Ron Paul: Quotes about money

Ron Paul is American politician and physician. Explore interesting quotes on money.

Ron Paul: 296 quotes2 likes

“Neil Cavuto: Yeah but, you can't, Congressman, we've got a pretty good economy going here, right? We've got productivity soaring. We've got retail sales that are strong. We've got corporate earnings that for, what, the 19th quarter, are up double digit? We've got a market chasing highs, I mean, this isn't happening in a vacuum, right?
Ron Paul: Yeah, that's nice, but when you have to borrow, you know… My personal finances would be very good if I borrowed a million dollars every month. But, someday, the bills will become due. And the bills will come due in this country, and then we'll have to pay for it. We can't afford this war, and we can't afford the entitlement system.
Neil Cavuto: Look, Congressman, did you say this 10 years ago, when the numbers were similarly strong…
Ron Paul: Go back and check.
Neil Cavuto: …and we were still borrowing a good deal then.
Ron Paul: That's right, that means the dollar bubble is much bigger than ever.
Neil Cavuto: So what's gonna happen?
Ron Paul: We've had the NASDAQ bubble collapse already. We have the housing bubble in the middle of a collapse, so the dollar bubble will collapse as well. We have to live within our means. You can't print money out of the blue, and think you can print your money into prosperity.”

Ron Paul

Your World with Neil Cavuto, FOX News, May 15, 2007 http://www.newshounds.us/2007/05/16/rep_ron_paul_tells_fox_newsrepublicans_the_truth_they_dont_like_hearing_it.php http://www.youtube.com/watch?v=MU2RK0TNbXk 2000s, 2006-2009

“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.”

Ron Paul

Before the US House of Representatives, introducing the The Federal Reserve Board Abolition Act, H.R. 833. http://www.lewrockwell.com/paul/paul504.html (9 February 2009) 2000s, 2006-2009

“Question: You wanna gut that safety net…
Ron Paul: But the safety net doesn't work.
Question: Tell me why it doesn't work.
Ron Paul: It does work for some people, but overall it ultimately fails, because you spend more money than you have, and then you borrow to the hilt. Now we have to borrow $800 billion a year just to keep the safety net going. It's going to collapse when the dollar collapses, you can't even fight the war without this borrowing. And when the dollar collapses, you can't take care of the elderly of today. They're losing ground. Their cost of living is going up about 10%, even though the government denies it, we give them a 2% cost of living increase.
Question: So do you think the gold standard would fix that?
Ron Paul: The gold standard would keep you from printing money and destroying the middle class. Every country where you have runaway inflation, there's no middle class. Mexico, there's no middle class, you have a huge poor class, and a lot of wealthy people. Today we have a growing poor class, and we have more billionaires than ever before. So we're moving into third world status…
Question: Who is the safety net that you're speaking of, who does benefit from all those programs and all those agencies?
Ron Paul: Everybody on a short term benefits for a time. If you build a tenement house by the government, for about 15 or 20 years somebody might live there, but you don't measure who paid for it: somebody lost their job down the road, somebody had inflation, somebody else suffered. But then the tenement house falls down after about 20 years because it's not privately owned, so everybody eventually suffers. But the immediate victims aren't identifiable, because you don't know who lost the job, and who had the inflation, the victims are invisible. The few people who benefit, who get some help from government, everyone sees, "oh! look what we did!", but they never say instead of what, what did we lose. And unless you ask that question, we'll go into bankruptcy, we're in the early stages of it, the dollar is going down, our standard of living is going down, and we're hurting the very people that so many people wanna help, especially the liberals…”

Ron Paul

Interview by Mac McKoy on KWQW, December 17, 2007 http://ca.youtube.com/watch?v=x3lxo9WIR6w 2000s, 2006-2009

“Ron Paul: What's happening is, there's transfer of wealth from the poor and the middle class to the wealthy. This comes about because of the monetary system that we have. When you inflate a currency or destroy a currency, the middle class gets wiped out. So the people who get to use the money first which is created by the Federal Reserve system benefit. So the money gravitates to the banks and to Wall Street. That's why you have more billionaires than ever before. Today, this country is in the middle of a recession for a lot of people… As long as we live beyond our means we are destined to live beneath our means. And we have lived beyond our means because we are financing a foreign policy that is so extravagant and beyond what we can control, as well as the spending here at home. And we're depending on the creation of money out of thin air, which is nothing more than debasement of the currency. It's counterfeit… So, if you want a healthy economy, you have to study monetary theory and figure out why it is that we're suffering. And everybody doesn't suffer equally, or this wouldn't be so bad. It's always the poor people -- those who are on retired incomes -- that suffer the most. But the politicians and those who get to use the money first, like the military industrial complex, they make a lot of money and they benefit from it.
John McCain: Everybody is paying taxes and wealth creates wealth. And the fact is that I would commend to your reading, Ron, "Wealth of Nations," because that's what this is all about. A vibrant economy creates wealth. People pay taxes. Revenues are at an all time high.”

