House Proceeding 01-21-09 on Jan 21st, 2009 :: 0:28:40 to 0:30:50
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0:28:37 to 0:28:57( Edit History Discussion )

Ron Paul: debter nation in the world. the borrowed money was not used to build our industries, but was used mainly for consumption. the fact that the world trusted the dollar as the reserve currency significantly contributed to the imbalances of the world financial system. the dollar standard that evolved

0:28:40 to 0:30:50( Edit History Discussion )
Speech By: Ron Paul

0:28:58 to 0:29:18( Edit History Discussion )

Ron Paul: after the breakdown in 1971 has ended. this is a consequence of our privileged position of living way beyond our means for too many years. at present, all efforts worldwide are directed toward salvaging a financial system that cannot be revived. the only tool the economic planners have is the creation of trillions of dollars of new

0:29:19 to 0:29:42( Edit History Discussion )

Ron Paul: money out of thin air. all this does is delay the inevitable and magnifies the future danger. central bank cooperation in a scheme will not make it work. pretending the dollar is maintaining real value by manipulating the price of gold, the historic mechanism for measuring a currency's value, will work no better than the effort of the 1960's to keep

0:29:43 to 0:30:03( Edit History Discussion )

Ron Paul: gold at 5 an ounce. nevertheless, they failed in 1971 as was predicted by the free market economists, despite these efforts. this crisis we're in is destined to get much worse because the real cause is not acknowledged. not only are the corrections delayed and distorted, additional problems are yet to be felt.

0:30:04 to 0:30:24( Edit History Discussion )

Ron Paul: the commercial property bubble, the insolvent retirement funds, both private and public, state finances and the university trust funds. for all these problems, only massive currency inflation is offered by the fed. the real concern ought to be for a dollar crisis, which will come if we don't change our ways.

0:30:25 to 0:30:45( Edit History Discussion )

Ron Paul: even massive bailouts cannot work. if they did, no person in the united states would ever have to work again. we need to wake up and recognize the importance of sound money. we need toe-introduce the work ethic. we must once again cherish savings over consumption. we must recognize that an

0:30:46 to 0:30:51( Edit History Discussion )

Ron Paul: overextended foreign policy has been the down fall of all great nations -- downfall of all great