Posted on 02/12/2009 5:08:51 PM PST by rabscuttle385
Republican Representative for Texas Ron Paul spoke to Rice students last week to share his personal opinion on the state of the economy and discuss how to restore the United States back to a responsible fiscal system.
"The system we have today has failed," he said.
Paul, a two-time presidential candidate, decided to become involved in politics after President Richard Nixon took the United States off the gold standard in 1971. Since then, United States currency has operated on the fiat system, where the value of the money is based solely on faith in government to back the value of the currency.
In 1974, Paul became convinced that the Austrian School of Economics, a system that encourages laissez-faire economic governance, was the appropriate way to run a national economy. Concerned with rapid U.S. inflation from the fiat system and a foreign policy he believed was building an empire at the expense of future generations, Paul ran for the U.S. House of Representatives in 1976 and won.
Recent developments in the U.S. economy have shifted Paul back to his original focus on restructuring American fiscal policy.
"The important thing to recognize is that [the old system] has ended," Paul said. "We are in an economic crisis, and we are embarking on a course that will destroy the dollar."
Paul claims that, for years, the United States depended on other countries, with the greatest U.S. export being the dollar. In addition, Paul asserts that the Constitution does not permit the current fiat system, backing only gold- and silver-based currency.
Paul said that his ideal role of government would be a small one that interferes less in the day-to-day lives of ordinary people.
"Washington believes people are dumb, and that the government needs to take care of them," Paul said. "What we really need is a better understanding of how freedom works."
He also warned students not to panic in times of crisis, and he criticized the Patriot Act, which he called a hasty action.
"Americans were terrified; we allowed the government to do whatever was necessary, to spend as needed," Paul said.
Lovett College freshman Rachel Alexander said she did not think a hands-off government would be a good idea.
"If the government doesn't have some restriction on businesses, larger businesses may become corrupt and smaller businesses may suffer," she said.
Paul said he sees an easy solution to solving America's economic troubles but a public reluctant to accept the consequences. By sticking to only policies that a limited interpretation of the Constitution would permit and enduring a few years of tough times, Paul believes the U.S. economy could be back on track in a matter of years.
"If we don't change our ways, this go-round will be a lot worse," Paul said. "So many in your age group know what's going on. It isn't difficult for us to reverse our trends, and I come to you with a sense of optimism."
This article is chock full of goodness. Also, I’m going to put on my flame-retardant suit now.
Too bad RP opposed liberating Iraq. That’s a deal breaker for me.
I would bet McPain is probably wishing he never raised his voice in opposition to president gawd the other day now that a cabinet position opened up with Gregg turning down the job.
Poor John.
Not all young Americans have “stuff” for brains. Both of my kids were RON PAUL supporters.
Meh. Soon we won’t be able to fund our military.
I don’t know about you, but I’m scared about what terrorists are soon going to be able to do on the homeland with a weakened economy unable to sustain our military.
Without an economy, all other questions of security are moot.
Soon we will be no better than any other bankrupt regime with a Banana Republic Dictator.
Too bad the constitution is anachronistic to you. Yet, you probably call yourself a conservative.
Essentially, you opposed Ron Paul over his opposition to the undeclared war that Bush didn't get serious about winning for five years and which resulted in the congress and the presidency being turned over to Marxists.
Since you're at freerepublic, I'm betting you wouldn't trust the government to run anything. Why do you support whole heartedly, government interventionist/management foreign policy and management of other nation's governments?
Ron Paul ping
I’m glad he’s talking to students. The generation entering the workforce now will be the ones who bear the full brunt of this economic cycle. Hopefully he and Keyes will become to this generation what Alinsky and Chomsky were to the old-guard campus radicals.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.