This claim that the Fed should have â€œindependenceâ€ is a canard. They very much enjoy their comfortable pattern of bailing out friends and devaluing the currency with no oversight and no accountability.Details
It is no exaggeration, no stretch of the imagination, no revisionist or wild-eyed conspiracy theory to state that the Constitution of the United States of America came into being, more than any other reason, to crush a welfare program, to stop the poor from ganging up on the rich and, endowed with the power of democracy, stealing their money.Details
In the end, it only took the money changers and the power brokers 81 years to undue the actions of Andrew Jackson and get their way again, by convincing the U. S. Congress and President Wilson that we needed another central bank, euphemistically called the Federal Reserve, which isn’t federal and it doesn’t have any reserves.Details
In 1819 U.S. Supreme Court decision “McCullough v. Maryland,” Chief Justice John Marshall wrote, “An unlimited power to tax involves, necessarily, a power to destroy; because there is a limit beyond which no institution and no property can bear taxation.”Details
Prior to 1937, Congressâ€™s role in the regulation of commerce was quite simply defined as the â€œmovement of goodsâ€ between states, and put most production and manufacturing outside of the regulatory power of Congress. This definition has essentially been abandoned ever since the Supreme Court, in 1937, upheld an act allowing Congress to regulate many aspects of labor through the National Labor Relations Board.Details
by Rep Ron Paul
This week the House is expected to pass an $825 billion economic stimulus package.Â In reality, this bill is just an escalation of a government-created economic mess.Â Â As before, a sense of urgency and impending doom is being used to extract mountains of money from Congress with minimal debate.Â So much for change.Â This is dÃ©jÃ vu.Â We are again being promised that its passage will help employment, help homeowners, help the environment, etc.
These promises are worthless.ÂDetails
by Rep Ron Paul
The economic situation continues to deteriorate this week as past and future bailouts were discussed on Capitol Hill.Â The debate was over the accountability of already disbursed TARP money, and on whether or not to release remaining funds.Â Â Banks that had already been bailed out before are looking for more money to fill the black holes that are their balance sheets, warning that they are simply too big to fail.
However, whatever â€˜devastatingâ€™ consequences these banks are dreaming up and pushing on Capitol Hill regarding their own collapse will be nothing compared to the collapse of our currency if we keep debasing it through these foolish bailouts.Â It should be that they are too big to bailout.Â The world will not come to an end without this or that bank.Â The most troubling thing to me is this rhetoric that only government can save the economy, and must act.Â This is so counter-productive.Details
by Rep Ron Paul
The freedom to fail is an essential part of freedom.Â Government- provided financial security necessitates relinquishing the very essence of freedom.Â Last week, the big 3 American automakers came back to Capitol Hill with their hands out to the government.Â Congress spent this past week debating how much money to give them and what strings should be attached.
Though the bailout plan for the auto industry has suffered what I would call a temporary setback in the Senate, other avenues for public funding are being explored through the Federal Reserve and the Treasury Department.Â I am afraid the American auto industry will soon learn that having billions rain down from Washington will not be the blessing one might expect.
The government, after it subsidizes an industry, tends to become a very demanding benefactor.Â Politicians may not have any real idea about how to build a car, run a bank, educate a child, heal the sick or build a road, but they are quite adept at using carrots and sticks to manipulate and threaten those who do.Â Most of the federal control over education, roads, healthcare, and now banking and soon auto manufacturing, is done through money, mandates and conditions.ÂDetails