Ron Paul sums up the crisis in 3 minutes

(thanks again to zerohedge for finding this video)

I remember when I first discovered a speech by Ron Paul back in boom-time 2005, and was shocked that a Congressman was so eloquently warning of the dangers of fractional reserve lending, the Federal Reserve system, and welfare/warfare deficit spending. It was the first time that I could fully respect a standing politician.

Dr. Paul is still the nation’s strongest voice for an honest monetary and banking system, and he delivered a zinger in front of Bernanke and Frank yesterday. If, like me, you haven’t heard him speak in a while, have a listen and you’ll remember why his campaign was so exciting for so many of us.

Money quote: “I would suggest that the problems we have faced so far are nothing compared to what it will be like when the world not only rejects our debt, but our dollar as well. That’s when we’ll witness political turmoil that will be to no one’s benefit.”

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Now wouldn’t it be great to have Peter Schiff to cause the same trouble in the Senate?

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7 thoughts on “Ron Paul sums up the crisis in 3 minutes

  1. Hehe, I can see we’ve share the same Austrian Economics background? In the UK, we have neither Ron Paul nor Peter Schiff unfortunately.

  2. It doesn’t matter much — these guys (and Mish, Doug Casey, Frank Shostak, Jim Rogers, Jim Grant, and Lew Rockwell, for starters) are just documenting the decline, to borrow a phase from a dour ecologist. The Austrians have no real power. The only reason Ron Paul is allowed to continue is that TPTB have such a firm grip on the political and propaganda apparatus. That they still allow dissent is a sign of their strength, and fosters the illusion of open dialogue and “democracy.”

  3. They currently have no power, but people feel there is something wrong and they are turning to alternative voices. I see it often. My blog is mostly about that as well with the description:

    “THIS BLOG IS ABOUT MACRO-ECONOMY, FINANCIAL MARKETS AND THE WORLD THAT HAS BEEN PULLED OVER YOUR EYES TO BLIND YOU FROM THE TRUTH.

    NEO:
    WHAT TRUTH?
    MORPHEUS:
    THAT YOU ARE A SLAVE, NEO.”

    Finally, I am not a believer of Democracy. Democracy is bound to bring these kinds of current mess, because politicians are incentivized to please the larger part of the population.

    Democracy is nothing but the dictatorship of the more numerous. And wealth being unequally shared (because it is unequally produced in the first place!), the more numerous will give their vote to however promises to take from the rich to give to the poor.

  4. America was never meant to be a democracy. The system is totally unsustainable. I like this quote:

    A democracy is always temporary in nature; it simply cannot exist as a permanent form of government. A democracy will continue to exist up until the time that voters discover that they can vote themselves generous gifts from the public treasury. From that moment on, the majority always votes for the candidates who promise the most benefits from the public treasury, with the result that every democracy will finally collapse due to loose fiscal policy, [which is] always followed by a dictatorship… The average age of the world’s greatest civilizations from the beginning of history has been about 200 years. During those 200 years, these nations always progressed through the following sequence:
    From bondage to spiritual faith;
    From spiritual faith to great courage;
    From courage to liberty;
    From liberty to abundance;
    From abundance to complacency;
    From complacency to apathy;
    From apathy to dependence;
    From dependence back into bondage.

    Alexander Tyler, Scottish history professor at the University of Edinburgh, 1787

    and of course:
    “A democracy is nothing more than mob rule, where fifty-one percent of the people may take away the rights of the other forty-nine.”
    -Thomas Jefferson-
    (1743-1826) US Founding Father, drafted the Declaration of Independence, 3rd US President

  5. Mike, what do you think of Tyler Durden’s site Zero Hedge? He seems to have a very wide knowledge base and hates GS rabidly.

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