Liberty Forged

the State has no money of its own, so it has no power of its own. ` Nock

Businessweek, Most Popular Stories, Ron Paul and Maria Bartiromo

Posted by Jesse on December 4, 2007

Ron Paul on the Evil Fed, the IRS, and Saving the Buck

So nice to see it in black and white for once. [And in businessweek!!] Paul’s the man.

“The most important thing is to get control of the budget, because the more we spend and the higher the deficit, the more we have to tax and borrow and inflate the currency—literally create new credit to buy Treasury bills. We need to restore confidence in the dollar before [its decline] gets out of control. The easiest place to cut spending is overseas because it’s doing so much harm to us, undermining our national defense and ruining our budget. I would start saving hundreds of billions of dollars by giving up on defending the American empire. I’d start bringing our troops home, not only from the Middle East but from Korea, Japan, and Europe, and save enough money to slash the deficit. We can actually pay down the national debt and still take care of people here at home. That would restore a lot of confidence.”

But as President, you’re supposed to be independent from the Fed. You would encourage the Fed to stop printing money?

“You know this idea that we can create a secret bank and they manage things and rarely tell us—or Congress or the Executive Branch—what they’re really doing, there’s a problem there. I can’t even go to a monetary policy board meeting of the Federal Reserve, and I’m on the Banking Committee of the U.S. Congress. I want open government, and certainly the Fed ought to be open. But it’s an institution that really shouldn’t exist. [Its financing] allows Big Government to get bigger without being responsible. And that’s why we have runaway spending for both warfare and welfare.”

I have a bill right now that is very popular, especially for people who are trying to work their way through college or who are having a tough time making ends meet, and that is to exempt all taxes on tips. People who have a first job or a second job waiting on tables and doing other things, they’re harassed by government rules and regulations, and sometimes they have to pay higher taxes than the tips they actually receive. I’d move next to saying no taxes on anybody who’s trying to get through college. Why do we tax them, make it hard for them, then give them grants? It doesn’t make any sense.

Who are your economic advisers?

I don’t have any. I read Austrian economics, which I’ve been doing for 30 years. So my advisers have been [von] Mises and Hayek and Sennholz.

You have vehement new supporters. What’s driving the sudden interest in your candidacy?

I think they’re sick and tired of what they’re getting. They’ve lost all trust and faith in the government. They believe in the American Dream, and they’re getting a nightmare. And they’re rallying behind the program I’ve been working on for 30 years—defending the Constitution, limited government, free markets, sound money, and self-reliance; believing people can take care of themselves better than government can. The nanny state doesn’t work, the police state doesn’t work, and neither does the warfare. And they know it.

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