From an interview over at NRO:
…nro: Are you going to try to use your influence there to, as per your book title, “End the Fed”?
PAUL: Not directly. Indirectly, though, yes. The Fed will end because the system we have is not viable. All printing-money systems always end. So my goal in the book as well as in the committee is to expose the Fed for what they do, how important it is economically, why they don’t achieve what they pretend to achieve, and why they need to have more transparency. I would just like to legalize competition, legalize the Constitution, and allow people to use gold and silver as legal tender. And then if people don’t like the paper money, they can start using gold and silver in savings accounts or spending or whatever. Today if you do that, you go to prison.
nro: So your goal is to end the federal government’s monopoly over currency, essentially.
PAUL: That is it. It has monopoly control over supply of money and credit. And it was never meant to be that way. Under the gold standard, the supply of money is dependent on the market and the interest rates are dependent on savings rather than the Fed dictating the interest rate…
Since the mis-named “progressives” first saddled us with the Federal Reserve in 1913, our currency has lost, depending on how you calculate it, 90 to 99% of its value. I go with 99%. This has been a slow theft of money from the producers and it has been transferred to bureaucrats, government contractors, welfare recipients and people high up in the financial industry. While national wealth has increased over this past century, it is nowhere near where it would be had we kept to real money. And, meanwhile, the price of our expanded national wealth via fiat money has been a gigantic debt which threatens us with complete ruin. It is time to end this – and while Paul has been a bit of a political odd ball, I think the man and the hour have met.
With Ron Paul exposing the truth about the Fed and our entire financial system, we’ll hopefully start to develope the political ability to return to gold and silver currency. Some say it can’t be done – that we need the vast sums of fiat currency in circulation just to keep things moving. Take that away and things will seize up. My view is that this is just fear mongering by those who stand to lose in a return to gold – ie, the people who have used the slow theft of productive wealth to benefit themselves.
Ultimately, we should turn in our fiat money for gold and silver money – it would be a complex operation, but the nutshell of it would be to turn in our current money at a 100-1 ratio…100 fiat dollars for 1 gold dollar. In other words, take back the 99% of our monetary value which has been taken away. That 1,400 ounce of gold would then become a $14 ounce of gold. The $250,000 house would become a $2,500 house. A $20 an hour wage would become 20 cents an hour (which lets you see where wages have really gone for the working man in a century – in 1913 it was 8 cents an hour, but with no taxes!). And once we do it, we just stick with it…and then only hard work, savings and careful investment can be used to increase wealth…no more funny money, get-rich-quick schemes in finance, no more borrowing to buy votes.
A new day can come to America – but only if we return to a rational society. A society of work and savings; a society of public decency; a society which has rediscovered our sublime Constitution and which has turned towards God as the fountainhead of both that Constitution and all things good. Ron Paul may just get the ball rolling towards that new day, and I wish him the best of luck.
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