Ron Paul: "I Consider The Federal Reserve Act To Be Unconstitutional, Only Gold & Silver Should Be Legal Tender" (VIDEO)

Some fiat truth to get your day started on the right path...

Comments

[Wil Martindale]

I consider it both unconstitutional, and treasonous. The original intent was to give the FED certain autonomy, under conditions of responsible MONETARY policy. The Fed provided assurances: 'We'll NEVER monetize the debt" ...then with the continuing shell game of bank bailout to government bailout to FED bailout, back and forth, desensitized the sheople beyond all common sense, the FED dropped all pretense and simply adopted, and announced, debt monetization as FISCAL policy.

The FED is charged with monetary, not fiscal, policy. Such recklessness, from a standpoint of foreign relations, is tantamount to treason. It is the FED's abuse of power that will be its downfall. The IMF will then pick up where the FED leaves off as the globalist agenda enters the next chapter in the playbook.

[DailyBail]

i have more confidence that if the Fed is ever brought down as taleb and jimmy rogers think will happen, that it will be replaced by something less sinister than the imf...though i do have my fears...

[DailyBail]

Britain's top soldier: al-Qaeda cannot be beaten

http://english.sina.com/world/p/2010/1114/348045.html

[DailyBail]

White House Says Child Soldiers Are Ok, if They Fight Terrorists

http://colorlines.com/archives/2010/11/did_you_get_obamas_memo_white_house_selectively_okays_child_soldiers.html

this is pretty disgusting...

[DailyBail]

The federal agency that insures the pensions of one in seven Americans said Monday that its annual deficit increased 4.5 percent to $23 billion.

The Pension Benefit Guaranty Corp. also said it paid $5.6 billion in benefits to participants in company pension plans that failed in fiscal 2010, ended Sept. 30. It noted that 147 pension plans failed, up from 144 a year earlier.

http://www.washingtonpost.com/wp-dyn/content/article/2010/11/15/AR2010111507470.html

[James Street]

I agree with about 90% of what Ron Paul says but the other 10% is absurd and completely impractical.

For one thing, the American economy can't be put back on the gold standard and any competent economist can explain why.

I don't have the time right now to go through the basic argument but I can say that having a rigid requirement of needing to have a gold inflow from trade or new mining discoveries in order to print money proved to be far too restrictive in the past.

During the other Great Depression the countries that were NOT on the gold standard did much better than the ones that were.

It sent shivers up and down my spine to hear Paul quote some of his colleagues IN CONGRESS saying "You mean we aren't still on the old standard?"

I hope he made that up just to serve as a rhetorical device. If not, it's truly frightening.

[DailyBail]

I hope he made that up just to serve as a rhetorical device. If not, it's truly frightening.

----

it's not a rhetorical device james...have you ever worked on capitol hill?

[Smack MacDougal]

James Street pulls a rhetorical device himself by trying to trick you into believing he's right. He assumes the point when he writes, "... what Ron Paul says ... is absurd and completely impractical. For one thing, the American economy can't be put back on the gold standard and any competent economist can explain why. I don't have the time right now ...

In truth, either James is NOT a competent economist OR he cannot explain it because he lacks an explanation. In short, he doesn't know how a specie money system works vs a fiduciary money system. Most likely he doesn't know what the words specie and fiduciary mean.

[S. Gompers]

"it's not a rhetorical device james...have you ever worked on capitol hill?"

Dumbest people I ever met, never trust people who want to tell you what is good for you for a nominal fee (taxes), but yet are incapable of feeding themselves in the real world.

Sounds like Smack has been doing some good reading.

[Wil Martindale]

The IMF won't "officially" replace the Fed, but rather it will continue the FED's role: making the American people DEPENDENT upon a "supranational economic order". This has been my point all along. The Fed is an agent of supranational economic order today. Our government can't "touch" it, or override it, or repudiate it. People scream about government bailouts, but even larger, unlimited, unstoppable FED bailouts evoke blank stares and head scratches.
The IMF, BIS and central banking cartel will con the sovereigns with this fraudulent debt blame game until they convince the people that their country (and by extention "they") are to be held accountable for unrepayable debt.
As long as we honor the world-wide bailout, they might as well keep calling our bluff--they seem to be winning every hand.

The debt is a fraud, just like the FED.

[James Street]

I WILL agree that to be an economist in the old Soviet Union, you had to think like all the other professors who were mostly Marxist-Leninists.

And being an economics professor in the "free" world requires a similar imitation of the tenured professors.

But I still don't believe in going back to the gold standard. In fact, I would join the flat earth society before believing that, and I suppose that is a rhetorical device or at least a bad joke.

DB: I've never worked on Capitol Hill but I still find it hard to believe that ANY congressmen think we are still on the gold standard. If anyone can give me a list of who they are, I would be grateful.

(I wrote "old" standard in the previous post, but I meant "gold" standard.)

[KingofthePaupers]

Jct: What a disappointment Ron Paul has turned out to be a dinosaur for yellow rock. The Gold Standard only profits gold bullion broker with lots of spare gold while the Time Standard of Money profits people with lots of spare time. I don't think it's accidental that Ron Paul hasn't supported the interest-free community currency movement. He's either a mole for the banksters or a moron for not recognizing that timebanks are the way to go.

[DailyBail]

james...i worked on capitol hill in my 20s...and i have several friends who are still there after 2 decades...you have no idea of the stupidity that reigns..think blago from chicago...if you saw him on apprentice you saw that he could barely write...politicians are not intelligent as a rule..sarah palin didn't know what the FED even was when she joined the mccain campaign..she had no idea...and that's pretty normal...seriously...you give these people way too much credit...

as for a return to some form of the the gold standard, why does that frighten you...it worked well for a long, long time, not entirely eradicated until nixon in '71 though fdr got it started with confiscation in '33...go read some Mises on their views of an alternative gold standard...eye opening...

[DailyBail]

@james...

here's a brilliant economist james grant...he thinks you're flat wrong...i'll take his word over yours...read it...

http://www.nytimes.com/2010/11/14/opinion/14grant.html?_r=2&adxnnl=1&adxnnlx=1290070832-NoE69wZ03NsEtt1CaNVDRw&pagewanted=print

How to Make the Dollar Sound Again

James...here's some advice...when you're clueless on something, keep your mouth shut and your ears open...i'm not an economist, though i did masters level work in economics at ucla for 1 year before getting a big opportunity to jump ship for the private sector...but i still i tend to defer to others on issues where i'm not completely competent...your problem is you're enamored by your own perceived brilliance and you think you're competency covers everything...word to the wise, it doesn't cover economics...