Congressman Dr. Ron Paul Addresses His Peers
(2009-02-09 at 20:46:50 )

I am sorry but there is no way to sugar coat the fact that the same old tired
methods that got our country into the hole that it is in are still being put
before us by the new team in Washington, D.C. As a matter of fact some of the
old economic policy players are at the very top of the Obama administration.

You Can Never Expect The People That Caused A Problem To Solve That Problem.

If I had my way Barack Obama would be removed from the White House and placed
into a room with Congressman Ron Paul to be taught correct economic policy.

In the following profound and visionary words of Doctor Ron Paul spoken within
our so-called House of Representatives:

From the Great Depression, to the stagflation of the seventies, to the current
economic crisis caused by the housing bubble, every economic downturn suffered
by this country over the past century can be traced to Federal Reserve policy.

The Fed has followed a consistent policy of flooding the economy with easy
money, leading to a misallocation of resources and an artificial BOOM
followed by a recession, or depression, when the Fed-created bubble bursts.

With a stable currency, American exporters will no longer be held hostage to
an erratic monetary policy. Stabilizing the currency will also give Americans
new incentives to save as they will no longer have to fear inflation eroding
their savings. Those members concered about increasing American exports or the
low rate of savings should be enthusiastic supporters of this legislation.

Though the ferderal Reserve policy harms the average American, it benefits
those in a position to take advantage of the cycles in monetary policy. The
main beneficiaries are those who receive access to artificially inflated money
and/or credit before the inflationary effects of the policy impact the entire
economy. Federal Reserve policies also benefit big-spending politicians who
use the inflated currentcy created by the Fed to hide the true costs of the
welfare-warfare state. It is time for Congress to put the interests of the
American People AHEAD of special interests and their own appetite for big
government.

Abolishing the Federal Reserve will allow Congress to reassert its true
constitutional authority over monetary policy. The United States Constitution
grants to Congress the authority to coin money and regulate the value of the
currency. The Constitution does not give Congress the authority to delegate
control over monetary policy to a central bank. Furthermore, the Constitution
certainly does not empower the federal government to erode the American
standard of living via an inflationary monetary policy.

In fact, the constitutional mandate of Congress regarding monetary policy
should only permit currency backed by stable commodities such as gold and
silver to be used as legal tender. Therefore, abolishing the Federal Reserve
and returning to a constitutional system will enable America to return to the
type of monetary system envisioned by the founders of our nation: one where
the value of money is consistent because it is tied to a commodity such as
gold. Such a monetary system is the basis of a true free-market economy.

" In conclusion, Mr. Speaker, I urge my colleagues to stand up for Working
Americans by putting an end to the Manipulation of the money supply which
Erodes the standard of living of the American People, that enlarges big
government, and enriches the well-connected elites, by Cosponsoring My
Legislation To Abolish The Federal Reserve. "