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.
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