Economics and the Meltdown

by Rep Ron Paul

The financial meltdown the economists of the Austrian School predicted has arrived.

We are in this crisis because of an excess of artificially created credit at the hands of the Federal Reserve System. The solution being proposed? More artificial credit by the Federal Reserve. No liquidation of bad debt and malinvestment is to be allowed. By doing more of the same, we will only continue and intensify the distortions in our economy – all the capital misallocation, all the malinvestment – and prevent the market’s attempt to re-establish rational pricing of houses and other assets.

Details

A $21 Trillion Tax Cut

by James Ostrowski, Mises.org – 3/20/2001

President Bush has proposed a $1.6 trillion tax cut. I would like to suggest that the president modify his tax proposal. He should increase the size of his tax cut to $21 trillion.

Well, it’s not really a $21 trillion tax cut. It’s a $2.1 trillion tax cut. I got the $21 trillion figure by projecting it for ten years, just as Bush does with his. I don’t know why Washington projects these tax cuts for ten years, since federal budgets are only good for one year and can be changed any time thereafter.

Details

A problem of regulation?

by Mark Thornton, Mises Economics Blog

The financial panic that has engulfed the planet is considered by politicians, bureaucrats, journalists and mainstream economists to be a problem of regulation. I find myself in the uncomfortable position of having to agree with this gang of opinion makers, but it is not a problem of insufficient regulation, inadequate regulation, unenforced regulation, out-dated regulation, or anything of the kind.

The problem is with regulation itself. With regard to financial markets, government regulates everything. There is the Federal Reserve that regulates the money supply, interest rates and everything else. There is the Treasury with its array of regulatory powers.

Details

Predictions vs. Reality in Iraq

by Rep Ron Paul

On September 10, 2002  I asked 35 questions regarding war with Iraq. The war resolution passed on October 16, 2002.  Now today, as some of my colleagues try to reestablish credentials regarding spending restraint, I want to call attention to my 18th question from six years ago:

“Are we willing to bear the economic burden of a 100 billion dollar war against Iraq, with oil prices expected to skyrocket and further rattle an already shaky American economy?  How about an estimated 30 year occupation of Iraq that some have deemed necessary to “build democracy” there?”

Many scoffed at my “radical” predictions at the time, regarding them as hyperbole.  Six years later, I am forced to admit that I was wrong.  My “radical” predictions were in fact, not “radical” enough.

Details

A Battle against the Imperial Presidency

by Gregory Bresiger, FFF.org

George Bush, basically unchallenged by Congress in his calamitous war in Iraq, can thank several of his Republican predecessors for his imperial power.

Out of power for some 20 years in the early 1950s, many Republicans had been critics of the secretive foreign policy of Democratic presidents in the 1930s and 1940s. These were the Republicans who supported the Bricker amendment, which aimed to rein in the power of presidents.

The Bricker amendment’s intent was at least twofold.

First, it would prevent presidential executive agreements from undermining the powers of the states as detailed in the Tenth Amendment. Since the Supreme Court had held that treaties, which require the approval of the Senate, override Tenth Amendment provisions, critics feared that executive agreements, which would be issued by imperial presidents without Senate consent, would constitute an even graver assault on the Tenth Amendment.

Details

Government Monetary Policy vs Freedom

by Rep Ron Paul

I’ve discussed just a few benefits of sound money in the last two weeks, and contrasted them to the perils of fiat currency.  Sound money keeps government spending in check, keeps trade fair and honest, which reduces the temptations, and many underlying causes, for governments to wage wars.  It also gives you the peace of mind of knowing that your savings will be able to sustain you in your retirement.

So if sound money is such a good thing, what is stopping people from simply trading with each other in gold and silver?  Why are you still being paid in fiat dollars, and why can’t you pay for gas in gold?  The answer is that the government has enacted policies that provide considerable stumbling blocks to such transactions.

Details

Feds violated 10th Amendment. Again.

As It Stands by Dave Stancliff/For the Eureka Times-Standard

A landmark decision for all Californian’s quietly made history on August 20th in a Santa Cruz courtroom.

For the first time since 1996, when the Compassionate Use Act was passed, the federal authorities have been charged with violating the 10th Amendment for harassing medical marijuana patients and state authorities.

The case of Santa Cruz vs. Mukasey, was heard by U.S. District Court Judge Jeremy Fogel, who said the Bush Administration’s request to dismiss a lawsuit by Santa Cruz city and county officials, and the Wo/Men’s Alliance for Medical Marijuana (WAMM), wasn’t going to happen.

In a recent telephone interview with Alan Hopper, an ACLU counsel familiar with the case, I asked him what came next?

Details

Respecting the Constitution Only When it’s Convenient

by Jacob Sullum

The Republican platform unveiled last week notes in passing that “the Constitution assigns the federal government no role in local education.” Yet the same document offers opinions on all manner of local educational issues, including the virtues of phonics, the evils of sex education, the wisdom of merit pay for teachers, and the folly of social promotion.

That contradiction illustrates the hollowness of the Republican commitment to “constrain the federal government to its legitimate constitutional functions.” The Republicans (like the Democrats) respect the Constitution only when it’s convenient.

Details

Sound Money and the Constitution

by Rep Ron Paul

Last week I discussed how sound money contributes to peaceful relationships around the world.  It is not gold, in and of itself that excites me, but the many benefits of sound money.  Another benefit is financial security.

Can sound money give you financial security?  There is something very comforting in knowing that what you earn today will retain its purchasing power in the years to come.  Indeed, the same silver dime that bought a loaf of bread in the 1960′s can still buy a loaf of bread with its precious metal content – which is worth about $1.00 today. 

Details

I Am a Constitution Voter

by Ellemay, Reaching Sunward

  • I believe that no one — including the President — is above the law.
  • I oppose all forms of torture, and I support both closing the Guantánamo Bay prison and ending indefinite detention.
  • I oppose warrantless spying.
  • I believe that government officials, no matter how high-ranking, should be held accountable for breaking the law and violating the Constitution.
  • I believe that the Constitution protects every person’s rights equally — no matter what they believe, how they live, where or if they worship, and whom they love.
  • I reject the notion that we have to tolerate violations of our most fundamental rights in the name of fighting terrorism.
  • I am deeply committed to the Constitution and expect our country’s leaders to share and act on that commitment — every day, without fail.

If you agree, click here.

Take a refreshing look at the Constitution here.

Details