McCain: "I am going to create wealth for all Americans"

The Constitution says: no emitting bills of credit, no paper money, only gold and silver can be legal tender. And today we allow big government to grow. Whether it's on the conservative side or the liberal side, if they want something, they usually have compromise--spend it on both. Then they resort to printing money, and that is where our trouble is coming from, and that's the crisis we're facing. All great nations and great empires end for fiscal, financial reasons. That's how the Soviet system was defeated. We didn't have to invade them; we didn't have to fight them. Their system collapsed. And that is what's happening today, the middle class is getting wiped out, the middle class is getting poor, endlessly, because they can't keep up with the cost of living. And the solution isn't printing more money, and spending more money, and allowing the Federal Reserve to pretend they can solve the problem. The answer is found in fiscal conservatism: live within our means, is what we have to do.

What is the bailout package all about? Our side of the aisle proposes it and the Democrats want to increase it.$150 billion? No, let's up it $200 billion! Where does it come from?--the government has no money. Well, can we tax people?--no, you can't tax anymore. What are they gonna do?--they're gonna print the money, devalue the dollar, & that's the problem we have. The dollar is low, prices are high, the people are suffering, the middle class is shrinking. So we offer the same old pabulum, the same old baloney, and then we turn around and say, "Well, why don't we ask the Federal Reserve to create more money? Nobody seems to have enough money. If we just had more money, maybe it would prop up the stock market." So we go to the Federal Reserve and say we need more money. So they crank it out. You can't lower interest rates unless you print more money. So they lower interest rates dramatically, like never before. So we're in a bind, we're in a fix, and I'll tell you what: we overspend. Everywhere!

You can't legislate economic fairness, like so many want to do. Freedom means freedom. It means the government should be very small.

So, we need to decide what we're gonna do. Are we going to live within the law, or are we going to pretend the government can take care of everything possible? We are now nine trillion dollars in debt, we have a dollar that's crashing, and we keep financing this by taxing, borrowing, and then, what do we resort to? We resort to printing the money!

We should look to the Constitution. We should make sure that we get rid of our central bank, the Federal Reserve, and have only gold and silver as legal tender. This is the reason our government gets so big, because we give them license to steal, license to inflate, license to tax, and license to borrow, and politicians will always do it.

In addition, the Federal Reserve, our central bank, fosters runaway debt by increasing the money supply-- making each dollar in your pocket worth less. The Fed is a private bank run by unelected officials who are not required to be open or accountable to "we the people."

We cannot continue to allow private banks, wasteful agencies, lobbyists, corporations on welfare, and governments collecting foreign aid to dictate the size of our ballooning budget. We need a new method to prioritize our spending. It's called the Constitution of the United States.


We as conservatives have drifted a long way from the positions that we used to hold of limited government. We have to talk about what conservatives stand for and should be doing, because we're going in the wrong direction. There's not a whole lot of time left. If we continue what we're doing we're going to have a financial crisis, because you can't continue to spend too much. Because there's limit on how much you can tax, and we're taxed to the hilt. Then there's a limit to how much borrowing we can do, and we're borrowing to the hilt. We're dependent on China, and Saudi Arabia, and all these countries because we are the greatest debtor in the whole world today. This is different than the 1970's when we had to pay for guns and butter. Today we're paying for guns and butter again, but today our good jobs are overseas, we owe 2.7 trillion dollars, the whole country is in debt and what do we do now when we need more government? We print more money.

The day is approaching when we no longer will be able to afford the burden of foreign intervention. For now governments are willing to loan us the money needed to finance the cost of worldwide military operations. It may seem possible because we have been afforded the historically unique privilege of printing the world's reserve currency. Economic law eventually will limit our ability to live off others by credit creation. Eventually trust in the dollar will be diminished, if not destroyed. Those who hold these trillion plus dollars can hold us hostage if it's ever in their interest.

The welfare programs will end overnight if you have a cataclysmic devaluation of the dollar, and all bets are off on what will happen under those conditions, if you look at history. There's no reason why we have to pay for the defense of Japan, Korea, an Europe--we're going broke! And if we do that, if we do that, we literally can take care of our people and work our way out of this. If we had our freedoms, and we had the responsibility to care for ourselves, and we had sound money, within a year or two we'd be back on our feet again.

Economic Revitalization Plan: "Prescription for Prosperity"
"Prescription for Prosperity": The Four-Point Plan

Tax Reform: Reduce the tax burden and eliminate taxes that punish investment and savings, including job-killing corporate taxes. Eliminate taxes on dividends and savings. Repeal the death tax. Cut taxes for working seniors. Eliminate taxes on social security benefits. Accelerate depreciation on investment. Eliminate taxes on capital gains. Eliminate taxes on tips.

Spending Reform: Eliminate wasteful spending. Reduce overseas commitments. Freeze all non-defense, non-entitlement spending at current levels.

Monetary Policy Reform: Expand openness at the Federal Reserve and require the Fed to televise its meetings. Return value to our money.

Regulatory Reform: Repeal Sarbanes/Oxley regulations that push companies to seek capital outside of US markets. Stop restricting community banks from fostering local economic growth.

Truth is treason in the empire of lies. There is an alternative to national bankruptcy, a bigger police state, trillion dollar wars, and a government that draws ever more parasitically on the productive energies of the American people. It's called freedom.

The Revolution: A Manifesto, by Ron Paul,
 
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