Ron Paul

GOP debate, Dearborn, Michigan, October 9, 2007 http://www.freep.com/apps/pbcs.dll/article?AID=/20071009/NEWS02/71009073 2000s, 2006-2009

“John Lofton: Do you think abortion is murder?
Ron Paul: Yes, but we have in our state laws, which enforce the law against murder, there are degrees. You have 1st, 2nd, and 3rd degree murder. I think somebody who takes a pill the day after probably isn't committing quite the horrible murder when you see somebody lying on the floor and somebody takes a gun and puts it to their head. I don't equate those…
John Lofton: What do you think ought to be the penalty for the abortionist and for the person who gets the abortion?
Ron Paul: I really don't have the wisdom to know exactly what it should be… The girl who goes and gets an abortion, she's a participant in it, I don't think she deserves the death penalty… But there are some abortionists that it wouldn't be very hard to give them a pretty harsh punishment, because, you know, nothing annoys me more than the fact that an abortionist can make money killing a live viable fetus, in the 3rd trimester, and they think nothing about it, and they make a living doing this. Any yet, one minute after birth, that same mother, who might throw the child away, rightfully is called to task, and actually charged with murder. So that inconsistency has to be resolved.”

Ron Paul

The American View, August 25, 2007 http://theamericanview.com/index.php?id=898 2000s, 2006-2009

“Neil Cavuto: …your campaign has received a $500 campaign donation from a white supremacist in West Palm Beach. And your campaign had indicated you have no intention to return it. What are you going to do with that?
Ron Paul: It is probably already spent. Why give it back to him and use it for bad purposes?
Neil Cavuto: …this Don Black who made the donation, and who ran a site called "Stormfront, White Pride Worldwide," now that you know it, now that you're familiar after the fact, you still would not return it?
Ron Paul: Well, if I spent his money and I took the money that maybe you might have sent to me and donate it back to him, that does not make any sense to me. Why should I give him money to promote his cause?
Neil Cavuto: …Hillary Clinton has had to do this, a number of other candidates have had to do this. Do you think that just is a bad practice?
Ron Paul: I think it is pandering. I think it is playing the political correctness… What about the people who get donations, want to get special interests from the military industrial complex? They put in — they raise, bundle their money, and send millions of dollars in there. And they want to rob the taxpayers. That is the real evil … that buys influence in government. And this is, to me, the corruption that should be corrected… you are missing the whole boat — the whole boat, because it is the immorality of government, it's the special interests in government, it's fighting illegal wars…
Neil Cavuto: All right.
Ron Paul: …and financing, and taxing the people, destroying the people through inflation, and undermining this prosperity of the country.”

Ron Paul

Your World with Neil Cavuto, FOX News, December 19, 2007 http://www.foxnews.com/story/0,2933,317536,00.html http://www.youtube.com/watch?v=CrRtZaG63o8 2000s, 2006-2009

“A system designed to protect individual liberty will have no punishments for any group and no privileges. Today, I think inner-city folks and minorities are punished unfairly in the war on drugs.
For instance, blacks make up 14% of those who use drugs, yet 36 percent of those arrested are Blacks and it ends up that 63% of those who finally end up in prison are Blacks. This has to change.
We don’t have to have more courts and more prisons. We need to repeal the whole war on drugs. It isn’t working. We have already spent over $400 billion since the early 1970s, and it is wasted money. Prohibition didn’t work. Prohibition on drugs doesn’t work. So we need to come to our senses. And, absolutely, it’s a disease. We don’t treat alcoholics like this. This is a disease, and we should orient ourselves to this. That is one way you could have equal justice under the law.”

