Originally posted by liquid solja
Ron Paul was the only one who had a clue or at least was the only one who really cared.
:haha: :haha: :haha:
gallantrybot
quote:
Originally posted by Groundhog Boy
:haha: :haha: :haha:
quote:
January 31 & February 2, 2000
An excerpt from:
A Republic, If You Can Keep It
------------
Statement of
HON. RON PAUL
OF TEXAS
------------
Although many claim the 1990s have been great economic years, Federal Reserve board action of the past decade has caused problems yet to manifest themselves. The inevitable correction will come as the new century begins and is likely to be quite serious.
The stage has been set. Rampant monetary growth has led to historic high asset inflation, massive speculation, over-capacity, malinvestment, excessive debt, negative savings rate, and a current account deficit of huge proportions. These conditions dictate a painful adjustment, something that would have never occurred under a gold standard. The special benefits of foreigners taking our inflated dollars for low-priced goods and then loaning them back to us will eventually end. The dollar must fall, interest rates must rise, price inflation will accelerate, the financial asset bubble will burst, and a dangerous downturn in the economy will follow. There are many reasons to believe the economic slowdown will be worldwide since the dollar is the reserve currency of the world. An illusion about our dollar's value has allowed us to prop up Europe and Japan in this past decade during a period of weak growth for them, but when reality sets in, economic conditions will deteriorate. Greater computer speed, which has helped to stimulate the boom of the 1990s, will work in the opposite direction as all the speculative positions unwind, and that includes the tens of trillion of dollars in derivatives. There was a good reason the Federal Reserve rushed in to rescue Long-Term Capital Management with a multi-billion dollar bailout. It was unadulterated fear that the big correction was about to begin. Up until now, feeding the credit bubble with even more credit has worked and is the only tool they have to fight the business cycle, but eventually control will be lost.
A paper money system is dangerous economically and not constitutionally authorized. It's also immoral for government to "counterfeit" money, which dilutes the value of the currency and steals value from those who hold the currency and those who did not necessarily benefit from its early circulation. Not everyone benefits from the largesse of government spending programs or a systematic debasement of the currency. The middle class, those not on welfare and not in the military industrial complex, suffer the most from rising prices and job losses in the correction phase of the business cycle. Congress must someday restore sound money to America. It's mandated in the Constitution; it's economically sound to do so; and it's morally right to guarantee a standard of value for the money. Our oath of office obligates all Members of Congress to pay attention to this and participate in this needed reform.
The dollar must fall, interest rates must rise, price inflation will accelerate, the financial asset bubble will burst, and a dangerous downturn in the economy will follow.
except the dollar isn't falling, interest rates aren't rising, and we've got price DEFLATION.
quote:
Originally posted by pkcRAISTLIN
you don't understand economics, you don't understand how the fed works, you don't understand the causes of the financial crisis.
and you most certainly don't understand how to fix it all.
gallantrybot
quote:
Originally posted by pkcRAISTLIN
except the dollar isn't falling, interest rates aren't rising, and we've got price DEFLATION.
I sometimes wonder whether or not you even live on the same planet as me, PKC.
Here's a good video that you might want to watch:
pkcRAISTLIN
quote:
Originally posted by gallantrybot
I sometimes wonder whether or not you even live on the same planet as me, PKC.
i think its fairly obvious nobody lives on the same planet as you.
i cant watch videos at work, sorry. and given the standard of most of the videos you post, i cant say im too worried about it.
Groundhog Boy
quote:
Originally posted by gallantrybot
I sometimes wonder whether or not you even live on the same planet as me, PKC.
Here's a good video that you might want to watch:
Have you bothered to look at currency rates?
I just want to bang my head against a wall with the logical disconnects some of you will go through to try to prove your point.
You can be summed up simply as "Ron Paul & Gold Standard, Good!! Fed Reserve, Bad!!"
gallantrybot
quote:
Originally posted by Groundhog Boy
Have you bothered to look at currency rates?
I just want to bang my head against a wall with the logical disconnects some of you will go through to try to prove your point.
You can be summed up simply as "Ron Paul & Gold Standard, Good!! Fed Reserve, Bad!!"
You mean comparing the US dollar to other currencies (as in exchange rates?)
If you haven't noticed, everything is down right now so that's like comparing the air pressure in two flat tires.
I definitely wouldn't call being nearly 100% right about this market disconnected. I would call it having done an overabundance of due diligence, though. :)
pkcRAISTLIN
quote:
Originally posted by gallantrybot
I definitely wouldn't call being nearly 100% right about this market disconnected. I would call it having done an overabundance of due diligence, though. :)
quote:
Owners of capital will stimulate the working class to buy more and more of expensive goods, houses and technology, pushing them to take more and more expensive credits, until their debt becomes unbearable. The unpaid debt will lead to bankruptcy of banks, which will have to be nationalised, and the State will have to take the road which will eventually lead to communism"
Karl Marx, Das Kapital, 1867
therefore communism is the answer! :rolleyes:
gallantrybot
quote:
Originally posted by pkcRAISTLIN
therefore communism is the answer! :rolleyes:
Too bad it's a fake quote that doesn't even appear in Das Kapital. lol
