Ron Paul Introduces Legislation To Get Rid Of Federal Reserve

WorldNetDaily.com ^ | September 17, 2002 | Jon Dougherty

[.30Carbine]

Thank you. You are a rare commodity.

[Darth Sidious]

Okay so which one of you is the real one LOL?

The ugly one :-P

[TheGrimReaper]

While we're dismantling the Fed, perhaps we could slide a rider in on that bill to get us the hell out of the U.N.!?!

[Tribune7]

I had thought I had read an interview in which he said we would be better off without the Fed and that he had said that his expressing this opinion had cause a tiff with either Greenspan or Volcker.

It could be that I misunderstood him, or that I am recalling the article incorrectly.

[elfman2]

"[The Gold Standard] simply means that, if you have a dollar bill, you can exchange it to a fixed amount of gold whenever you wish to. Since most of the people hardly ever want to exchange their banknotes to gold, it wouldn't mean any significant change in how you use your money. "

If what I described was a Taliban gold standard, I think what you describe is an Iraqi gold standard, with promises that can be depended upon unless tested.

As I understand it, the Fed and Congress control the money supply in several ways. Greenspan and his team vote to set the short-term rate at which banks can borrow from the source of it all, Federal Reserve member banks. Then Congress sets the amount of money that all banks must have on hand. This money typically comes from borrowing from Fed member Banks, customer deposits, and profits. The amount that they must retain determines how much they can then loan out to customers in order to make money for themselves. I forget that amount, something like 1 -3 %.

There may only be a few hundred billion American paper dollars floating around in people's pockets at any point in time, but that's not representative of our money supply. Commerce is conducted in virtual dollars, and there are perhaps hundreds of times that much invested from America alone.

If the gold standard didn't apply (in Taliban fashion) to virtual dollars, and the Fed and Congress could continue to manufacture them on the fly like you're concerned with, what good would it do? Just guessing, but at current prices I doubt there's enough gold in America to cover a minor confidence crisis where less than 1 percent wanted their virtual dollars exchanged. I bet the Saudis or Chines alone could more than purchase all our reserves.

My guess is that the first thing that would happen around the upcoming time of standardization would be that gold prices would rocket, your guess is as good as mine as to how much. Why invest in industry when you can become wealthy buying gold? So all the money would then poor out of the market and into gold to ride the wave, and our economy would be left without cheap financing. That's the significant change.

[Frohickey]

Rep Ron Paul needs company in Congress.

His is the lone voice of liberty in Congress. Now if only these people crying for small limited government would only vote that way, we'd get back to what the US is supposed to be as drawn out in the US Constitution.

As it is, Democrats and Republicans alike are using the US Constitution as toilet paper.

[Pistias]

Take 'em to the hole, Ron.

[lodwick]

bttt

[rb22982]

Has typical leftist anti-US attitdes -- eg US policies caused 911. US caused millions of deaths in Iraq.

Actually he doesn't have anti-US attitudes and his foreign policy is a complete 180 from leftist. Paul believes that our government should stick with the US only and not be a world police. He never said the US was responsible for the attacks just that our policy of intervening with others just exacerbates these people who are likely to commit these sort of crimes. AS for the 'US caused millions of deaths in Iraq', care to provide a quote with that?

[rb22982]

vote for a party that has been increasingly coopted by left leaning people interested in legalizing hemp,

You obviously do not know facts/history. Hemp/marijuana was made illegal by one of the biggest leftist/socialist presidents in this country EVER--FDR and Bill Clinton had more people arrested and spent more on the drug war than any other president ever.

[Red Jones]

I read that the federal reserve spends a huge amount of money every year on giving gifts to universities. If any university has an economics professor that is anti-fed, then the federal reserve pulls their annual contribution from that university after they campaign behind closed doors against that professor and make it very clear to the administration the reason why the money is pulled. If this is true, then this is reason enough to get rid of the fed.

[Red Jones]

there was an economist who wrote an article for the WSJ in the last few weeks who did look at that history. He used objective standards to argue that there was more stability before the fed's creation than after the fed's creation in 1913.

[thepitts]

If we had a few hundred Ron Pauls in DC the country would be in much better shape, instead, we have a few hundred clintons.

[tallhappy]

AS for the 'US caused millions of deaths in Iraq', care to provide a quote with that?

Do you doubt it?

[tallhappy]

IF RP did say that, would your opinion of him change?

[gargoyle]

...I second that, a real congressman in the house of representatives...

[Frohickey]

Debt is at incredibly high levels per GDP (as I understand), and foreign debts payment failures have been covered by large cash infusions from the IMF, world bank etc (US taxpayers mostly), but that is close to being maxed out.

Unsecured debt is failing apace with increasing bankruptcies (both personal and corporate).

At some point, bankruptcies may go nuclear. What happens then?

Patriots: Surviving the Coming Collapse

[gargoyle]

...Yer right. These lifelong polititans would rather take a poll on how they should vote, to stay in office, rather than vote on their convictions, or, at least, what the majority of their constituents have lobbied them to do...

[rb22982]

Yes, but it still doesn't change the fact that he would still be better than 95% of those in Congress.

[gargoyle]

...Got a link for this, buddy?