by Ron Paul: Put
Patients and Doctors Back in ControlofHealthcare
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past week several emerging and ongoing crises took attention away
from the ongoing sovereign debt problems in Greece. The bailouts
are merely kicking the can down the road and making things worse
for taxpaying citizens, here and abroad. Greece is unfortunately
not unique in its irresponsible spending habits. Greek-style debt
explosions are quickly spreading to other nations one by one, and
yes, the United States is one of the dominoes on down the line.
Time and again
it has been proven that the Keynesian system of big government and
fiat paper money are abject failures in the long run. However, the
nature of government is to ignore reality when there is an avenue
that allows growth in power and control. Thus, most politicians
and economists will ignore the long-term damage of Keynesianism
in the early stage of a bubble when there is the illusion of prosperity,
suggesting that the basic laws of economics had been repealed. In
fact, one way to tell if a bubble is about to burst is if economists
start talking about how the government and the Central Bank have
repealed the business cycle.
The truth is
the laws of economics are constant and real, no matter how inconvenient
they might be to politicians and bankers. This reality is setting
in and the bills are coming due. In the mean time, countries that
have no money have bailed out other countries that have no money,
except for the phony money created by politicians, bureaucrats,
and their partners-in-crime at the central banks. This may be preventing
big well-connected banks from having to take on massive losses,
but it is all at the expense of the taxpaying citizen.
and central banks continue the cycle of spending and inflating,
the purchasing power of their currencies is constantly being degraded.
These currencies are what the people are working for and saving.
This inflation guts the savings and earnings of the people, who
have very limited options for protecting themselves against these
ravages. One option is to convert their fiat currency into something
out of reach of central banks and government spending, such as gold
It is fairly
typical in the midst of economic crises like these for gold to come
under attack from Keynesian economists and their amen corner in
the media. The arguments against gold are usually straw men, based
on a fundamental misunderstanding of the purpose of buying gold.
Gold is not a typical investment. It is a defense against the predictable
behavior of governments to debase a fiat currency under its absolute
control. The people who run the printing presses have trouble shutting
them off. In order to limit one’s exposure to this reckless
behavior, it is wise to exchange unsound assets for sound ones.
As the foundation
of their power, their fiat currency, is rejected or avoided, government
power is compromised. Fiat currencies trade the people’s freedom
and security for the government’s freedom to squander the wealth
of the nation on wasteful pet programs, wars, and corruption. This
is why the freedom of the people is so intertwined with a sound
monetary unit. This is also why the founders liked gold and silver,
and supporters of big government hate them.
Paul is a Republican member of Congress from Texas.