As Ron Paul counts down his final days in public office, the Texas Congressman dedicated a little time on Dec. 30 to offer economic resolutions that Congress should seek to enact in the coming new year, and to assist in the fiscal crisis facing America. Many of these changes to economic policy are familiar to the millions of Americans who have followed the Libertarian's view for decades, and are vital in changing the landscape of not only how the world sees America in the 21st century, but in establishing the only valid ways to stop the country's spiraling course towards financial destruction.
All foreign aid should end because it is blatantly unconstitutional. While it may be a relatively small part of our federal budget, for many countries it is a large part of theirs--and it creates perverse incentives for both our friends and enemies. There is no way members of Congress can know or understand the political, economic, legal, and social realities in the many nations to which they send taxpayer dollars.
Congress needs to stop accumulating more debt. US debt, monetized by the Federal Reserve, is the true threat to our national security. Revisiting the parameters of Article 1 Section 8 would be a good start.
Congress should resolve to respect personal liberty and free markets. Learn more about the free market and how it regulates commerce and produces greater prosperity better than any legislation or regulation. Understand that economic freedom IS freedom. Resolve not to get in the way of voluntary contracts between consenting adults. Stop bailing out failed yet politically connected companies and industries. Stop forcing people to engage in commerce when they don’t want to, and stop prohibiting them from buying and selling when they do want to. Stop trying to legislate your ideas of fairness. Protect property rights. Protect the individual. That is enough. - Paul.House.Gov
In 2010, the US spent 1% of the Federal budget on foreign aid and assistance. That equates to $35.5 billion, and is actually more than the total amount of revenue that would be generated by President Obama's plan to tax millionaires. By stopping foreign aid, especially to countries like Pakistan, Afghanistan, and Egypt who promote anti-American sentiment and policies, you could instantly eliminate the need for new taxes on the rich, and cut an additional $5 billion from the deficit in one stroke.
However, Congressman Paul's ideas for solving the fiscal crisis go beyond our funding of foreign nations, and have at their center, the validation of what takes place when a nation ends its partnership with private central banks, and remands debts created and owed by the criminal enterprise. When Iceland choose in 2008 to forfeit payment of its debts to European central banks, and criminally prosecuted the bankers who helped create their financial crisis, most analysts would not have given the island nation any chance of economic recovery or salvation. Yet, after experiencing a turbulent 18 month depression due to these actions, the country of Iceland is now solvent once again, and experiencing some of the highest true growth of any Western economy.
Ending the Federal Reserve, and the private central bank system, has been Ron Paul's windmill for over 30 years, and the largest crusade ever taken on by an American Congressman. Our nation from its inception has been under bondage to either create, or live in a world dominated by banks that control our monetary process, and the underlying truth is, these banks are the sole reason for our fiscal insolvency, and their destruction is also the sole answer to our fiscal recovery.
As Ron Paul looks back during his final weeks in public office, he knows that although the war to balance the budget and to end the Fed did not occur, and that the battle is one that takes generations to accomplish, not years. But in his resolutions to Congress for the coming new year, as Senate and House members struggle to keep the status quo in the face of a fiscal cliff, his voice of reason will always stand resolute in the face of opposition and in the hearts of millions of Americans.
For more on finance and economics, you can follow Ken Schortgen Jr on Twitter, and listen to the weekly economic roundup segment of the Angel Clark radio show from 6-7 p.m. EST on Friday evenings.