Video: Ron Paul on Fox News 10/4/09
Submitted by freiheit on Mon, 10/05/2009 - 10:03
Ron Paul explains how a return to sound money might look like.
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Don't we have enough smoke and mirrors in the media?
Let's try to keep Daily Paul straight and reliable and on target!
I pledge allegiance to the Constitution of The United States of America and to The Republic for which it stands. One Nation FREE AND INDEPENDENT with LIBERTY AND JUSTICE FOR ALL!
I pledge allegiance to the Constitution of The United States of America and to The Republic for which it stands. Fifty states FREE AND INDEPENDENT with LIBERTY AND JUSTICE FOR ALL!
1/31/09
That's when it's from.
This isn't Fox News
Accuracy, people. Don't lie; that's the government's job!
Protections for anonymous speech are vital to democratic discourse. Allowing dissenters to shield their identities frees them to express critical, minority views...Anonymity is a shield from the tyranny of the majority. - SCotUS, 1995
Im brand new to dailypaul.com
But i have seen virtually EVERY Ron Paul interview since the beginning of the campaign in 07' and I am 99.95% sure this is an older interview, at LEAST a couple months old. Hey its your website do what you want, but just dont date it as current, the date says "10-04-09, as in "yesterday" It tripped me out, i thought i was having Deja Vu, but then quickly realized this has to be the same interview I saw awhile ago unless they did the exact same thing and he made the exact same expressions.....idk.......Im not trying to come off as bossy, I really enjoy all you guys- been an avid Dailypauler since 07' just haven't ever signed in or gave my 2 cents-
Yeah
You're right, as stated in another comment I was fooled by the headline on YouTube. I'd change the title, but because it was moved to the frontpage, I can't. I'm sorry.
"Doing nothing is almost always an option and is very often the best option." Daniel Hannan
Napolitano: "We need Ron Paul now!"
http://www.youtube.com/watch?v=3k3JNRTVI0Q
It is old, the price for
It is old, the price for Bank of America says $6 something which was at least back in march 09.
I remember seeing this
I remember seeing this interview like months ago....I specifically remember him holding up the dollar as they zoom into it. I really dont think this is current-
Legalize competing
Legalize competing currencies!
Brilliant!! So I will trade you 5 tailoring jobs for 10 pounds of potatoes.
http://www.meetup.com/RP2012GrandJunctionCO
While Paul poopoos bi-metalism, the experience of the late
1800's proves we can't use only one or the other. The more wealthy among us tend to be the ones who will have gold, and gold just isn't practical for small transactions and change. Silver, copper, and even nickel are all useful in this regard. (the advent of Platinum and Palladium fabrication should not be left out in the cold either)
There does need to be a "unit of account" for the government. Perhaps this can be a basket of metals, tied to their 200 MA or some such measure. There's no reason the "unit" can't remain the Dollar, and define it as equivalents in the basket to what they once were at the founding of the Republic.
A transition period can be established, whereby current FRN 'dollars' are exchanged for New (really 'old') Dollars based on the basket.
As for coinage, the mint should stick to whole and fractional ounces of each metal rather than odd sizes and weights like we started out with. There doesn't need to be a "unit" stamped on them other than their weight and purity. The "basket" function will take care of how much of each metal is owed to or owed by the government.
The fractions though, make more sense when issued in the ratios of 1:2:5:10. Thus you would have 1/10th, 1/5th, 1/2 and whole ounce coins. 1/4 ounces only serve to drive out the 1/2 sizes which are very useful. (an analogy to current coins and units would be: one mille, two milles, half cent, cent, two cents, half dime, dime, two dimes, half dollar, dollar, two dollars, half eagle, eagle, double eagle)
Dollars would be printed and issued by the government along side the even ounce and fractional coins. The use of Dollars in pricing or calculation need only exist when dealing with government. Private commerce can easily function using whatever coins a person has on hand. Computers would make this very easy.
We could also just go back to the old coinage system, but then we're stuck with fixed ratio problems again.
I don't think there is a
I don't think there is a problem with using more than one metal as long as you allow the prices of the metals to freely fluctuate against each other. The problem with bimetallism comes when you strictly fix the ratio of gold to silver at 1:15 or some other arbitrary ratio. When the market values of these metals actually changes to 1:16 or 1:14, but the government is forcing you to trade at 1:15. When there are laws which force you to conduct business with silver that has a face value greater than its actual market value, then people will only use silver and the gold will start to leave the country.
The government could easily use any of the metals for their accounting as long as they consider the market value of the metal rather than the false value that they assign to it, and these problems no longer exist.
The assumption...
...that we have to fix values or ratios of gold and silver (or other metals) in order for them to be used monetarily has always seemed silly to me.
All the necessary systems are in place to allow gold and silver to be valued by weight and to float freely in the marketplace. The (unConstitutional) illegality of using metals as money is the only thing that needs changing.
samadamscw and pro404 make excellent points and I hope these aspects of gold/silver as money are discussed more often. It would really be a simple process and we wouldn't even have to do away with FRN's.
If I was frugal and saved my silver/gold coins any economic expansion would increase the value of my savings without me having to get involved in bank or wall street investments. That's the root of the issue I suppose; they want my money.
I hope Ron (and others) continue to expand on these aspects of a gold/silver standard because I think many people have a misconception about how it would be implemented.
Great thoughts. Many
Great thoughts. Many gold-standard proponents I've listened to outside of the Austrian school of thought still want the government to have a monopoly on the monetary system. I agree that the government should coin silver and gold units, since it's articulated in the Constitution, Article 1 - Section 8 (IIRC). But free market alternatives should be allowed to compete with the state system.
