House Proceeding 01-21-09 on Jan 21st, 2009 :: 0:26:30 to 0:28:25
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0:26:27 to 0:26:49( Edit History Discussion )

Ron Paul: and all too often ignored, if you live beyond your means, you will be forced to live beneath your means. live and consuming on borrowed money always end. lenders, even in an age of inflation, have their limits. when living extravagantly, it seems the good times will continue forever. bu the debt with interest needs to

0:26:30 to 0:28:25( Edit History Discussion )
Speech By: Ron Paul

0:26:50 to 0:27:11( Edit History Discussion )

Ron Paul: be paid, the good times end. the fiction that the prices of housing and stocks and other assets serve as savings is always self-limited and ends with pain. without a source of newly borrowed funds, once the value of stocks and houses depreciate, the individual comes to the reization that hard work and

0:27:12 to 0:27:32( Edit History Discussion )

Ron Paul: effort are required to produce sustained wealth. working minimally is replaced with working max mally to survive as well as to pay for the ex traffic gans of previous years -- ex traffic against of previous years. the consequence is more work. a nation that has lived beyond its means for a long perioof

0:27:33 to 0:27:53( Edit History Discussion )

Ron Paul: time must go through a similar process. once the national debt grows to an extreme proportion, as ours has, there's no possibility of it being paid off in the conventional sense. default and liquidation are required. but sovereign states that joy the ruthless power to tax and create new money always resort

0:27:54 to 0:28:14( Edit History Discussion )

Ron Paul: to paying their bills by deliberately depreciating the currency. this makes it hard to identify the victims and the beneficiaries. today's middle class and poor are suffering and the elite are being bailed out. and all the while the federal reserve refuses to tell the congress exactly who has

0:28:15 to 0:28:25( Edit History Discussion )

Ron Paul: benefited by its largess. the beneficial corrections that come with a recession of debt liquidation and removing the malinvestment are delayed by government bailouts.