Ron Paul: Corporatism - not free markets
Uploaded by: VoiceofAmericans2008
Video Description:
Congress Floor Monday - 9/29/08
Ron Paul
**Partial of his comments on floor - sorry***
Emergency Economic Stabilization Act of 2008 - public markup link - http://tinyurl.com/3fnzyd
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The Fed and FDIC insurance prevented major crises for 70 years. The gold standard didn't.
FDIC, why Crisis?
You are advocating a return to metal coins, not just the gold standard. This has its own problems. - We'll still have financial panics and collapses. - Where are you going to find enough gold for 500 million people? - Do you want to base our price level on whether finding huge amounts of gold
year? - Will this turn into fiat money because bad money drives out good?
The central bank can tighten the money supply by targeting inflation. That is how we reduced inflation in the early 1980s and that is what Germany does. The gold standard forces the money supply to contract to stabilize prices. That forces the economy to contract and turns recessions into depre
ssions. That turns the house to change the lightbulb.
regulate the monetary with the system of trickery!Let da Congress do their job in USCons.
We had financial panics and depressions in 1837, 1857, 1873, 1890, and 1907 under the gold standard. This is because the gold standard removes your ability to adjust the money available and forces economies to contract during bank panics. Nothing replaces FDIC insurance and a central bank that c
an respond when panics are young. The world tried the gold std for over 100 years but it failed.
The Fed doesn't want to repeat the same mistake again. Ron Paul still talks about the gold standard because he overlooks a century of its failures.
savings? Gold failed? For 100 or 1000? Explain it to us!
The caused of inflation is an enormous amount of money to so called demand by business. At the same time debasing and creating inflation in the system. This will sparks a high commodities
murdering the value of dollar.
The economy will just grow by itself without debt and inflation created through fiat mon.system!
My point still stands. The Fed turned a recession into the Great Depression by tightening the money supply during a bank panic to keep us on the gold standard.