If anyone is interested this
If anyone is interested this is a good lecture by George Selgin about private coinage during the early 1800's.
http://www.youtube.com/watch?v=-gn55fTRXZw&feature=channel_page
Uh....
Isn't this video from last year?
Actually
You're right. I was fooled by the date on the youtube video.
Here is the same video
http://www.youtube.com/watch?v=nHPSmslIOfc
and it was already posted in January.
Nevertheless, the message is timeless.
"Doing nothing is almost always an option and is very often the best option." Daniel Hannan
Napolitano: "We need Ron Paul now!"
http://www.youtube.com/watch?v=3k3JNRTVI0Q
nope
the date is right on it.
and what ron is talking about is timely.
Ron Paul is my President
Ron Paul is My President
LOL - the "LOUDEST" voice
how about the "ONLY" voice!!!
Ron Paul is my President
Ron Paul is My President
Too bad
Too bad campaignforliberty.com has not put this video or the next post about Dr. Paul being on CSpan2 tonight on their website. It's frustrating.
MarilynInLakeJackson
A nice lesson for the American people
who watch TV.
nice post
nice post
What's with these reporters
just kissing up to politicians; believing everything they say.
excellent interview
Wow, this is really great. Thanks for posting it!
LivingTheDream
Constitutional US Dollar v. Fraud Reserve Note
http://media.photobucket.com/image/silver%20note/phreadom/bl...
2009 Conversion rate: USD 1.00 = FRN 16.20
make that $16.58..lol.
make that $16.58..lol. dollar is dropping like a rock.
I admit I don't know much
I admit I don't know much about economics so my question may be naive or incomplete, but what is Ron's position on a currency based on a commodity index of sorts. e.g. more than just gold and silver.?
"The United States can pay any debt it has because we can always print money to do that." — Alan Greenspan
This is part of the reason
This is part of the reason why one of his primary goals is the repeal of legal tender laws. Historically, even before gold, commodities such as sugar have been used as currency, and that could still be possible depending on the will of the people. Gold and silver just happen to have become standardized as a medium of exchange over time. This has to do with the fact that gold generally holds a very high value in a small amount of space. If you look at the ratio of the price of gold to the price of oil, it would be somewhat difficult to have an oil standard because you'd have to carry around a lot of oil if you wanted to buy a shirt or groceries.
Of course, with electronic methods, it could actually become easier to have a debit card in which your dollar numbers on your card represent the value of some quantity of some commodity such as sugar or oil. The problem with these commodities is that in order for the debit card system to work, the bank actually has to carry the commodity that you are exchanging for goods and services, as the bank must be able to redeem its asset holdings to somebody who owns the bank's dollars. It would be much easier for the banks to store gold and silver than huge warehouses full of something like sugar.
The doctor does not want to force any standard upon the people, he wants people to have the freedom to decide what system of money they would like to use. He just believes that ultimately, people will choose gold as the major commodity used as a medium of exchange and a store of value because that is what has historically been chosen by free people in the past several thousand years.
If there was some sort of ultra-investment firm who issued debit cards that people could use to make electronic purchases, and the value of their money issued was based on several commodities, and this was a successful business, then it would be perfectly acceptable for this sort of business to exist. The reason why I think a money system based on the price of gold is more likely to attract customers is because the value of gold tends to be more stable than other commodities, such as oil or wheat, which can drastically change in value on a month-to-month basis if some sort of environmental disaster causes a shortage of these commodities.
What about the argument put
What about the argument put forth by Walter Burien and others, that certain powerful interests have been hording gold and silver over past decades? What about the ability of some to "corner the market" on these commodities?
Read: http://cafr1.com/TheRock.html
"The United States can pay any debt it has because we can always print money to do that." — Alan Greenspan
I am splitting up my post
I am splitting up my post into two different posts because it was a little too long, and I know people often don't read excessively long posts. This is part 2 of the post that I started below.
If this elite gold-hoarding argument has merit, then that further aids the Doctor's point about repealing legal tender laws and having free banking rather than a government currency monopoly. If some small group of elite are hoarding all of the gold and they are planning on manipulating the market to take over all of the world's assets, then under a free banking system, people will just choose some other commodity, and they will trade using a medium of exchange that is better suited to their individual goals. If the price of gold goes through the roof and I am unable to obtain enough gold to store my wealth, but other people will accept a currency which is backed by other assets that I actually do own, then I would use that currency instead. The plot to hoard all of the gold in the world will backfire on them because people will simply find a more convenient way to conduct transactions until the price of gold drops in relation to other commodities.
Perhaps he has discussed it more thoroughly in other sources, but in that article, Burien says a commodity index backed currency is the answer, but does not lay out at all how it will work or who will be issuing the money. That is the beauty behind the Doctor's solution: in a free society, certain banks may issue a gold-backed currency and other banks may try to issue a commodity-index backed currency and the people will decide which they'd rather use.
The most immediate problem that I see with a commodity-index backed currency is: what could you redeem your money for? If, one day, you decided you'd rather not hold bank notes and you'd rather have commodities, where would you be able to go to actually obtain these commodities? The only reason the dollar became the world's reserve currency in the first place is because people could redeem it for gold, so other nations trusted that it would keep its value. If somebody was issuing a currency whose value was supposedly based on a commodity index, but you couldn't actually redeem this currency for anything, why would you accept it? I think most people would not.
Thank you for your post.
Thank you for your post. I'm not very well versed in economics, but I am learning.
Walter J. Burien is an interesting man and a Patriot. You should treat yourself to a visit to his website; http://cafr1.com/ .
"The United States can pay any debt it has because we can always print money to do that." — Alan Greenspan