdrawal from the United Nations. He supports a non-interventionist foreign policy, favors defederalization of the healthcare system, opposes the death penalty, and is strongly opposed to a military draft.

REW

 

[bosco]

Here is what one source (Wikipedia) has to say about Congressman Ron Paul (R) TX:

Paul professes a limited government libertarian ideology (albeit one mixed with some social conservatism). His regular votes against almost all proposals for government spending, initiatives, or taxes, and his frequent dissents in otherwise unanimous votes have irked some of his Republican colleagues and have earned him the nickname "Dr. No".

His economic views oppose nearly all government intervention in the market. He criticizes the United States' intervention in Iraq

which market? judging by the previous sentence, must be referring to the oil market

1/0

and what he charges is the use of the war on terror to curtail civil liberties.

2/0 !!!

He believes in the abolition of income tax, most Cabinet departments, the Federal Reserve,

oh well,
2/3

supports the legalization of marijuana,

3/3 ok, a bonus, 4/3 8) 8) 8) (let's hear it for post FIRE income!!!)

and American withdrawal from the United Nations.

oooh, libertariansim coupled with international lawlessness--how predictably American
4/4

He supports a non-interventionist foreign policy, favors defederalization of the healthcare system,

hmmm....non-interventionist (except for aid to Israel, no doubt).....defederalization...sounds like the end of medicare

4/6

opposes the death penalty, and is strongly opposed to a military draft.

6/6 !!!! back in the running..........

summary....based on this summation, at least as tolerable as 51% of those holding federal office at this time. That's bloody scary!!!!!