From:
Ron Paul Predicts Debt Ceiling Hike, Discusses Monetary and Foreign Policy
(The New American) -- by Michael Tennant --
Ron Paul has some good news and some bad news. According to the Texas Congressman and 2012 Republican presidential contender, the good news is that people are beginning to take his proposals — less federal spending, more oversight of the Federal Reserve, and nonintervention in foreign countries — seriously. The bad news is that the political class may come around too late to prevent the destruction of the dollar and the havoc that will wreak on our government and our economy.
In a lengthy interview with Bloomberg’s Al Hunt, Paul stated his belief that despite House Speaker John Boehner’s (R-Ohio) insistence that he will demand one dollar of spending cuts for every dollar the debt ceiling is increased, “it’ll go up to the last minute and they will raise the debt ceiling.” Paul said he doesn’t take Boehner’s posturing seriously, recalling that when Ronald Reagan agreed to a tax increase back in the 1980s, “he said he wanted two dollars of cuts for every dollar [of tax increases]. Nothing happened. The deficit exploded.”
The Congressman doesn’t expect the public to take such talk seriously, either, especially when most of the cuts will be slated for many years in the future. “The only budget that counts is this year, not what’s happening next year, the year after, a five-year program, a 10-year program,” he explained. “That’s all pie-in-the-sky talk.” Hunt suggested the Republican leadership might propose, in exchange for increasing the debt ceiling, a spending cap that would go into effect a decade from now. Paul rejected the idea out of hand, saying, “I think it’s too little, too late, and nobody’s going to believe it.”
In response to the notion that failing to raise the debt ceiling would be a catastrophe, Paul said that he would refuse to vote for any debt ceiling increase because “the catastrophe comes regardless because as long as they encourage more spending, then we go over a cliff.”
A default on the federal government’s obligations, debt ceiling hike or not, is a certainty, Paul said. “We’re defaulting constantly,” he maintained, not by failing to pay the government’s bills but by paying them via inflation of the money supply, “and therefore people are losing their purchasing power. So the common person, the average person, the middle class, and the poor, especially the people that lose their jobs — we’re defaulting on them all the time.”
In addition, as Jacob Hornberger of the Future of Freedom Foundation observed, the government is also defaulting on its debt through inflation. When the Federal Reserve prints money to pay off the government’s debts, Hornberger wrote, “the inflated supply of money cheapens the value of the money in circulation, which means that bondholders are being repaid in currency that is worth less than it was when they loaned it” — the very definition of default.
The Fed, being the source of so many of our ills, was discussed at length in the Bloomberg interview. Fed Chairman Ben Bernanke is on the defensive, Paul asserted, but “he can’t defend [his policy] because it’s a failed policy.” “People are starting to realize this,” he averred, “and people know now that you have a lot more ... to blame than high labor costs and high profits. You go to the Federal Reserve for the business cycle, the financial bubbles and the crashes, and then the bailing out of trillions of dollars for special interests.”
Asked if other GOP presidential candidates were talking about the Fed in the same way he is, Paul replied with obvious satisfaction, “There’s no way, but they won’t laugh as much as they did last time. The last time they laughed, and scorned my foreign policy, and they’d laugh at my monetary policy. They won’t laugh any longer.”...MORE...LINK
FOR LIBERTARIAN NATIONALISM: ANTI-CORPORATIST, ANTI-COMMUNIST, ANTI-GLOBALIST...PRO-SOVEREIGNTY, PRO-POPULIST, PRO-FREE ENTERPRISE
My Other Blog & Comments
News and Information Feed
-
-
-
-
-
-
Activists Are Targeting ICE Agents’ Families Now26 minutes ago
-
-
-
-
-
-
Political Moralizing about the History of Slavery52 minutes ago
-
-
Islanders sign D Alexander Romanov to 8-year extension56 minutes ago
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Sleep2 hours ago
-
-
-
-
-
-
-
-
-
Why Does Communism Win?3 hours ago
-
-
-
-
-
Red light, green light4 hours ago
-
-
-
-
-
-
-
-
-
-
-
Big Beautiful Bankruptcy6 hours ago
-
-
-
-
-
-
-
-
-
-
-
-
-
News Briefs – 06/30/202511 hours ago
-
-
Change for the Better11 hours ago
-
-
-
-
-
-
700 Mossad Agents Busted in Iran16 hours ago
-
-
Big Brother is Watching You19 hours ago
-
-
-
Imam of Bologna: Lega Members Are Satanic21 hours ago
-
-
-
Europe needs a Metternich1 day ago
-
-
They Got Thrashed1 day ago
-
-
-
-
-
-
Letters, We Write Letters2 days ago
-
Belsen camp3 days ago
-
-
-
-
-
-
-
The End Of Free Will4 days ago
-
-
-
Scott Horton, Iran War4 days ago
-
-
-
-
-
-
-
-
-
-
Korean EXTINCTION LEVEL EVENT1 week ago
-
-
Trump, the Fake “American”1 week ago
-
-
-
Get Back2 weeks ago
-
-
A World Without iPhones?3 weeks ago
-
-
-
Media Roots Radio1 month ago
-
Thursday, May 1, 20251 month ago
-
-
-
-
-
-
-
-
TFeed Index 20245 months ago
-
-
-
-
-
Federal_Nanny_State8 months ago
-
-
-
-
Surviving this Hurricane Season11 months ago
-
Hello world!11 months ago
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Imagine Being This Desperate1 year ago
-
-
-
-
U.S. Openly Militarizes Space1 year ago
-
-
-
-
-
-
Conversations With Cabbies2 years ago
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Man, Bear, Pig Event Coming3 years ago
-
-
-
-
-
-
-
-
-
What a Wonderful Stocking Stuffer!3 years ago
-
test3 years ago
-
-
-
-
-
#273 – Marc Randolph3 years ago
-
My Farewell Announcement3 years ago
-
My Farewell Announcement3 years ago
-
-
-
-
-
-
-
-
-
-
Farewell, for now4 years ago
-
-
Audio Book Lost Colony of Hatteras4 years ago
-
-
Cancel Yourself4 years ago
-
-
-
-
-
-
-
The Non-Jewish Origins of Krav Maga4 years ago
-
-
Why the Marines are dumping their tanks5 years ago
-
-
-
-
The Socio-Sexual Hierarchy: ALPHA6 years ago
-
-
Home: A Recap7 years ago
-
Big Brother’s War on Cash7 years ago
-
-
-
-
By: Osamas Pajamas11 years ago
-
Form Post11 years ago
-
Join Our Mailing List13 years ago
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment