“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

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "Ron Paul: What's happening is, there's transfer of wealth from the poor and the middle class to the wealthy. This comes…" by Ron Paul?

Ron Paul148

American politician and physician 1935

Related quotes

“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 (1935) American politician and physician

Interview by Mac McKoy on KWQW, December 17, 2007 http://ca.youtube.com/watch?v=x3lxo9WIR6w 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 (1935) American politician and physician

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

“Hyperinflation is not going to happen in this country, will never happen… The Fed putting so much money into the system is not going to create the risk of hyperinflation in the future. We have a strong independent Federal Reserve with a very strong mandate from the Congress, and they will do what's necessary to keep inflation low and stable over time.”

Timothy Geithner (1961) American central banker and politician

This Week with George Stephanopoulos, March 29, 2009 http://abcnews.go.com/ThisWeek/Story?id=7200273&page=4

““The poor and the middle class work for money.” “The rich have money work for them.””

Robert T. Kiyosaki (1947) American finance author , investor

Rich Dad Poor Dad: What the Rich Teach Their Kids About Money-That the Poor and the Middle Class Do Not!

“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 (1935) American politician and physician

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

“We have got to end the two-tier justice system — one for the poor and working class and one for Wall Street and the wealthy — that has existed for far too long in this country.”

Bernie Sanders (1941) American politician, senator for Vermont

2010s, 2016

“So: if the chronic inflation undergone by Americans, and in almost every other country, is caused by the continuing creation of new money, and if in each country its governmental "Central Bank" (in the United States, the Federal Reserve) is the sole monopoly source and creator of all money, who then is responsible for the blight of inflation? Who except the very institution that is solely empowered to create money, that is, the Fed (and the Bank of England, and the Bank of Italy, and other central banks) itself?”

Murray N. Rothbard (1926–1995) American economist of the Austrian School, libertarian political theorist, and historian

The Case against the Fed.

“The sentence, 'stopping the printing presses,' is a figurative expression, because it is being done now by creating credit by the Federal Reserve System. But this is government action — all inflation is ultimately the result of activities which government determines and can control. And all inflations have been stopped in the past by the government stopping creating money, or preventing the central bank from creating more money. May I add just one thing? See, all inflations have been stopped by people who created or believed in a very naive form of the Quantity Theory, and acted on that. It may be wrong, but it is the only adequate theory effective to stop an inflation.”

Friedrich Hayek (1899–1992) Austrian and British economist and Nobel Prize for Economics laureate

1975 interview https://mises.org/library/hayek-meets-press-1975 on "Meet the Press." 1960s–1970s

“It’s all right for the middle classes, the MSPs; it’s great for them to have cheap nannies and gardeners and cleaners. But it’s not very lovely for the ordinary working class man trying to get on in the world who finds his job has gone and his wage being compressed because so many people are coming in. That’s why you’ll find most Ukip support comes from working class and lower middle class people – not that we believe in class in Ukip. Those people are feeling the pressure and have been let down by the traditional parties”

David Coburn (politician) (1959) British politician

In with the Out crowd: on the streets with Ukip's David Coburn http://www.heraldscotland.com/politics/14565432.In_with_the_Out_crowd__on_the_streets_with_Ukip__39_s_David_Coburn/ (June 17, 2016)

“It is uncomfortable to ask condemned people about their sentences just as it is awkward to ask wealthy people why they need so much money, why they use their wealth so poorly, and why they don’t just get rid of it when they recognize that it is the cause of their unhappiness.”

Anton Chekhov (1860–1904) Russian dramatist, author and physician

Episode from a Practice or A Doctor's Visit (1898)

Help us to complete the source, original and additional information

Ron Paul148

Related quotes

Related topics