Ron Paul: Bailout Will Destroy Dollar, World Economy

Congressman slams Federal Reserve power monopoly on House floor as vote nears

Paul Joseph Watson
Prison Planet
Monday, September 29, 2008

As a vote nears on the $700 billion dollar plus bailout bill, Congressman Ron Paul took to the House floor this morning to warn that the passage of the legislation will destroy the dollar and the world economy.

Stating that the passage of the bailout bill would only make the problem worse, the Congressman from Texas said, “This has nothing to do with free market capitalism, this has to do with a managed economy, an inflationary system, corporatism, a special interest system, and this has nothing to do with the failure of our free markets and capitalism.”

Paul blamed the current crisis on a Federal Reserve power monopoly over the money and credit system, the ceaseless borrowing and printing of money, and dismissed the bill as nothing but more of the same.

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“Long term this is disastrous,” continued the Congressman, “we’ve already pumped in $700 billion dollars, here’s another $700 billion dollars – this is going to destroy the dollar – that’s what you should be concerned about – if you destroy the dollar you’re going to destroy a worldwide economy and that’s what we’re on the verge of doing.”

Paul said that the long term implications of the bailout would be a lot more serious than the problems currently being experienced by Wall Street.

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The Congressman called for more oversight and warned, “What we’re doing today is going to make things much worse.”

Paul expressed his frustration that free market economists who predicted the crisis were being ignored while the people who created the problem were being given the responsibility to offer a solution.

The Congressman was not afforded the time to read his full prepared remarks, but they were entered into the Congressional record and can be read at Paul’s Campaign For Liberty website.

Paul’s comments follow those of Congresswoman Marcy Kaptur, who slammed the bailout bill this past weekend as the work of criminal insiders who have shut down the normal legislative process to commit “high financial crimes” and defraud the American people, while Rep. Michael Burgess warned that “martial law” had been declared by Nancy Pelosi in order to ram the bill through.

Watch the clip.

This article was posted: Monday, September 29, 2008 at 12:06 pm

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