Liberty MavenRon Paul to Volcker: Economic Crisis May Be Death Knell Of Our Currency
February 27th, 2009 3:11 am | by Marc Gallagher | Published in congress, Economics, Federal Reserve, Free Market, globalism, gold, gold standard, inflation, Money, Philosophy, Ron Paul | 2 Responses
Ron Paul had a chance to follow up his grilling of Fed Chairman Bernanke earlier this week with another smackdown of Paul Volcker during a Joint Economic Committee hearing on Capitol Hill yesterday.
The video includes Paul’s opening statement followed by his questioning.
Paul again references the move toward creating an international regulatory body to regulate the global economy. He calls it a “Super IMF”. Volcker tip-toes around the question and eventually even admits, perhaps inadvertently, he’s dodging the question.
At the very end Paul attempts to get in the last word after Volcker’s reply with:
“It just may be the death knell of the fiat currency!”
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February 27th, 2009 at 9:40 am (#)
I agree, obviously.
Enjoy,
Marc
February 27th, 2009 at 12:57 pm (#)
“Mr. Paul for one minute”. said the Chairman.
& what a power minute !
Ron Paul definitely asked the right questions.
That much was acknowledged by Fed Chairman Bernanke, but the closest Congressman Paul got to a truthful answer as to what the solutions to the (apparently acknowledged) inevitable collapse of the US$/global fiat currency system would look like, (A bigger pump will not patch the hole in the bubble) was that there are very few “unofficial” discussions taking place at this time, & there are no “official” discussions taking place at all.
How can we continue to have faith in the people in charge ?
They are responding like Moose in the headlight of a train!
This is the end of our “trickle down” economic system.
From now on, Government investment in the economy must move directly to the people & let the currency “trickle up” in true capitalist fashion. This means that if a bank or any other business wants to acquire some of this newly printed “stimulus” money that the government creates & distributes equally & directly to the people, they will have to honestly compete for it in the free street markets of business.
This is a case of letting the people decide which companies they want to invest in, by voting with their dollars.
The constitution recognizes only apportioned taxation, & a flat tax would I think, qualify. Constitutionalists should recognize the fairness & efficiencies that could be derived from a apportioned wealth distribution system as well.
A universal guaranteed annual income & flat tax system would go a long way to preserving a capitalist driven free market system & eliminating entire departments of costly bureaucratic medaling in our “free market society”.