Ron Paul on Jay Leno's

palenimbus
My point is fiat currency best caters to the inherent tendency of wanting to consume more.

Yes, it facilitates consumption, by the government via inflation tax, and by the public via irresponsible credit. Please enlighten us how are these things good and desirable.

Besides a bunch of people on the fringe. It's agreed that inflation has stayed low in recent years despite rapidly expanding money supply. It is agreed that Americans in aggregate have never been richer, lived longer and have never worked less. So what is the problem that Ron Paul is supposed to solve?

No, it's not agreed, more like: widely disagreed.

Why is there such a strong grassroots support for RP? In my opinion, there are no real pressing problems facing americans, the iraq war has no direct financial consequences and excuse my callousness but the human cost of the war is low as well, not enough to have a direct impact on the everyday person. I think that support for RP in a product of peoples fantasies of gaining more control over the government, wanting to feel special but not actually accomplish anything. RP feeds that.

I hate to breake these news for you, but the Iraq war is probably the #1 issue in the next election. I am still disappointed why most republicans refuse to see the obvious. They might as well cancel the elections and hand the presidency to Hillary (eww).
 
Quote from palenimbus:

You really believe that the central bank is the main force behind the secular downtrend of inflation since the 70s?

The entrance of China and India into the global economy, the introduction of China into the WTO, the establishment of the yuan-dollar peg.. All that seems to be lost among ET'ers who assign god-like abilities to greenspan and bernanke.
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:confused: :confused:
You must be joking. Are you really serious?

Ask yourself: who was responsible for the high 70's inflation.

Do you really think a loose monetary policy has no effect on inflation and exchange rates?
 
Quote from buzzy2:

palenimbus
My point is fiat currency best caters to the inherent tendency of wanting to consume more.

Yes, it facilitates consumption, by the government via inflation tax, and by the public via irresponsible credit. Please enlighten us how are these things good and desirable.

Besides a bunch of people on the fringe. It's agreed that inflation has stayed low in recent years despite rapidly expanding money supply. It is agreed that Americans in aggregate have never been richer, lived longer and have never worked less. So what is the problem that Ron Paul is supposed to solve?

No, it's not agreed, more like: widely disagreed.

Why is there such a strong grassroots support for RP? In my opinion, there are no real pressing problems facing americans, the iraq war has no direct financial consequences and excuse my callousness but the human cost of the war is low as well, not enough to have a direct impact on the everyday person. I think that support for RP in a product of peoples fantasies of gaining more control over the government, wanting to feel special but not actually accomplish anything. RP feeds that.

I hate to breake these news for you, but the Iraq war is probably the #1 issue in the next election. I am still disappointed why most republicans refuse to see the obvious. They might as well cancel the elections and hand the presidency to Hillary (eww).
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I never said it was good or desirable, I said it was an inherent cultural tendency and ron paul will stand in the way of that. Americans rather blow all their money on flat screen tvs and new cars, do you think they will save money because ron paul puts us on the gold standard and people like you proclaim it's good and desirable?

If it was widely disagreed, Treasury rates would be much higher, and inflation would build momentum on itself to the point were it would be impossible for statistics to cover it up. So I stand by my statement. And further I believe that people who believe otherwise are trying to twist the statistics to support their own world view.

Yes I believe that central banks play a huge part by controlling the supply of money. But the supply of goods and labor is not determined by central banks. I have confidence in my theory because it cannot be a coincidence that all major nations since the 80s have loosened policy while inflation has decreased in all those countries. And it's no coincidence that since the 80s onwards we have had all of South East Asia, China, India and Eastern Europe all join the global market.
 
European traders: you are screwed and you don't realize it!
Want to abolish the ECB? Sorry guys, it can't be done.


