Paul's Farewell Address, and His Legacy
Money and Markets
by Charles Goyette: Is
a Central Bank Gold Run at Hand?
Rep. Ron Paul
gave his farewell address to Congress on Wednesday.
It was 1976,
the bicentennial year, when he first took a seat in Washington.
Although only one of 435 congressmen, he was distinguished from
the beginning by his uncommon determination to serve the cause of
peace and prosperity by championing individual liberty.
This he did
with a consistency that baffled the plastic politicians of both
ways of bending such lesser men, and molding even the well-intentioned
to become servants of the state.
The tools are
many: Congressional leadership bribes and bestows its favors, from
plum committee assignments to nicer Capitol offices. Who wouldnít
prefer the spacious corner office to the one more-suited to serving
as the janitorís closet?
reward the lockstep-marchers, too. For those who stay in step, there
are endorsements and campaign funds. Meanwhile, for those who march
to a different drummer, the party will recruit primary opponents
Ė even from the other party.
And then there
is the simple social pressure to which men whose eyes are not focused
on a polestar of principle soon succumb. The description youíve
heard of Washington, that you have to go along to get along, is
all too true.
Ron Paul never
succumbed. He never sold out for a better assignment, a nicer office,
lobbyist largesse, or shallow conviviality.
Nor has Congressman
Paul ever taken a taxpayer-paid junket. He has never voted for a
congressional pay raise. Nor has he ever voted for a tax increase
or an unbalanced budget.
He does not
participate in the lucrative congressional pension program. He returns
a portion of his annual congressional office budget to the U.S.
Treasury every year. And he has never voted for a bill that contravenes
the plain language of the Constitution.
is enough for him to stand apart. But my regard, born of experience,
Back in 1984,
I arranged for Ron Paul to be a keynote speaker at a series of investment
conferences. Even then he distinguished himself with his vision,
clearly describing the economic course America was charting and
the consequences that are beginning to unfold today.
of clarity, one can look to Congressman Paulís September 2003 remarks
in the House Financial Services Committee, as he described in advance
"the long-term damage to the economy inflicted by the governmentís
interference in the housing market."
to the month before the Fannie Mae and Freddie Mac bubbles popped,
all artificially created bubbles, the boom in housing prices cannot
last forever. When housing prices fall, homeowners will experience
difficulty as their equity is wiped out.
the holders of the mortgage debt will also have a loss. These losses
will be greater than they would have otherwise been, had government
policy not actively encouraged over-investment in housing.
the Federal Reserve can stave off the day of reckoning by purchasing
(Government-Sponsored Enterprise) debt and pumping liquidity into
the housing market, but this cannot hold off the inevitable drop
in the housing market forever.
fact, postponing the necessary, but painful market corrections will
only deepen the inevitable fall."
gift of intuition has enabled Ron Paul over the years to so accurately
describe our national trajectory and its consequences?
There is no
magic to it; he has simply studied the precedents.
the only country to have purchased the "letís spend our way
to prosperity" snake oil. Itís not the first time a nation
has taken the central economic planning Kool-Aid. This isnít the
worldís first fiat-money rodeo. Other countries have taken the same
These Same Questions Puzzle You?
Paulís farewell address can Ė and should Ė be
read here orviewed
here. Be sure to give some thought to the long list of important
questions excessive government has prompted Congressman Paul to
ask as he leaves office.
Here are a
- Why are
sick people who use medical marijuana put in prison?
- Why does
the federal government restrict the drinking of raw milk?
- Why are
Americans not allowed to use gold and silver as legal tender as
mandated by the Constitution?
- Why is Germany
concerned enough to consider repatriating
its gold held by the Fed in New York? Is it that the trust
in the U.S. and dollar supremacy is beginning to wane?
- Why do our
political leaders believe itís unnecessary to thoroughly audit
our own gold?
- Why canít
Americans decide which type of light bulbs they can buy?
- Why have
we allowed the federal government to regulate commodes in our
- Why havenít
we given up on the drug war since itís an obvious failure and
violates the peopleís rights? Has nobody noticed that the authorities
canít even keep drugs out of the prisons? How can making our entire
society a prison solve the problem?
- Why does
changing the party in power never change policy? Could it be that
the views of both parties are essentially the same?
- Why did
the big banks, the large corporations, foreign banks and foreign
central banks get bailed out in 2008 while the middle class lost
their jobs and their homes?
- Why do so
many in the government (including federal officials) believe that
creating money out of thin air creates wealth?
- Why canít
people understand that war always destroys wealth and liberty?
- Why is there
so little concern for the Executive Order that gives the president
authority to establish a "kill list," including American
citizens, of those targeted for assassination?
- Why is patriotism
thought to be blind loyalty to the government and the politicians
who run it, rather than loyalty to the principles of liberty and
support for the people? Real patriotism is a willingness to challenge
the government when itís wrong.
- Is there
any explanation for all the deception, the unhappiness, the fear
of the future, the loss of confidence in our leaders, the distrust,
the anger and frustration? Yes there is, and thereís a way to
reverse these attitudes. The negative perceptions are logical
and a consequence of bad policies bringing about our problems.
Identification of the problems and recognizing the cause allow
the proper changes to come easy.
As he acknowledges,
there are no federal buildings or highways or major pieces of government-growing
legislation named after Congressman Ron Paul. But his impact will
last and his name will be remembered long after the untold thousands
of plastic politicians have been forgotten.
singer Jewel has a stirring song that will forever remind me of
Congressman Paulís political career. She urged that if we would
but lend our voices to the sound of freedom and fill our lives with
love and bravery, then we shall lead lives uncommon.
Paul has inspired millions with his voice of freedom. He has led
a life uncommon.
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