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488 Comments
- EnterReality, on 09/24/2008, -9/+372We need more Ron Paul.
- magoghm, on 09/24/2008, -8/+357Coins! :)
- Pssdoff, on 09/24/2008, -10/+272Ron Paul owning Bernanke should be a weekly event. Ron Paul for Sec. of Treasury!
- thedsack, on 09/24/2008, -4/+239From Ron Paul:
Wednesday, September 24, 2008
Dear Friends,
Whenever a Great Bipartisan Consensus is announced, and a compliant media assures everyone that the wondrous actions of our wise leaders are being taken for our own good, you can know with absolute certainty that disaster is about to strike.
The events of the past week are no exception.
The bailout package that is about to be rammed down Congress' throat is not just economically foolish. It is downright sinister. It makes a mockery of our Constitution, which our leaders should never again bother pretending is still in effect. It promises the American people a never-ending nightmare of ever-greater debt liabilities they will have to shoulder. Two weeks ago, financial analyst Jim Rogers said the bailout of Fannie Mae and Freddie Mac made America more communist than China! "This is welfare for the rich," he said. "This is socialism for the rich. It's bailing out the financiers, the banks, the Wall Streeters."
That describes the current bailout package to a T. And we're being told it's unavoidable.
The claim that the market caused all this is so staggeringly foolish that only politicians and the media could pretend to believe it. But that has become the conventional wisdom, with the desired result that those responsible for the credit bubble and its predictable consequences - predictable, that is, to those who understand sound, Austrian economics - are being let off the hook. The Federal Reserve System is actually positioning itself as the savior, rather than the culprit, in this mess!
• The Treasury Secretary is authorized to purchase up to $700 billion in mortgage-related assets at any one time. That means $700 billion is only the very beginning of what will hit us.
• Financial institutions are "designated as financial agents of the Government." This is the New Deal to end all New Deals.
• Then there's this: "Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency." Translation: the Secretary can buy up whatever junk debt he wants to, burden the American people with it, and be subject to no one in the process.
There goes your country.
Even some so-called free-market economists are calling all this "sadly necessary." Sad, yes. Necessary? Don't make me laugh.
Our one-party system is complicit in yet another crime against the American people. The two major party candidates for president themselves initially indicated their strong support for bailouts of this kind - another example of the big choice we're supposedly presented with this November: yes or yes. Now, with a backlash brewing, they're not quite sure what their views are. A sad display, really.
Although the present bailout package is almost certainly not the end of the political atrocities we'll witness in connection with the crisis, time is short. Congress may vote as soon as tomorrow. With a Rasmussen poll finding support for the bailout at an anemic seven percent, some members of Congress are afraid to vote for it. Call them! Let them hear from you! Tell them you will never vote for anyone who supports this atrocity.
The issue boils down to this: do we care about freedom? Do we care about responsibility and accountability? Do we care that our government and media have been bought and paid for? Do we care that average Americans are about to be looted in order to subsidize the fattest of cats on Wall Street and in government? Do we care?
When the chips are down, will we stand up and fight, even if it means standing up against every stripe of fashionable opinion in politics and the media?
Times like these have a way of telling us what kind of a people we are, and what kind of country we shall be.
In liberty,
Ron Paul - nelsonwinters, on 09/24/2008, -13/+228Please join the Campaign for Liberty: http://www.campaignforliberty.org
- Daamien, on 09/24/2008, -11/+203Bernanke: “And that has been delegated to the Federal Reserve…”
Translation: 'I don't care about the Constitution's intent, I have the power now and plan to use it to "save" the economy from depression despite the fact that I can be implicated in bringing it to this point.'
More needless borrowing and inflation; exactly what the American people don't need when we already have a trade and fiscal deficit, massive existing debt liability for every citizen, job losses, income stagnation, and a devalued dollar that each day purchases less goods and services.
The reason why these assets the Federal Reserve and Treasury will be purchasing can't be valued is because they are essentially worthless paper. In a free market the paper would eventually run its course and our market would learn to reprice securities appropriately against risk going forward. Here we are essentially price fixing to support a flawed system that will only perpetuate malinvestment and moral hazard. - MooseOfReason, on 09/24/2008, -5/+166Paul makes a good point about price fixing.
The government should not be in the business of artificially manipulating the price of cars, or gasoline, or . No "luxury and fuel-inefficient vehicle tax", no "windfall profits tax", no ethanol subsidies. Let the free market work. - MooseOfReason, on 09/24/2008, -3/+149Article 1, Section 8, U.S. Constitution:
"To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;"
That's the authority of Congress - not the Federal Reserve.