In synch with the above changes, the Governing Council of the European System of Central Banks (the ESCB) now sets monetary policy for the EMU-11. This Council comprises the six-member Executive Board of the European Central Bank (ECB) and the heads of the central banks of the eleven participating countries. (It thus resembles the U.S. Federal Open Market Committee, composed of the Board of Governors and the presidents of the twelve Reserve Banks on a rotating basis.) The ESCB is entirely independent; by treaty, the ECB and the central banks are forbidden to take instruction from any national government or European institution like the European Parliament. Unlike the Fed, which is ultimately a creature of Congress, no political body can abolish the ECB. This lack of accountability is a major problem, critics say, since, in democracies, central banks must be seen as legitimate as well as credible.
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palenimbus
I never said it was good or desirable, I said it was an inherent cultural tendency and ron paul will stand in the way of that. Americans rather blow all their money on flat screen tvs and new cars, do you think they will save money because ron paul puts us on the gold standard and people like you proclaim it's good and desirable?

The gold standard is primarily designed to restrict the government power to expropriate its citizens savings and wealth via the inflation tax. Indeed, the US savings rate used to be higher, it's negative now due to the FED's cheap credit policies. So low US savings are not cultural, you are completely wrong.

If it was widely disagreed, Treasury rates would be much higher, and inflation would build momentum on itself to the point were it would be impossible for statistics to cover it up. So I stand by my statement. And further I believe that people who believe otherwise are trying to twist the statistics to support their own world view.

Whose world view support the prices of most commodities.? Bond prices went up recently as a result of a flight to quality. Do you know why government inflation statistics are artificially low? They use a metodology called "hedonic pricing" which is being questioned right now by FED officials themselves.

I have confidence in my theory because it cannot be a coincidence that all major nations since the 80s have loosened policy while inflation has decreased in all those countries. And it's no coincidence that since the 80s onwards we have had all of South East Asia, China, India and Eastern Europe all join the global market.

Very good, you are entitled to have your theory, but don't equate theory with reality.

Inflation is not low. Once again, you only need to watch the huge commodity bull to realize it.

Now, ask yourself: according to your theory what would happen to inflation and the price of dollar if asian countries refuse to accept the funny money printed by the FED?
 
Yes, China and the rest of the Asians are the producer and America is the consumer linked together by the dollar/yuan peg (a dirty dollar peg still exists now masked as a basket). If they refuse to accept dollars then you have just dramatically reduced the supply of labor and goods in the US economy therefore driving inflation higher. I believe a scenario similar to this will eventually happen when China is fully industrialized.

High commodity prices are due to all the dollars being funneled by the asians into the industrialization of their countries which is a very resource intensive task. Commodity prices are rising in all of europe too (euros and pound sterling), Are their inflation statistics cooked as well? At coincidentally the same time the US started cooking its own?
 
Getting rid of the IRS is overdue, we have point of sale terminals that can do the job much better. The department of education is illegal, the Federal responsibilities are spelled out clearly and the rest is left to the states in the constitution so abolishing it would be a good thing since the framers of our constitution understood a lot more about freedom versus government than Hillary's ilk...
 
Quote from faure:

I'm not American but I think this Ron Paul guy is living in Lala-land. Zero tax? Asset backed dollars? Zero US military presence overseas? Good luck with that; he says he studied Austrian economics I wonder if he studied emperical testing of Austrian economics.

Letting the market take care of everthing just doesn't work. Let's get technical here for a moment, the basic neo-classical benchmark model proves the real world is not Pareto-efficient and because there is market failure it consequently means there is a need for government intervention.

This guy is just feeding people what they want to hear. Who wouldn't want to vote for someone who proposes the IRS gets scrapped.
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Not only is it against the constitution to have an income tax, it doesn't make sense! Why tax people on there earnings?

Why does the US need to bankrupt itself by having military bases all over the world? It only creates problems.
 
Quote from just21:

abolition of icome tax is possible if a sales tax is put in it's place. see www.fairtax.org
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Ron Paul does support The Fairtax, just so everyone knows.
Only because its a better alternative to what we have now.
He would rather End the income tax and replace it with nothing.
 
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