Posted on 01/22/2008 10:15:43 AM PST by ToryNotion
KENNER, La. — Ron Paul, a Republican presidential contender and Texas congressman, said Monday that the Federal Reserve is to blame for the country’s weakening economy.
Paul highlighted his economic remedies — abolishing the federal income tax and returning to the gold standard, among them — on a three-city tour of Louisiana.
The libertarian-minded Paul was the only candidate to visit Louisiana on the eve of the state’s Republican caucuses Tuesday. The caucuses are an intermediary step in picking a favorite candidate. A presidential primary will take place on Feb. 9 and a state convention will convene on Feb. 16.
Paul blamed the Federal Reserve for the current economic conditions; stock markets worldwide fell Monday after Wall Street declined last week. On his Web site, he said the Fed has taken the United States “into a terrible crisis.” Paul told an overflow crowd at a suburban New Orleans hotel Monday that the Fed has allowed the dollar to weaken, which in turn, he said, has hurt the middle class and led to inflation.
“I would enjoy being the next president to get rid of our central bank,” he told supporters. The crowd gave him a raucous welcome, chanting at one point, “Who dat? Who dat say they’re gonna beat Ron Paul?” — a riff on a popular football chant for the New Orleans Saints.
(Excerpt) Read more at youdecide08.foxnews.com ...
paulite moonbattery, Jekyll Island style
Lowering rates was dumb today.
At least they should have waited to see what the market did - maybe reach a plateau.
Instead they blew their wad - there’s nothing left to do, except.... print more money to relieve the credit crunch.
The dollar will continue to sink, and as a result oil prices will go up, as will everything else.
Menawhile we continue to spend like drunken sailors and borrow the balance from the Chicoms.
Bush’s solution? Print more money and send everyone a check.
How conservative.
Why does Paul remind me of an Economic Global Warming-esque alarmist? He takes short term changes and tries to create long term projected trends that are molded to his premise, completely ignoring the long term historical trends.
So you favor free markets but not for interest rates. The government is smarter than the markets when in comes to interest rates. Is that your position? (Yeah, I know the Fed is independent, blah, blah and so is the tooth fairy).
Keep laughing while the status quo flushes us down the toilet.
You’ll be glad I gave you that rice recipe before long.
Assuming they aren’t converting the rice into biofuel for Hummvees to protect Iraq’s borders while ours our open.
There is no question that the Fed miscalculated. On the other hand, history has shown that you still have recessions, even when you don’t have central banks. At least this way, there is a limit to what can go wrong, and how bad it can get.
Consume now save later, get-rich-quick real estate speculation and a ‘Bread and Circuses’ mentality of our Gov’t are to blame as well. The Fed is simply a follower, way behind the curve on this one.
Buy this guy an Econ 101 text.
Then again, what's the difference?
“Why does Paul remind me of an Economic Global Warming-esque alarmist? He takes short term changes and tries to create long term projected trends that are molded to his premise, completely ignoring the long term historical trends.”
Long term historical trends show exactly what happens when Keynesian solutions are used.
So tell us.....where is he wrong?
And why do you support chartered central banks over metals backed currency?
Do you have answers, or are you just a juvenile who posts cartoons?
Does Paul even support a National Currency? I wonder.
I mean, that’s too much power for the government to have - printing money and all that.
After all, can’t people do a better job themselves of printing money than the federal Government?
Exactly. Federal interest rates are simply a tax on currency, thus lowering interest rates are lowering the tax or cost of currency. As for the rebate, the same thing, returning taxes to the people and into the economy instead of keeping it in the Federal Gov. We need to get the prez the Line Item Veto so he (or the next president) can take care of all the pork & earmarks attached to vital bills and we can fix spending.
“At least this way, there is a limit to what can go wrong, and how bad it can get.”
Really, how?
Price and wage controls?
Ha ha ha ha.
Expect shortages of everything once that comes.
Do you have anything for Java2Rails? That would really be a help right now.
The long term historical trend is that the FED has depreciated the dollar by about 98.5%, if he reminds you of “an Economic Global Warming-esque alarmist”, it’s only because you’re in dire need of a clue...
Well, I guess Donald Luskin is a moonbat too. He's the chief investment officer for Trend Macrolytes LLC, an independent economics and investment firm. Here's his endorsement of Paul today writing for NRO:
Between Bush's idiot policies and Congress' malfeasance with the Budgets, it's not a wonder that the House of Cards is wobbling.
Paul's castigation of the FedReserve is only one piece of a larger puzzle.
Expect gold over $1000 real soon. With the top nowhere in sight.