Ron Paul

GOP Presidential Forum at Morgan State University http://www.tigerdroppings.com/rant/p/30724045/Stands-on-race-Paul-can-not-deny.aspx, September 27, 2007 2000s, 2006-2009

“Howard Fineman: The people who don't pay their taxes on principle are heroic people, in the manner of Gandhi and Martin Luther King?
Ron Paul: I think if they're defending the constitution and they know what they're doing, and this money is supporting some real evil in the world. Preemptive war? That's pretty evil as far as I'm concerned. And so much waste in a system of government that has just overrun our liberties? Yes, I think that in many ways it's heroic for people willing to risk their freedom in order to defend what they believe is freedom.”

Ron Paul

Newsweek interview by Howard Fineman, December 2007 http://youtube.com/watch?v=K5tgVJiXRjw 2000s, 2006-2009

“The non-institutional elements of Bretton Woods, such as the gold-backed dollar standard, have gone by the wayside, but the World Bank and the IMF soldier on… Western governments tax their citizens to fund the World Bank, lend this money to corrupt Third World dictators who abscond with the funds, and then demand repayment which is extracted through taxation from poor Third World citizens, rather than from the government officials responsible for the embezzlement. It is in essence a global transfer of wealth from the poor to the rich. Taxpayers around the world are forced to subsidize the lavish lifestyles of Third World dictators and highly-paid World Bank bureaucrats who don't even pay income tax.”

Ron Paul

World Bank Hearing, May 22, 2007 http://www.house.gov/paul/congrec/congrec2007/cr052307.htm http://www.youtube.com/watch?v=qNZdba8hDDY 2000s, 2006-2009

“We have no constitutional authority to police the world or involve ourselves in nation building, in making the world safe for our style of democracy. Our founders advised against it and the early presidents followed that advice. If we believe strongly in our ideals, the best way to spread them is to set a good example so that others will voluntarily emulate us. Force will not work. Besides, we do not have the money.”

Ron Paul

Speech in the U.S. House of Representatives http://www.lewrockwell.com/paul/paul129.html (September 16, 2003). 2000s, 2001-2005

“Question: What about a tax to fund the war in Afghanistan?
Ron Paul: Oh no… We don't need any of those wars… You don't raise taxes, that will only encourage them, what we need is to take all this money away from them, and say, bring the troops home…”

Ron Paul

Washington Journal, C-Span, December 3, 2009 http://www.youtube.com/watch?v=_sL0ivIil3w 2000s, 2006-2009

“Our federal government, which was intended to operate as a very limited constitutional republic, has instead become a virtually socialist leviathan that redistributes trillions of dollars. We can hardly be surprised when countless special interests fight for the money. The only true solution to the campaign money problem is a return to a proper constitutional government that does not control the economy. Big government and big campaign money go hand-in-hand.”

Ron Paul

Why Is There So Much Money in Politics? http://www.house.gov/paul/tst/tst2002/tst020402.htm (February 4, 2002). 2000s, 2001-2005

“Question: As a doctor, is it meaningful to you when somebody say that healthcare is a right, or that people have a right to good medical care?
Ron Paul: That's incorrect, because you don't have a right to the fruits of somebody else's labor. You don't have a right to a house, you don't have a right to a job, you don't have a right to medical care. You have a right to your life, you have your right to your liberty, you have a right to keep what your earn. And that's what produces prosperity. So you want equal justice. And this is not hard for me to argue, because if you really are compassionate and you care about people, the freer the society the more prosperous it is, and more likely that you are going to have medical care… When you turn it over to central economic planning, they're bound to make mistake. The bureaucrats and the special interests and the Halliburtons are gonna make the money. Whether it's war, or Katrina, these noncompetitive contracts, the bureaucrats make a lot of money and you end up with inefficiency.”

Ron Paul

All Things Considered, NPR, July 25, 2007 http://www.npr.org/templates/story/story.php?storyId=12224561 2000s, 2006-2009

“I think everybody has the same concerns about helping people when they're having trouble. The question is whether it should be done through coercion, or voluntary means, or local government. And I opt out from the federal government doing it, because that involves central economic planning. So even if we accept the gentleman's moral premise, in a practical way it's a total failure. We'd have been better off taking the amount of money and giving every single family $20,000, and they'd all been better off, than the way we did it. We bought all these trailer homes and they sat out in the open, so the whole thing is insane, it's a total waste. And besides, the reason I don't like these federal government programs, it encourages people like me to build on the beach. I have a house on the beach in the gulf of Mexico. But why don't I assume my own responsibility, why doesn't the market tell me what the insurance rates should be? Because it would be very very high. But, because we want it subsidized, we ask the people of Arizona to subsidize my insurance so I can take greater danger, my house gets blown down, and then the people of Arizona rebuild it?! My statement back during the time of Katrina, which was a rather risky political statement: why do the people of Arizona have to pay for me to take my risk… less people will be exposed to danger if you don't subsidize risky behavior… I think it's a very serious mistake to think that central economic planning and forcibly transferring wealth from people who don't take risks to people who take risks is a proper way to go.”

