On November 25th, Congressman and Presidential candidate Ron Paul spoke with Judge Andrew Napolitano on his plans for creating monetary freedom, laying out a course for sound money, and returning the US to a gold standard.
"We know what to do - we did it once after the Civil War period, we went from a paper standard back to the gold standard, and the event wasn't that dramatic. But today the big problem is that both the conservatives and liberals have a big appetite for big government for different reasons, therefore they need the Fed to tie them over and monetize the debt. So if you don't get rid of that appetite it's going to be more difficult, but the transition isn't that difficult. You have to get your house in order; you have to balance the budget, you have to not run up debt, and you have to promise not to print any more money... I would like to have a transition period and just legalize gold money, gold and silver as legal tender, and work our way back... We want to legalize the use of gold and silver as the constitution dictates, rather than punishing the people who try to do that... – Zerohedge transcript of interview on Fox Business News
(Click on the video to the left of this article to see the entire interview)
The economic argument over a gold standard to back a nation’s currency is one based on half-truths and deceptive lies from many in the establishment today. Like the United Nations report just a few years ago on man-made global warming, the science, or in this case, the economics, is created from a faulty premise, not on historical economic precedence.
Gold has been recognized by nearly every nation in the world as money and a source of value for over 6000 years, but for the first time in history, no nation currently uses the precious metal in this capacity. Every country but four use a private central bank to print fiat currency backed by nothing more than a confidence in the government it represents, and the historic lifespan of a fiat currency is only around 27 years, before it completely fails around the 40 year mark.
Ron Paul has the right idea for bringing the US, and the global economic system back to an environment of sound money, but there are too many organizations and institutions around the world that have too much to lose if the current system of control over money is taken from them. Not only does control over the printing of money lead to political control and authority, as seen when a young Vice-Chancellor in Germany named Adolph Hitler rose to complete power after first taking control over the central bank, but just recently, the European Central Bank (ECB) began to demand political changes in sovereign countries under the guise of saving the European Union because they control the power to print money in Europe.
A gold standard is not the only way to return a nation to sound money, but it is the Constitutional way as laid out by the Founding Fathers during the creation of our government system. The fight for control over the right to print money has been long and tragic in our nation’s history, leading to economic crises and even assassinations of Presidents. Presidential candidate Ron Paul knows this history well, and knows the dangers he faces in attempting to win the Oval Office to wrest control over the nation’s currency from the private interests that have controlled it for nearly a century. And for all of his detractors in politics, the media, and the financial community, they are just as afraid of him succeeding as he is of failing.
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