 and it's liberty that we meet in this country and that can be restored if we said only individuals to Washington who have actually read the Constitution and under the Constitution. This is where a poorer country we have less freedom and we're overly involved in overseas. Many many great nations have done this in the past. It seems like it's almost habitual and therefore we have to point out exactly where our problems are. Why we are a poorer nation, why we have less freedom, why we are greatly in debt, why we continue to spend the money, because one sure thing is there's no way that we can dump all this debt and all these problems on the next generation because it's unfair, it's unsustainable, they can't pay the debt and we have to take it upon ourselves to change the course of our history in this country. This country and the most prosperous country. We had the largest middle class and the wealthiest middle class ever. Today the middle class is shrinking, the middle class is getting poorer, the poorer are getting more gnomers and the rich are getting richer under this system and therefore we have to understand exactly how this came about. One of the things I believe has happened is that because of our richness in this country and all the material wealth we have as a consequence of our understanding of our personal liberty and property rights and sound money, we concentrated on the material benefits and we forgot about where it was coming from. We forgot that you have to produce wealth to enjoy wealth. We forgot about the fundamentals of liberty and you say, well, they forgot 50 years ago, so why didn't we get poorer? What took a long time? We did so much wealth, but today even the apparent wealth that we have in this country is based on debt. It's a big difference now. Before it used to be based, we used to be a creditor nation. Now we owe more money than any other country ever has in the history of the world and this is why we're in the midst of a financial crisis and it is related to the understanding what the role of government ought to be. The founders knew and understood that the role of the king was not what they wanted and they knew what they wanted, they had a revolution, they wrote a constitution and warned us. If a people do not remain moral, they will not maintain their liberties and today we are suffering the consequence of our loss of confidence and freedom and now we are a poor nation, so what we have to do is once again reinstill in the hearts of minds of the American people the love of liberty and the love of producing wealth again and not the dependency on borrowing and spending money. Today our deficits running last month, February, our national debt went up $200 billion in one month, broke all records and that was a short month too. But the talk of the other candidates that people watch talk about oh yeah we're going to cut and we have these automatic cuts when the Congress won't do it and the super committee makes a super mess out of things and they have these automatic cuts. The automatic cuts, it's a farce. They said they're going to cut a trillion dollars, that sounds pretty good. It's a cut of a trillion dollars over ten year proposed increase of ten trillion dollars, so they're going to cut a ten trillion dollar increase in the spending cut by one trade and then want to get excited about it. That's cutting a hundred billion dollars a year. In the next day going up between 100 and 200 million every single month it won't hack it. You know what will hack it? It's for us to have a new president that's willing to cut the budget by one trillion dollars to come back in which means that we need a new tax code. The best reform in the tax code will be repealed in 16 minutes. These go overseas because of the ornerous regulations and there's just too many laws. Unbelievable. January 1st of this year, you haven't had any new laws replaced on the people that have 140,000 new laws. 40,000 laws off the books and the economy has been going on over ten years. We had a hundred and thirty two million people employed ten years ago. You know how many people we have employed right now? A hundred and thirty two million approximately. We have 30 million new people in the country so you know why people are hurting. So when you hear the government's statistics be suspect. They tell you all the ones although not all that bad is eight percent, which is pretty bad. You know the truth is if you measure the way we used to about the pre-market economic system we have a closer to a 20% after the woman break. But then we get chairman of the reserve board got on and say well we do have inflation. We plan to have inflation. We want some inflation but we're going to keep it at 2% but tell you what your inflation rate and the destruction of your currency and the cost of living is going up much faster than 2%. I just came in and I saw how much gasoline costs around here. It's pretty expensive and the whole thing is if you live on Wall Street you're making millions if not billions of dollars will you care whether your gas is three, four, five or six dollars? It's irrelevant. But what does it mean if you're living on the margin? What it means that you barely have enough money at the end of the month? What does it mean you have debt? This is a big increase. What if you're on a fixed income? What if you're short of social security? Your cost of living is going up a lot faster than 2% and that is preventable because that isn't price is this consequence of the value of your dollar going down and that's why we have to look at the monetary system and find out what to do about it. They decided that they would impart a big government. They did two things in 1913 under the progressive area. They gave us a reserve system and they said there will be no authority for central bank. There will be no authority to print money and there will only be one legal tender and that would be gold and silver. So the federal reserve system is totally unconstitutional but it did usher in this aid of big spending because if you can't tax and I mean you can't borrow enough then they resort to printing and that is that is the source of the gross distortions. They can last for a long time but it finally meets a dead wall and that is where we are today. We're five years into this recession but actually the standard of living has been going down a lot. These last 10 years have not been good. We are not producing dollars. If you say well tell the people to save money, sure save money, make one percent on your stock. I ask the media about this. What's fair about giving the people who want to stay and take care of themselves and not responsibly? He says well we have to look at the financial markets. We want to take care of the financial market. Some people may suffer from this but that is