Ron Paul

The Charles Goyette Show, March 30, 2007 http://www.youtube.com/watch?v=O6RMVUOaeA8 2000s, 2006-2009

“…a few years back, in the 1980s, in our efforts to bring peace and democracy to the world we assisted the freedom fighters of Afghanistan, and in our infinite wisdom we gave money, technology and training to Bin Laden, and now, this very year, we have declared that Bin Laden was responsible for the bombing in Africa. So what is our response, because we allow our President to pursue war too easily? What was the President's response? Some even say that it might have been for other reasons than for national security reasons. So he goes off and bombs Afghanistan, and he goes off and bombs Sudan, and now the record shows that very likely the pharmaceutical plant in Sudan was precisely that, a pharmaceutical plant… As my colleagues know, at the end of this bill I think we get a hint as to why we do not go to Rwanda for humanitarian reasons… I think it has something to do with money, and I think it has something to do with oil… they are asking to set up and check into the funds that Saddam Hussein owes to the west. Who is owed? They do not owe me any money. But I will bet my colleagues there is a lot of banks in New York who are owed a lot of money, and this is one of the goals…
Dana Rohrabacher: This resolution is exactly the right formula… Support democracy. Oppose tyranny. Oppose aggression and repression… We should strengthen the victims so they can defend themselves. These things are totally consistent with America's philosophy, and it is a pragmatic approach as well… Our support for the Mujahedin collapsed the Soviet Union. Yes, there was a price to pay, because after the Soviet Union collapsed, we walked away, and we did not support those elements in the Mujahedin who were somewhat in favor of the freedom and western values. With those people who oppose this effort of pro democracy foreign policy, a pro freedom foreign policy rather than isolation foreign policy, they would have had us stay out of that war in Afghanistan. They would never have had us confronting Soviet aggression in different parts of the world… Mr. Speaker, the gentleman does not think it is proper for us to offer those people who are struggling for freedoms in Iraq against their dictatorship a helping hand?
Ron Paul: Mr. Speaker, reclaiming my time, I think it would be absolutely proper to do that, as long as it came out of the gentleman's wallet and we did not extract it from somebody in this country, a taxpayer at the point of a gun and say, look, bin Laden is a great guy. I want more of your money. That is what we did in the 1980s. That is what the Congress did. They went to the taxpayers, they put a gun to their head, and said, you pay up, because we think bin Laden is a freedom fighter.
Dana Rohrabacher: Well, if the gentleman will further yield, it was just not handled correctly.
Ron Paul: Mr. Speaker, again reclaiming my time, the policy is flawed. The policy is flawed.”

Ron Paul

Debate on the Iraq Liberation Act of 1998, October 5, 1998 http://www.house.gov/paul/congrec/congrec98/cr100598.htm 1990s

“You can't save free markets by socialism, I don't know where this idea ever came from. You save free markets by promoting free markets and sound money and balanced budgets. The whole reason why nobody wants to address the real problem is, we're spending a trillion dollars a year overseas running an empire, and it's coming to an end. This country is bankrupt, and we won't admit it. Eventually though, the dollar will go bust, and we will bring our troops home, and we will live within our means, but we ought to do it sensibly, rather than waiting for the collapse of the dollar, and this is what we're doing, we're on the verge of destroying our dollar. And then, you think we have problems now, problems then will be a lot worse, it'd look like the Weimar Republic, or a third world nation. And a lot of people know that, and they're scared to death, but we don't need to be making the problem worse by just propping up everything with more government programs, more inflation, and more helicopters, it won't work.”

