8 Ron Paul Quotes on Finance

Ron Paul quotes on finance

48. Let me see if I get this right. We need to borrow $10 billion from China, and then we give it to Musharraf, who is a military dictator, who overthrew an elected government. And then we go to war, we lose all these lives promoting democracy in Iraq. I mean, what's going on here?

54. Capitalism should not be condemned, since we haven't had capitalism. A system of capitalism presumes sound money, not fiat money manipulated by a central bank. Capitalism cherishes voluntary contracts and interest rates that are determined by savings, not credit creation by a central bank. It's not capitalism when the system is plagued with incomprehensible rules regarding mergers, acquisitions, and stock sales, along with wage controls, price controls, protectionism, corporate subsidies, international management of trade, complex and punishing corporate taxes, privileged government contracts to the military-industrial complex, and a foreign policy controlled by corporate interests and overseas investments. Add to this centralized federal mismanagement of farming, education, medicine, insurance, banking and welfare. This is not capitalism!

61. 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.

65. 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.

93. The phrase 'honest politician' is an oxymoron; yet in the sense that Paul never, ever votes against his stated principles -- which are libertarian and include the belief that much of our federal government, from the IRS to the Department of Education, and the massive taxes that support it, should be abolished -- the phrase describes him... The same beliefs that cause him to vote against every single appropriations bill in Congress also carry over to his private life. He intends, for example, to refuse his congressional pension. He would not let his children take out federally subsidized education loans. He actually returns money each year from his congressional office -- some $50,000 last year.

130. He's getting close to what I raised on our first day... so I am delighted that he's been able to raise what he needs to go forward...

135. I don't mean this to be political, but when Ron Paul was firing every revolver in Ben Bernanke's direction, there were a lot of people cheering down here, with regard to the only tools the Fed ever seems to use, are the easing tools. And on the inflation front, many traders were reading the subtitles and they went back and checked, with respect to the weaker dollar, it affects import prices but not domestic prices, that's kind of an inconsistency [...] I just think you don't understand the way traders think. Traders don't care about your analysis. They care about making money. And they obviously realize that the only thing the Fed has ever done to solve these problems is to ease, and they're making money. But if you ask these people, do you think you really gonna see a rate cut in December, half the people I talk to say by time we get into December, headline inflation would probably make it so the Fed can't ease.

146. The first time I heard Paul talk about monetary policy, I'd felt like a hostage, the only person in the room who didn't buy into the program. Then, slowly, like so many hostages, I started to open my mind and listen. By the time we got to Reno, unfamiliar thoughts were beginning to occur: Why shouldn't we worry about the soundness of the currency? What exactly is the dollar backed by anyway? And, if the gold standard is crazy, is it really any crazier than hedge funds? I'd become Patty Hearst, ready to take up arms for the cause, or at least call my accountant and tell him to buy Krugerrands.