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The first time I heard Paul talk about monetary policy, I'd felt like a hostage, the only person in the room who didn't buy into the program. Then, slowly, like so many hostages, I started to open my mind and listen. By the time we got to Reno, unfamiliar thoughts were beginning to occur: Why shouldn't we worry about the soundness of the currency? What exactly is the dollar backed by anyway? And, if the gold standard is crazy, is it really any crazier than hedge funds? I'd become Patty Hearst, ready to take up arms for the cause, or at least call my accountant and tell him to buy Krugerrands.
--
Tucker Carlson, December 21, 2007

 

Ron Paul

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You don't learn anything in school. It's just a waste of time. You lug around books and all and do homework. They give too much homework. You shouldn't be doing homework. Nobody's interested in it. The teachers are stupid. They shouldn't have any women in there. They don't know how to teach. And they shouldn't make anyone go to school. You don't want to go, you don't go, that's all. It's ridiculous. I don't remember one thing I learned in school. I don't listen to weakies. My two and a half years in Erasmus High I wasted. I didn't like the whole thing. You have to mix with all those stupid kids. The teachers are even stupider than the kids. They talk down to the kids. Half of them are crazy. If they'd have let me, I would have quit before I was sixteen.

 

Bobby Fischer

 

There are many that I know and I know it. They are many that I know and they know it. They are all of them themselves and they repeat it and I hear it. Always I listen to it. Slowly I come to understand it. Many years I listened and did not know it. I heard it, I understood it some, I did not know I heard it. They repeat themselves now and I listen to it. Every way that they do it now I hear it. Now each time very slowly I come to understand it. Always it comes very slowly the completed understanding of it, the repeating each one does to tell it the whole history of the being in each one, always now I hear it. Always now slowly I understand it.

 

Gertrude Stein

 

Question: You wanna gut that safety net...
Ron Paul: But the safety net doesn't work.
Question: Tell me why it doesn't work.
Ron Paul: It does work for some people, but overall it ultimately fails, because you spend more money than you have, and then you borrow to the hilt. Now we have to borrow $800 billion a year just to keep the safety net going. It's going to collapse when the dollar collapses, you can't even fight the war without this borrowing. And when the dollar collapses, you can't take care of the elderly of today. They're losing ground. Their cost of living is going up about 10%, even though the government denies it, we give them a 2% cost of living increase.
Question: So do you think the gold standard would fix that?
Ron Paul: The gold standard would keep you from printing money and destroying the middle class. Every country where you have runaway inflation, there's no middle class. Mexico, there's no middle class, you have a huge poor class, and a lot of wealthy people. Today we have a growing poor class, and we have more billionaires than ever before. So we're moving into third world status...
Question: Who is the safety net that you're speaking of, who does benefit from all those programs and all those agencies?
Ron Paul: Everybody on a short term benefits for a time. If you build a tenement house by the government, for about 15 or 20 years somebody might live there, but you don't measure who paid for it: somebody lost their job down the road, somebody had inflation, somebody else suffered. But then the tenement house falls down after about 20 years because it's not privately owned, so everybody eventually suffers. But the immediate victims aren't identifiable, because you don't know who lost the job, and who had the inflation, the victims are invisible. The few people who benefit, who get some help from government, everyone sees, "oh! look what we did!", but they never say instead of what, what did we lose. And unless you ask that question, we'll go into bankruptcy, we're in the early stages of it, the dollar is going down, our standard of living is going down, and we're hurting the very people that so many people wanna help, especially the liberals...

 

Ron Paul

 

For the first time in a long time I thought about Maman. I felt as if I understood why at the end of her life she had taken a 'fiancé,' why she had played at beginning again. Even there, in that home where lives were fading out, evening was a kind of wistful respite. So close to death, Maman must have felt free then and ready to live it all again. Nobody, nobody had the right to cry over her. And I felt ready to live it all again too. As if the blind rage had washed me clean, rid me of hope; for the first time, in that night alive with signs and stars, I opened myself to the gentle indifference of the world. Finding it so much like myself — so like a brother, really — I felt I had been happy and that I was happy again. For everything to be consummated, for me to feel less alone, I had only to wish that there be a large crowd of spectators the day of my execution and that they greet me with cries of hate.

 

Albert Camus

 

Question: ...you believe the Fed shouldn't exist... make the case.
Ron Paul: First reason is, it's not authorized in the Constitution, it's an illegal institution. The second reason, it's an immoral institution, because we have delivered to a secretive body the privilege of creating money out of thin air; if you or I did it, we'd be called counterfeiters, so why have we legalized counterfeiting? But the economic reasons are overwhelming: the Federal Reserve is the creature that destroys value. This station talks about free market capitalism, and you can't have free market capitalism if you have a secret bank creating money and credit out of thin air. They become the central planners, they decide what interest rates should be, what the supply of money should be...
Question: How does the gold standard solves that?
Ron Paul: It maintains a stable currency and a stable value. If the Fed concentrated more on stable money rather than stable prices... They push up new money in stocks and in commodities and in houses, and then they have to come in to rescue the situation. They create the bubbles, then they come in and rescue it, and they do nothing more than try to do price fixing. Capitalism depends, and capital comes from savings, but there's no savings in this country, so this is all artificial. It creates the misdirection and the malinvestment and all the excessive debt, and it always has to have a correction. Since the Fed has been in existence, the dollar has lost about 97% of its value. You're supposed to encourage savings, but if something loses its value, why save dollars? There's no encouragement whatsoever. [...] Gold is 6000 years old, and it still maintains its purchasing power. Oil prices really are very stable in terms of Gold. [...] Both conservatives and liberals want to enhance big government, and this is a seductive way to tax the middle class.

 

Ron Paul