Ron Paul

Fox Business Network, October 14, 2008 http://www.youtube.com/watch?v=_qzUtPq8pLE 2000s, 2006-2009

“Question: …you believe the Fed shouldn't exist… make the case.
Ron Paul: First reason is, it's not authorized in the Constitution, it's an illegal institution. The second reason, it's an immoral institution, because we have delivered to a secretive body the privilege of creating money out of thin air; if you or I did it, we'd be called counterfeiters, so why have we legalized counterfeiting? But the economic reasons are overwhelming: the Federal Reserve is the creature that destroys value. This station talks about free market capitalism, and you can't have free market capitalism if you have a secret bank creating money and credit out of thin air. They become the central planners, they decide what interest rates should be, what the supply of money should be…
Question: How does the gold standard solves that?
Ron Paul: It maintains a stable currency and a stable value. If the Fed concentrated more on stable money rather than stable prices… They push up new money in stocks and in commodities and in houses, and then they have to come in to rescue the situation. They create the bubbles, then they come in and rescue it, and they do nothing more than try to do price fixing. Capitalism depends, and capital comes from savings, but there's no savings in this country, so this is all artificial. It creates the misdirection and the malinvestment and all the excessive debt, and it always has to have a correction. Since the Fed has been in existence, the dollar has lost about 97% of its value. You're supposed to encourage savings, but if something loses its value, why save dollars? There's no encouragement whatsoever. […] Gold is 6000 years old, and it still maintains its purchasing power. Oil prices really are very stable in terms of Gold. […] Both conservatives and liberals want to enhance big government, and this is a seductive way to tax the middle class.”

Ron Paul

CNBC debate with Faiz Shakir, March 20, 2008 http://www.youtube.com/watch?v=k94VWPjUQSM 2000s, 2006-2009

“Question: If you could pick one cause that has gotten us here, what'd you say it is?
Ron Paul: Easy money. The Federal Reserve artificially lowering interest rates, deceiving the people, the investors, the savers, into believing that there's a lot of savings out there, and that we should invest more, build more houses, more cars. It's the malinvestment, which is every bit as dangerous, from the inflation of the money supply, as is the high prices that usually come.”

Ron Paul

Fox Business Network, March 24, 2009 http://www.youtube.com/watch?v=hkJ1sa9mxCU 2000s, 2006-2009

“Ron Paul: …you have to develop the transition, and eventually the next step would be to prohibit the Fed from monetizing debt. This is the real evil. The politicians spend for war, welfare, and they don't have to do it responsibly.
Question: When you say monetize the debt, you mean they would only be able to spend the cash that they had on hand. They couldn't write any cheques for which they don't have in their account any money?
Ron Paul: That's right. And that is the key to it. Because when the Fed comes along, and there's starvation for capital and liquidity, and politicians are spending too much, the Fed can create 20, 30, 50 billion dollars in a day, just like they did trying to bail out this housing bubble crash. So they create money out of thin air endlessly, eventually that has to stop because that drives the value of the dollar down.”

Ron Paul

Fox Business Network, October 16, 2007 http://www.youtube.com/watch?v=JXfDHXpP87o 2000s, 2006-2009

“Most often, our messing around and meddling in the affairs of other countries have unintended consequences. Sometimes just over in those countries that we mess with. We might support one faction, and it doesn't work, and it's used against us. But there's the blowback effect, that the CIA talks about, that it comes back to haunt us later on. For instance, a good example of this is what happened in 1953 when our government overthrew the Mossadegh government and we installed the Shah, in Iran. And for 25 years we had an authoritarian friend over there, and the people hated him, they finally overthrew him, and they've resented us ever since. That had a lot to do with the taking of the hostages in 1979, and for us to ignore that is to ignore history… Also we've antagonized the Iranians by supporting Saddam Hussein, encouraging him to invade Iran. Why wouldn't they be angry at us? But the on again off again thing is what bothers me the most. First we're an ally with Osama bin Laden, then he's our archenemy. Our CIA set up the madrasah schools, and paid money, to train radical Islamists, in Saudi Arabia, to fight communism… But now they've turned on us… Muslims and Arabs have long memories, Americans, unfortunately, have very short memories, and they don't remember our foreign policy that may have antagonized… The founders were absolutely right: stay out of the internal affairs of foreign nations, mind our own business, bring our troops home, and have a strong defense. I think our defense is weaker now than ever.”

Ron Paul

Interview by Laura Knoy on NHPR, June 5, 2007 http://info.nhpr.org/node/13016 2000s, 2006-2009