Ron Paul Debates Federal Reserve Governor 1983 [Part 2]

[MyITRcom]

Ron Paul, the definition of what it means to be an American.

[Stunatra]

This speech should be seen by every American.

[LiveFreeOrDieNow]

Ron Paul -- keeping it real since '83.

[ashane77]

*******pjblabla*******

RE: "However, Gold Standard cannot simply be the Silver Bullet.

e.g. to grow the economy we need to grow credit and the amount of gold is limited. Isn't that an anomaly or am I missing something fundamental here?"

Something you must try to understand is that--in a totally free market--ANY amount of gold would be sufficient as a monetary supply. The PRICING structure of the free-market would adjust. For example, try this next time you play "Monopoly".  Cont...

[ball4thegame]

not true, growth is created from legitimate savings and loans, not an expanding credit/money supply

[Soulrazr]

agree with ball4thegame. Growth is created from savings and capital. America needs to make things again, we need a strong industrial base not a printing press that prints out millions of dollars that is backed by nothing.

Do you remember a thing called layaway? They are bringing that back to stores, their is not enough credit to go around anymore, everybody owes someone money so their is no easy credit.

[Soulrazr]

I meant to comment pjblabla, didnt know you were quoting him.

[pjblabla]

How is gold different from oil?

Wouldn't adopting the Gold standard, mean that a country, with absolutely no economy, but LOTs of gold, will suddenly become rich!

they can just import all the goods and services, like some of the developed middle eastern countries do, based on their oil deposits?

[xmattycorex]

absolutely, and it can not be inflated like paper money with a printing press. that's how this government is able to pay for things they shouldn't like this war on lies. if we had a gold standard it would control the government cuz they would only be able to spend as much gold as you have. and there would be a whole lot less government with a gold standard. but government doesn't like that, that's why they go rid of it.

[theoriginalanomaly]

As far as I am concerned, we need to just abolish the banking monopoly. Sure a gold standard is great, so is silver, so is oil. Hell you could even have corn currency if you want. Just something people find valuable. Their should be competing monies as far as I am concerned. And we kind of do... stock certificates, bonds, securities. We exchange these all the time. But a good central currency would be gold, because it is rare and can be traded easily (coins). So high value little weight is good.

[Soulrazr]

They can do that but they would have to eventually create an industrial base or something to invest that money in. Gold and oil supplies do not last forever. They would need another viable way to trade and grow.

[pjblabla]

Although, I am an Australia citizen, after seeing this "1983" video of Ron Paul, my respect for him has gone up many folds. It seems he has stayed true to his ideals till today.

I would like to see proponents of Gold Standard talk about the cons as well

However, Gold Standard cannot simply be the Silver Bullet.

e.g. to grow the economy we need to grow credit and the amount of gold is limited. Isn't that an anomaly or am I missing something fundamental here?

[mts881]

I do not think that elasticity as you describe it is 100% necessary for growth. Certainly the economy in the US grew during the years there were a gold standard. If the economy is growing and the currency is static, then the currency's purchasing power will increase as total goods + services increase, right?

In a "controlled" economy based on credit, deflation is scary (see housing bubble). However, if a currency is stable, then downward price fluctuation isn't as big a problem.

[theoriginalanomaly]

to grow economies, you need to create more capital. Printing money is not creating capital. Capital is land, food, housing, infrastructure, cars... commodities. You have the cart before the horse. Printing more money does not create more tradable commodities. It increase the prices of the commodities. But the first person who gets to use the newly created money (debt/loans) gets to spend it first and buy at a lower price before it flows through and inflates.

[ikbjwd]

That's a great explanation by you. I agree with everything RP says about capital and economy but still have trouble understanding the technicality of Austrian economics. Any good resource you can recommend that explains this in layman's terms?

[theoriginalanomaly]

RP study under Mises. And they have a youtube channel

/user/misesmedia . Also a website mises (dot) org. You'll start to pick up on it all sooner then you think. I would recommend understanding Fractional Reserve Banking clearly also. Explanations are everywhere on you tube... The video series titled Zeitgeist has a good series on it. Hons Herman Hoppe is one of my favourite. Walter Block is fun. Rothbard. Just do some searches on youtube for MISES Fractional Reserve Banking, and the names.

[Bloodstryke]

@pjblabla You don'tneed to"grow credit"as yousaid.Creditcomes fromexisting resources whichcould begold orany otherasset that hasvalue such asyour car orhouse.With100%reserve goldstandardany loanwould takeexisting gold orother assetand use itas collateralfor creatingcredit.Aswealth iscreated a fixedamount ofgold(ex 1 oz)would beable to purchasemore goodsand services over timeassuming more wealth is beingadded to the worldeconomy asopposed tobeing destroyed.Gold isflexible in it's monetaryvalue.

[notjam3]

INFOWARS.

stop tyranny/stop the police state

support freedom/The Bill of Rights

get informed at INFOWARS.

[5thElementHipHop]

I would love to see Charles Partee try and refute that.

[DPerano]

This should be sent to Rudy and the boys as they don't read or understand much. Ron Paul has been trying to save this nation for decades. I didn't know that You Tube 1983 existed, but now he has my vote more than ever before! Go Ron Go !!

Every hard working American that saves money and pays off debt loves you Ron.

[Naej27]

Ron Paul THE GREAT TRUTH TELLER! You won't hear the truth out of other Candidates. They are for Government Corruption, NWO,CFR,Police State, our freedom, and everything taken away from us we worked so hard for!

[anyusmoon1]

CLOSED PRIMARY STATES!! URGENT!!!

The GOP Plot to Defeat Ron Paul

In an effort to shut out Ron Paul many states are now closing their primaries.

Many states are changing the rules quickly and quietly and giving people very little time e.g. New Hampshire (closed primary state) decided only a week ago that you will now have to change your party affiliation by Oct 12 or it will be too late.

The race to win the presidency is between Ron Paul and his own party.

[ComputerSleuth2]

Dr. Paul has a great message for all of us on money and freedom. I only wish that the common man were willing to educate himself on the power that is wielded by the Federal Reserve.

[ladalang]

This guy is so true to his word no matter what year it is.

[11Jamie11]

Ohhhhhhhhhhhhhhhhhhhh no

They say he's got to go

GO GO RONZILLA

[thebigt82]

Kinda prophetic isn't it? Though i doubt even 83' Ron could have predicted just how bad things would get.

[neworleansrocks]

His message has not changed. His integrity has not changed. His ethics have not changed. He has only grown older and wiser.

[holywdtughguy]

the next pres. of the united atates!!!!!!!!!!!!!

[beckweth]

Exact same man holding to the exact same principles - twenty four years later. He's exactly right.