Bernanke's wrong about the Federal Reserve Act. The Congress in 1913 broke the law by passing it. - PeppermintPig, on 09/24/2008, -5/+147Bernanke agrees with Ron Paul, and yet he does everything but follow Ron's advice.
God, Bernanke is such a tool. - blapierre, on 09/24/2008, -6/+135Thanks for not voting for Ron Paul in the primaries guys. Now we have two guys running who know jack ***** about what's going on.
- j.carcinogen, on 09/24/2008, -4/+129What a great man. I get the sense that people on Capitol Hill are listening to him and thats why they've changed their opinion on the $700 billion bailout.
Later on Fox Business: http://www.youtube.com/watch?v=qB-OhTfplYE - Stryder81, on 09/24/2008, -4/+111Sometimes I wish the panel would turn into a way it is in some Asian countries. Where people come across the room and beat the ***** out of the other guy.
>:I - inactive, on 09/24/2008, -2/+108i guess the one positive is that people are waking up to the fact that the federal reserve is basically running things
- odigity, on 09/24/2008, -3/+97Exactly. The Constitution gave Congress the authority to, given a gold or silver coin, determine the weight of gold or silver in it, and mark the coin with it's value in dollars. That's IT. The 1792 Coinage Act (http://en.wikipedia.org/wiki/Mint_Act) defined the dollar as a specific number of grains of silver. That has never changed. That's what a dollar is.
It's complete insanity, what they did in 1913. It's just like the interstate commerce clause - 90% of the Federal government's actions are excused by the courts because of "interstate commerce clause", when that clause was only intended to give Congress the power to prevent the states from setting tariffs, or using non-standard systems of weights and measures. That's it. Nothing to do with regulation or prohibition.
The reason the government does what it does is simply because most people are too ignorant to know they're not supposed to do it. The government is illegitimate - gangster government, usurpers and tyrants, the lot of them. - Meekus, on 09/24/2008, -2/+94sniff sniff... I'm so proud people are starting to wake up to the BS. Exactly! The Federal Reserve Act of 1913 is UNCONSTITUTIONAL! They caused this damn crisis to begin with.
I say screw The Federal Reserve Act NOW before it destroys our country. - blorc, on 09/24/2008, -8/+79Bernanke = turdburglar
- RPliberty, on 09/25/2008, -2/+73Ron takes Bernanke to the woodshed again.
- kemp34, on 09/24/2008, -0/+71I'm all for free speech, but there should be Digg penalties for being so dumb.
A sitting congressman questioning the Federal Reserve Chairman on monetary and fiscal policy is spam?
Do you drool when you talk? - e1evene1even, on 09/25/2008, -1/+68Damn, I don't know how I missed this. We watch CNBC on the trading floor all day and I was waiting for this. I always love to see Paul smack Bernanke around.
Deep down I think Bernanke has great respect for Paul, but gets nervous everytime he speaks... - juankovo, on 09/24/2008, -0/+66Can you imagine how awesome our country would be if all of our representatives were capable of producing literature like this?
- Pssdoff, on 09/24/2008, -2/+67Buried as troll
- Daamien, on 09/24/2008, -0/+64The hypocrisy of your comment is amusing. This is news from today, not spam sir.
- inactive, on 09/24/2008, -6/+68Wrong again - it takes 2/3 majority to pass an Amendment. In the case of the 16th Amendment - they had 3 signatures on 24 Dec. 1913 when they shoved it down the American people's throat. A whopping THREE Senators? That by no means constitutes 2/3 majority vote, now does it? Do your own research on this matter. In the process look up the case of Bill Benson which has the PROOF and he has NOT paid taxes of any kind to the IRS for YEARS!
Do you think that it was a coincidence that MOST of Congress was home for Christmas? I think NOT! This has been proven time and time again. - ExSlashdotter, on 09/25/2008, -3/+59How about because he speaks logic? Who gives a ***** what party anybody is from.
- Kishoba, on 09/24/2008, -3/+57I dare anyone to argue with that logic. C'mon. Bring it on!
- paradexes, on 09/25/2008, -1/+54The sad part is when Ron Paul started talking about the Constitution, some people in the background laughed. Not sure it is so funny in the context of what is happening.
- visionaryIX, on 09/25/2008, -1/+54I think there's a widespread respect for Ron Paul as more than a politician.
He's an educated, logical, principled man who understands some of the core prerequisites for any political position.
I'm not even American and I still think he's awesome. - Wongster41, on 09/24/2008, -5/+57No Bernanke, you do not have authority from Congress to print paper currency, you have authority to 'coin' money and regulate the value thereof.
- inactive, on 09/25/2008, -1/+48bendiggn, you couldn't be more wrong – laws can in fact break the law, how do you think laws are deemed unconstitutional every now and then?
- DiscoLando, on 09/25/2008, -3/+48I can't help but feel sad knowing that either Obama or McCain, neither who are qualified to tackle this problem, will be the next sitting president. It's going to be at least another four years of bad economic and monetary policy.
I also can't help but be reminded of Bill Maher's interview with Ron Paul where he basically said (paraphrasing) that if America was smart, Ron would be the next President of the United States. - snowysnowcones, on 09/25/2008, -4/+43Why is almost everybody on Digg a democrat (or atleast anti-bush, palin, mccain), but they like Ron Paul?
- juankovo, on 09/24/2008, -0/+38"You're absolutely right good buddy Ron! Now here's how we're going to do it instead!" -Ben
- Hisnameis, on 09/25/2008, -1/+37they're using fear tatics to make us think we need to bail them out.
- juankovo, on 09/25/2008, -0/+35"Ronnie" doesn't ask for ANY pork. He votes against the money being spent in the first place, but since all the other idiots in congress always pass the bill, it is his duty to his constituents in Texas to get back their tax money.
- richmomz, on 09/25/2008, -2/+37I noticed that Ron has been getting a LOT of airtime the last few days - could it be that people are finally starting to wake up?
- theropingeffect, on 09/25/2008, -3/+37Congress is supposed to coin gold and silver.
Please join Restore the Republic today!
http://www.restoretherepublic.net/home.php - MooseOfReason, on 09/24/2008, -7/+41And cowbell.
- chupavacas, on 09/25/2008, -2/+35I wouldn't put too much faith in the state sponsored education you got in high school.
Fear can cause value to go down. Happens every minute in the stock market. You can argue inherent value all you want but look at how the free market womped Bear Stearns, Lehman, AIG, Goldman and Morgan Stanley. The market is always right. When government steps in and tries to control the free market calamitiy happens. So if the Fed creates the money out of thin air they do two things: 1. They dilute the existing dollars (inflation) and 2. they create a debt against the U.S. Government who uses the taxpayer ultimately as collateral on that loan. - apollomurga, on 09/25/2008, -0/+32we need a thomas jefferson kinda of politician in office now, someone who cares about liberty, freedom, and the constitution - what this country is based off of
- bruno1969, on 09/24/2008, -2/+34"Coins!"
- inactive, on 09/25/2008, -0/+31Reported for abuse of Digg's spam bury system.
Amazing, a troll with the name "nomorepaul" complaining about "spam". And just what was this specific Digg account of yours created for? Could it have been for "spamming" Ron Paul pages? - Proctor, on 09/25/2008, -1/+32Ron Paul just had a Bernanke sandwich
- PeppermintPig, on 09/24/2008, -0/+30Bernanke talks about how hard it is to judge the value, but then asks for 700billion just to be safe. It's not his job to determine the value of things. He must allow people to judge for themselves the value of these investments....
Too many risky businesses, and increased risk due to inflation via Federal Reserve. - jlhoben, on 09/25/2008, -1/+31America is not a nation, it's a pirate ship manned by blood thirsty crooks and thieves.
- MooseOfReason, on 09/25/2008, -0/+29Yeah, Bernanke doesn't seem to stutter when other representatives ask him questions, but the "uhh"s start coming out when Paul asks him a question.
- DjLoTi2, on 09/25/2008, -2/+31Bernanke basically said - " if you don't like the way things are going, then you're going to have to reverse the federal reserve act " which was in like the 20's or earlier or whatever
so Bernanke is like, look you're right, i'm wrong, but if you want to beat me you have to reverse the federal reserve act. I don't think Bernanke is too worried that a majority of the American people or their politicians will earn enough clout to actually make an impact and reverse the federal reserve act
so we heard the solution from the man himself. you want to fix the economy, reverse the federal reserve act. and oh by the way good luck with that ( chuckle ) - inactive, on 09/25/2008, -0/+28"unimportant issues not related to the actual problem"?
You can't be serious, troll. - inactive, on 09/25/2008, -2/+30balls of steel
- inactive, on 09/25/2008, -2/+31While Obama and McCain both support the bailout. Ron > *
- Daamien, on 09/24/2008, -1/+29Don't make tough decisions?
Ron Paul has taken leadership by deciding not to vote with fellow congressmen to support the flawed Federal Reserve System and has introduced legislation to remove the Federal Reserve:
http://www.govtrack.us/congress/bill.xpd?bill=h110 ...
You should be thankful that he is willing to discuss monetary policy and request more transparency, even if you ultimately disagree with his assessment that the Federal Reserve should be abolished. -
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