“Exactly. Federal interest rates are simply a tax on currency, thus lowering interest rates are lowering the tax or cost of currency. As for the rebate, the same thing, returning taxes to the people and into the economy instead of keeping it in the Federal Gov. We need to get the prez the Line Item Veto so he (or the next president) can take care of all the pork & earmarks attached to vital bills and we can fix spending.”
Lowering the rates artificially inflates the currency. It’s an invisible tax.
Please go buy and read any Milton Friedman or Thomas Sowell book. Today.
BTW Bush signed the biggest spending bills ever into history - prescription drugs for example.
Borrowed from the chicoms - increasing the money supply further.
The dollar loses more and more value.
Ludwig von Mises would not be happy today, cause you know what he said about this?
Yea, the most powerful economy in the history of the world with an overall positive growth trend for the past century is an indication of the failure of Keynesian economics. How are the countries that use Austrian Economic theory doing again?
ROTFLMAO
I guess Mr. Doctor Congressman Paul didn’t go with his normal suspicion of “fleet-footed negroes” and other racist maunderings that usually plop out of his facial sphincter.
This tiny-headed nazi supporter shouldn’t have any press except for when he declares himself Uber-Fuerher of Mars (my bet’s on April for that stage of his mental disintegration).
Look at our debt load current and future and tell me how sound the US economy is.
I guess Mr. Doctor Congressman Paul didn’t go with his normal suspicion of “fleet-footed negroes” and other racist maunderings that usually plop out of his facial sphincter.
This tiny-headed nazi supporter shouldn’t have any press except for when he declares himself Uber-Fuerher of Mars (my bet’s on April for that stage of his mental disintegration).
Luskin is a GENIUS.
His endorsement is the biggest yet.
He’s the guy who has been on Krugman like flies on poop, for years.
http://www.poorandstupid.com/chronicle.asp
There’s his blog.
We WERE the most powerful. Bush-Clinton-Bush have done a lot to reverse that trend. You haven’t read any of the recent “recession” articles out there have you...
Look at the historical nature of our debt load and what happened to us. What was the debt load related to GDP after WWII? What happened to the economy? Debt isn’t good, but it sure as heck isn’t the Titanic that doomsayers make it out to be.
No. You can keep the money supply within certain bounds.
Hmmm, how about the 95% decline in the value of the dollar since 1900? Is that long-term enough for you?
“No. You can keep the money supply within certain bounds.”
It’s out of control - deficit spending and borrowing.
T-Bills create money out of thin air.
Artificially low interest rates create money out of thin air.
Why do you think the dollar is sinking?
That’s exactly what Paul Volcker did. It was a successful policy.
“Hmmm, how about the 95% decline in the value of the dollar since 1900? Is that long-term enough for you?”
Don’t worry.
When it gets too bad, they’ll swap your greenbacks for Ameros.
Then it will be all better.
“First, we have had recessions and worse in the past and we always come out stronger when you let the markets correct. Second, we are NOT in a recession. A recession is not gaged by gut feelings, it is a measurable event- specifically, two consecutive quarters of negative GDP, we have yet to even have one quarter of this to start the trend.”
You’re right - we’re seeing stagflation.
Bush is the new Carter.
>>Does Paul even support a National Currency? I wonder.
Yes, the Constitution gives the Federal government the power to coin money.
http://www.youtube.com/watch?v=qaSuL9L_G2w
Time to move to the Philippines!
It may be out of control in large part. The Fed is not perfect. But without the Fed, it would be completely out of control. We would still be in the recession of 1975.
Ah, the obligatory “Paul’s a racist!” smears, when you can’t debate the facts.
“I would argue that the most serious threat to the United States is not someone hiding in a cave, in Afghanistan or Pakistan, but our own fiscal irresponsibility.”
That’s why, despite my reservations about his view on the WoT, I’m supporting Dr Paul!
100%
-—”Yes, the Constitution gives the Federal government the power to coin money.”-—
Yup. But Paul didn’t sign it, you know?
Let freedom Ping.
Ron Paul continues to say the same things about the Fed and people still don’t get it.
BTW, Watch this lego brickman film as to what happens next as it begins to cost more money to print dollars then the paper it’s printed on is worth.
http://www.youtube.com/watch?v=as3AYVzWmOI
Agreed. A lot of this has to due with blind, naked greed and ‘irrational exuberance’ or whatever you want to call it. But I think that Dr. Paul is right to point at the Fed as the main ‘enabler’.
Suddenly, I have a craving for some boiled wild shrimp.
If you're talking about Dr. Paul he's read a lot of texts on economics. My guess is the rest of the slate of candidates would have trouble with 'Economics for Dummies'.
If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks...will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs. -Thomas Jefferson
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