just a consequence. That is exactly the office of sound money and freedom work. If you work hard and you say and you hopefully get the luxury of keeping what you earn like you should then you should be allowed to save the money and not lose. Real interest rates can be five, six, seven percent but they can get them down to one percent and who does that help? It helps the special interest. It helps the big banks, the people who got the bailouts. You know they made a lot of money in this monetary system and they were doing quite well. The crisis hit. The big guys came in and said there's going to be a depression. There's going to be a depression. We're too big to fail so they run to the Congress. They run to the Fed and they said we have to bail us out. Well they shouldn't have bailed out. Nobody should get those bailouts because who got who had to pay for the bailout? You did. The middle class had to pay for it. They took that bad debt, bought it and dumped it on the American people and that's why the middle class is smaller and less rich and losing losing ground. So this is we have to stop this whole concept of bailing out the special interest. What we want to do is reward and sell people making a lot of money. You know you would have invested in the Dow Jones five years ago and the Dow Jones is close to $13,000 now. To just break even the Dow Jones would have to be $14,500. So it's a losing game but this is a consequence. It's a predictable consequence of the destruction of money and this is what the founders understood. They said only silver and typical could be legal tender and this would restrain the growth of government. So what else does it do when you can get away with not direct taxation, direct borrowing, you can print the money, you engender the welfare state, the entitlement system and tragically the warfare state as well? You need to cut spending. That is the reason that I offer the first year to cut a trillion dollars as a starter. In many ways reflect the attitude of the people and the people want the entitlement system will end up with entitlements. We've rewarded those members of Congress and politicians for years. Go up there, spend money, borrow the money, tie themselves over, worry about it on another day. I used to say we can't do this, we're going to dump the Dow on the next generation but I don't say that anymore. We are the next generation. We are facing the consequences now. That's why we have to do something like this. It would be very limited. Our rights and our liberties come from our creator and not from our government. We have drifted so far from that and if we had that where the government is supposed to protect liberty what we should do is release the creative energy by emphasizing individual liberty and also emphasizing the fact that if you have the right to your life and liberty you ought to have a right to keep all the fruits of your labor, not just for the government, was probably well-meaning. Well you know this people need help so we have to we have to invent this entitlement system to redistribute well. Not realizing it's the free society, the private sector, the limited taxes that engenders the large middle class. It's not the redistribution of wealth by the politicians. They may be well attended but what happens is a special interest gets controlled. Yes it'd be like saying well we have to help people get houses but can you give everybody a house by making sure that they don't qualify and make people make bad loans and depend on the increase in the number of the value of your house going up? Well that was intended to help poor people but who made the money during the housing bubble? The very wealthy, the fiendies maids, the pretty maxes, the banks, the people who speculated the derivatives. When they got into trouble of course the middle class lost their jobs and they lost their houses so the entitlement system doesn't work. You can't say well the government can take care of the poor and all it comes from the government. The government should pay for the medical care and food and housing and education and everything but the government has nothing. The government never created a thing. They don't have productive jobs. They're destructive and they take money from the entitlement system and it sounds very good. They're entitled to this because somebody needs something, wants something, or demands something. They don't have a right to something. What we have a right to, we have a right to our life, we have a right to our liberty, we have the right to own our property, we have countries that get wealthy and they do this by expanding themselves around the world and we have done way too much of this. What we need to do is have a different foreign policy, not a foreign policy of interference, occupation, do this in the wars and bring our troops home. What they did was they put it in a constitution that to go to war it would require the support of the people and a vote on the Congress but not the executive branch and not by the president. Just think if we wouldn't, if we would have not fought one war since World War II, since that was the last time we declared war, how much wealthier this country would be by being fought and nobody knows exactly the reason. Assert me the reasons that we went into these places did not exist. If we did that, if we had just done it for the last ten years we would have been four trillion dollars richer, we wouldn't be paying interest on that debt because that is the amount of debt that we have accumulated over the past ten years because of the wars of the Middle East. So I say end the wars and bring our troops home from around the Constitution to have a strong national fence. That is not a state function and if that is the case we should be prepared to defend ourselves. That is where we excel. This country can defend itself against anybody, nobody is going to invade us and yet we have more weapons than everybody else put together. We have spent more money every year than everybody else so it's not like we would diminish our defenses. I think the interference and the occupations and the nation building that goes on, I think it makes us less safe because you know what, a few people get a little bit annoyed with this before they get their countries endowing their operations of war. I would say yes we should be prepared, we need to fight a war, declare the war, have the people come together, have parties come together, fight the wars, win them and get home. With the Constitution just this past week, Panetta announced and seemed to be very proud of the fact that he is being explicit about this and he says that he can get the authority from the UN and NATO. Jesus will inform the commerce and he will inform the people when they feel like it and that is not right and that has to be reversed.