Ron Paul Fox News 9/17/08 AIG bailout

[chauncy republicans]

http://www.youtube.com/watch?v=CcfaORVl0Zg

[kamaz]

he is right that the dumb lending rules let this bubble to grow and burst, but he keeps peddling his gold standard ideas, which no one takes seriously.

[Umbro2914]

Ron Paul, one of the few Congress men on the House Banking Committee who actualy know SOMETHING about the freaking economy

[WarriorMonk]

what exactly is the big deal about the gold standard anyways?

[Lambert58]

what exactly is the big deal about the gold standard anyways?

you've never actually attended, and passed, a US history class, I assume?

[WarriorMonk]

you've never actually attended, and passed, a US history class, I assume?

I know what it is, I don't exactly know why people don't like the gold standard...

[Blue_0]

The gold standard ties ones economic growth/shrinkage with the price of gold going up/down. It is in short, a very bad idea. Our current method of tieing the value of the dollar to our economic output (ala, what you can buy with it) is much better.

[Blue_0]

what exactly is the big deal about the gold standard anyways?

The gold standard is what was used before the Great Depression. Basically, on the currency it said you could exchange this US Dollar for X ounces of gold at the appropriate goverment institution. While the goverment can print more gold then it has money for, no matter how you slice it this limits ones economic growth the the price of gold. While a goverment can collect more gold to increase the value of its economy, this is awkward and unreliable. On the flip side, more gold being injected from say gold mines in Africa can effectivily cause ones money to lose value as the price of gold goes down, reguardless of economic conditions at home.

[Yeti2424]

The gold standard is what was used before the Great Depression.

The gold standard was not dropped until 1971...

[Gat0r]

The gold standard ties ones economic growth/shrinkage with the price of gold going up/down. It is in short, a very bad idea. Our current method of tieing the value of the dollar to our economic output (ala, what you can buy with it) is much better.

Yeah what a great statement look what our fiat currency system has gotten us into now...

[Macs.]

"We were not foolish enough to try to make a currency [backed by] gold of which we had none, but for every mark that was issued we required the equivalent of a mark's worth of work done or goods produced. . . .we laugh at the time our national financiers held the view that the value of a currency is regulated by the gold and securities lying in the vaults of a state bank." - Adolf Hitler

[drunken sailor]

The gold standard was not dropped until 1971...

He meant that the Federal Reserve was formed just before the great depression. They caused that and they have caused this new one by playing with the rates like they did, They knew what they were doing as they are the ones who get to buy all the American banks that go under dirt cheap so the rich European Fed bankers can get a monopoly.

The only one left standing is Bank of America.

[Yeti2424]

He meant that the Federal Reserve was formed just before the great depression. They caused that and they have caused this new one by playing with the rates like they did, They knew what they were doing as they are the ones who get to buy all the American banks that go under dirt cheap so the rich European Fed bankers can get a monopoly.

The only one left standing is Bank of America.

He didn’t say that. He said the gold standard was used before the great depression. I was just pointing out that it was used after as well (for quite some time). Besides that the Federal Reserve was created in 1913, 40 years after the United States switched to the gold standard with the 4th Coinage Act in 1873. Prior to that it had been backed by silver beginning in 1785.

So basically United States currency has been backed by some kind of precious metal for 186 of its 232 years of existence (1785-1971).

[Umbro2914]

The gold standard ties ones economic growth/shrinkage with the price of gold going up/down. It is in short, a very bad idea. Our current method of tieing the value of the dollar to our economic output (ala, what you can buy with it) is much better.
umm no price stays flat, 20$ per ounce of gold. thats it, no runaway inflation, backed currency, sound money, it rather a good idea. and besides ITS THE ONLY CONSTITUTIONAL OPTION, only gold and silver are to be legal tender, not green banknotes backed by ____.

[shocker1]

I am not going to waste my time with you people arguing the gold standard. How Congress has the power to REGULATE currency according to the Constitution. So let's look at who looses and who benefits from the situation at hand.

I watched today as The FED stood there with coward Bush showing us today who is really the government. Our masters the FED used fear and intimidation to sell us a loan for themselves, international bankers. Their banking houses get paid for loosing money and they get interest from the loan. It is the Fed themselves who reduced interest rates to unheard of lows, ignoring the fundamental responsibility given to it to protect the value of the dollar and guard against inflation. A free for all environment of borrowing and speculation causing huge increases on paper with no real goods. Now we see shortages of items at the store, hell half the stations in my town have no GASOLINE! This is ridiculous.

Now we the people are gonna bail out huge corporations, buy bad mortgages and other financials. It is a boondoggle, a money tree for the insiders of unprecedented proportions. These same companies will still foreclose on peoples homes and gain 100% after the bail out. Then continue with their trading to bid up oil futures again. Since they have sold them as of late hence the recent drop. Fantastic crime, they should write a damn book.

People listen too me, write the President, your Congress person, Senator, State Gov, everyone. Tell them to stop this in it's tracks, we demand a specific, public and honest investigation. Don't hand out such funds to such people as this without a full disclosure.

Tell them to show as much urgency with our Social Security as well.

[Umbro2914]

if this economic downfall occured say december of 2007 then my guess is that ROn Paul would have recieved even more votes. alas people need a catalyst to wake up.

[Hollis]

umm no price stays flat, 20$ per ounce of gold. thats it, no runaway inflation, backed currency, sound money, it rather a good idea. and besides ITS THE ONLY CONSTITUTIONAL OPTION, only gold and silver are to be legal tender, not green banknotes backed by ____.


Maybe do some reading on the difference in currency and money stocks.

About 20% of the money stock is currency, so find out who produces the rest.


BTW, what do you think the purpose of money is?

[Umbro2914]

Maybe do some reading on the difference in currency and money stocks.

About 20% of the money stock is currency, so find out who produces the rest.


BTW, what do you think the purpose of money is?

Economics is obvisley a very complicated topic to fully grasp and i state myself that i am not certain on everything, i mean im not an economist ;) lol but its just a fact that ever since the gold standered was dropped inflation has risen at least 95% and real wages have dropped. I dont know enough about M0 M1 ect ect to have a discussion. maybe you can enlighten me to a different view point on this topic. would appreciate it.

[Hollis]

Economics is obvisley a very complicated topic to fully grasp and i state myself that i am not certain on everything, i mean im not an economist ;) lol but its just a fact that ever since the gold standered was dropped inflation has risen at least 95% and real wages have dropped. I dont know enough about M0 M1 ect ect to have a discussion. maybe you can enlighten me to a different view point on this topic. would appreciate it.


Actually it is not so much a course in economics but a course in banking. Maybe if there is a U near you, you can monitor a class. Other thing is to talk to your banker. It is not something one would cover adequately in a post.

[ZhukovG]

Ron Paul RULES he really knows what is happening and would happen, he forgot to said that all that money to "rescue" people is from taxpayers they would have something like Fobaproa in Mexico where the people is still paying for rescue the private banks but this is going to 10 times that.

[shocker1]

Actually it is not so much a course in economics but a course in banking. Maybe if there is a U near you, you can monitor a class. Other thing is to talk to your banker. It is not something one would cover adequately in a post.
Yeah, ask a banker why bankers who lose our investments need a loan. I am sure you will get an unbiased explanation that will make you feel good about helping these poor guys out.