House Proceeding 02-25-09 on Feb 25th, 2009 :: 0:18:50 to 0:25:05
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0:18:44 to 0:19:04( Edit History Discussion )

Ron Paul: following personal requests. the clerk: leaves of absence requested for mr. perriello of virginia for the wk of february 23 and mr. kline of minnesota for today. the speaker pro tempore: without objection. the requests are granted. for what purpose does the

0:18:50 to 0:25:05( Edit History Discussion )
Speech By: Ron Paul

0:19:05 to 0:19:25( Edit History Discussion )

Ron Paul: gentleman from texas rise? mr. paul: mr. speaker, i ask unanimous consent that t following legislative business and any special orders heretofore entered into, the following members may be permitted to address the house, revise and extend their remarks and include extraneous material. mr. poe, march 3 and 4 for five minutes.

0:19:26 to 0:19:47( Edit History Discussion )

Ron Paul: mr. jones, march and 4 for five minutes. mr. wolf, today for five minutes. mr. jenkins, today, five minutes. mr. broun, today, five minutes. and mrs. foxx, today, five minutes. the speaker pro tempore: without objection. for what purpose does the gentleman from illinois rise?

0:19:48 to 0:20:09( Edit History Discussion )

Ron Paul: mr. hare: i ask that following legislative business and any special orders heretofore entered into, the folling members may be permitted to address the house and include extraneous material. mr. sestak of pennsylvania, mr. defazio of oregon, mr. kissell

0:20:10 to 0:20:30( Edit History Discussion )

Ron Paul: of north carolina, ms.aptur of ohio. the speaker pro tempore: without objection. the speaker pro tempore: upped the speaker's announced policy of january 6, 2009 and under a previous order of the house, the following members are recognized

0:20:31 to 0:20:52( Edit History Discussion )

Ron Paul: for five minutes each. mr. poe of texas. for what purpose does gentleman rise? mr. paul: ask unanimous to take his five minutes at this the speaker pro tempore: without objection. the gentleman is recognized for five minutes. mr. paul: thank you, mr. speaker. mr. speaker, the federal reserve is the culprit.

0:20:53 to 0:21:15( Edit History Discussion )

Ron Paul: it has delivered this crisis to us. the federal reserve's low-interest policy is a big mistake. it is not a panacea. artificially low interest rates are achieved by inflating the money supply. low interest thrifty and those who save are cheated.

0:21:16 to 0:21:36( Edit History Discussion )

Ron Paul: it promotes consumption and borrowing over savings and investing. manipulating interest rates is an immoral act it is economically destructive. the policy of artificially low interest rates caused our problems and therefore, cannot be the solution. the market rate of interest is

0:21:37 to 0:21:58( Edit History Discussion )

Ron Paul: crucial information for the smooth operation of the economy. a central bank setting interest rates is price fixing and is a form of central economic planning. price fixing is a tool of socialists and destroys production. central bankers, politicians and

0:21:59 to 0:22:21( Edit History Discussion )

Ron Paul: bureaucrats can't know what the proper rate should be. they lack the knowledge and are deceived by their own engrand diesment. manipulating the interest rates rejects all the principles of the free market. free markets and sound money generates low rates, but unlike

0:22:22 to 0:22:43( Edit History Discussion )

Ron Paul: the artificially low rates orchestrated by the fed, this information conveyed is beneficial to investors and savers. the congress by conceding this authority conveys extraordinary economic powers to the elite few. this is a power that has been abused throughout history.

0:22:44 to 0:23:05( Edit History Discussion )

Ron Paul: only the federal reserve can inflate the currency, creating new money and credit out of thin air in secrecy without oversight or supervision. inflation facilitates deficits, needless wars and excessive welfare spending.

0:23:06 to 0:23:27( Edit History Discussion )

Ron Paul: the debasing currency is counter fitting and steals value from every dollar earned or saved. it robs the people and makes them poorer. it is the enemy of the working person. inflation is the most vicious and regressive of all forms of taxation. it transfers wealth from the

0:23:28 to 0:23:50( Edit History Discussion )

Ron Paul: middle class to the privileged rich. the economic chaos that results from a policy of central bank inflation inevitably leads to political instability d violence. it is an ancient tool of all. inflation is never a benefit to freedom-loving people, it

0:23:51 to 0:24:12( Edit History Discussion )

Ron Paul: destroys prosperity and feeds the fires of war. it is responsible for recessions and depressions. it is deceptive, addictive and causes difficult lutions of grand you're with respect to wealth and knowledge. it destroys wealth and it

0:24:13 to 0:24:33( Edit History Discussion )

Ron Paul: rewards the special interests. depending on monetary fraud for national prosperity or a reversal of our downward spiral is riskier than depending on the lottery. inflation has been used to pay for all the wars and empires and

0:24:34 to 0:24:55( Edit History Discussion )

Ron Paul: they all end badly. inflationism and corporatism enagendaers protectionism and trade wars. it prompts scapegotting, blaming foreigners, ethnic minorities and too often freedom itself for the predictable events and suffering that results.

0:24:56 to 0:25:05( Edit History Discussion )

Ron Paul: besides the whole process is unconstitutional. there is no legal authority to operate such a monetary system. so let's stop it.