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Ron Paul Statement at Sovereign Wealth Funds Hearing
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Ron Paul’s Speeches and Statements
September 12, 2008
Statement of Congressman Ron Paul
Financial Services Hearing on Sovereign Wealth Funds
DIMP Subcommittee
September 10, 2008
Mr. Chairman, once again we confront the issue of sovereign wealth funds, an issue which has become quite important due to the large amount of dollars and dollar-denominated bonds held by foreign governments, and the fears of these governments given the dollar’s precipitous decline over the past few years. The past few days have been quite interesting, with speculation that one of the reasons for the government takeover of Fannie Mae and Freddie Mac was the more than $1 trillion in Fannie and Freddie debt held by foreign governments. The threat of default on this debt would have undoubtedly had massive repercussions on the value of the dollar and might have unleashed the “nuclear threat” of a massive international sell-off of government and agency debt.
The United States government now finds itself between a rock and a hard place. The massive amounts of debt that we have allowed to accumulate are hanging over us like Damocles’ sword. Foreign governments such as Russia and China hold large amounts of government and agency bonds, and there are fears that as our creditors they will exert leverage over us. At the same time, as the dollar weakens, the desire to sell bonds and purchase better performing assets increases, leading to fears from others that foreign governments will attempt to purchase American national champion companies, or invest in strategic industries to gain sensitive technologies.
In either case, most politicians overlook the fact that we are in this situation because of our loose monetary and fiscal policy. Actions that would stifle the operations of foreign sovereign wealth funds would likely result in corresponding retaliatory actions by foreign countries against American pension funds and could have the same detrimental effects on the economy as the trade wars begun after passage of the Smoot-Hawley tariff. Rather than limiting or prohibiting investment by sovereign wealth funds, we should be concerned with striking at the root of the problem and addressing inflationary monetary and fiscal policy.
Debtors cannot continue building debts forever, and we now face strong indications that our creditors are eager to begin collecting what is owed them. It is not too late to correct our mistakes, but we must act now and cannot dally. We must drastically reduce government spending, end wasteful and disastrous interventions into financial markets, and rein in the Federal Reserve’s inflationary monetary policy. Failing to do so will ensure a descent into financial catastrophe.
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September 12th, 2008 at 4:58 pm
Truth from the Prophet.
September 12th, 2008 at 4:58 pm
The Prophet Speaks.
September 12th, 2008 at 5:06 pm
Did you see Ron on Glenn Beck’s show this week? These pawns aren’t laughing at him anymore, now that everything he’s been saying FOR YEARS is coming down… If you’re still using the word Paultard… (and you’re not one of us) you better check yo’ head.
September 12th, 2008 at 5:09 pm
Prophet, in his own way yes. The sovereign wealth funds are already cherry picking major commercial real estate all over the US, especially in New York City. Sovereign wealth funds have very deep pockets so I guess the theme for 2009 will be “We own most of your good shit after all it is a global world.” “Now that we have a lot of your key assets we will tell you how to carry out foreign policy.” The rug is slowly being pulled out from under the chairs in the Capitol. The George Bush “ownership society” ugh, cept he did not tell you exactly who would be owning what. The Sovereign wealth funds are also on major buying sprees across the US picking up thousands and thousands of foreclosed properties that previously belonged to American workers. Makes me wanna scream.
September 12th, 2008 at 5:25 pm
Are any of the Washington cowards listening to Ron Paul imbued with the testicular fortitude and self-sacrifice willing to do what it takes to rid our country of the Federal Reserve? I think not. You could count on one hand the number of attendees that were even present. This country is going to have to run its natural course to ruination, and then the good, willing, brave, intelligent citizens left will have to scrap up the pieces and rebuild it the way it was orginally intended.
September 12th, 2008 at 5:32 pm
I will applaud the day we hold accountable the world bankers and their minions in government and corporations. It will be swift and it will be harsh for them and their families no matter where they hide. Count on it!
September 12th, 2008 at 5:44 pm
The only thing wrong with what Ron Paul is saying is that it makes too much sense, it’s simple and most Americans have been brainwashed to disregard anything so straight forward and honest. Plus the fact, no one else in mainstream, especially the higher up umpaloompas is talking about it, or acting if it’s real and so it strikes an unfamiliar note and most brainwashed Americans disregard it.
And lets not forget the example from Star Trek, where once in the hive of the Borg, the hive is incapable of detecting a threat from within. Most brainwashed Americans are like a hive species and are incapable of perceiving the most logical and truthful things, especially when the hive has been programmed to disregard anything outside of the preapproved box of the umpaloompas running the show.
So, we have been told the freaks are really with it and that’s where it’s at and now we allow things like torture and embrace the notions of using false intel if it will justify malicious actions, or mandating 4 gender sex ed for kindergarteners, robbing the middle class of pension funds and Social Security, or devaluating the dollar by 70% to bail out elite off shore investors.
When the dollar was devaluated by 70% since Bush took office, the $100,000.00 dollars of life savings you put away through blood sweat and tears did not lose any of it’s numerical value and is still $100,000.00, but it’s now only worth $30,000.00 because of the loss of it’s purchasing power. That’s the same thing as if they opened the vault on your life savings and stole $70,000.00 without asking and just taking it while you slept.
I know, I know, it’s just too logical and so most Americans hang on like a monkey with a handful of rice with their hand stuck inside the cocoanut hole.
This is why no one listens to Ron Paul and it’s how & why mainstream hood winked America during Paul’s campaign, as everyone laughed, as he got bleeped, derailed, cut short and made to look like a fool, as the voting monkeys hang on until the very end.
I really feel sorry for the average American today that have taken the bait of American politics and recent legislation hook, line and sinker. If the average Joe and what’s her name could have gotten away with it with the Wright Brothers, they would have cut the strut cables for a laugh, ha ha, hee hee, they should have known better for even trying and this is the politics of our so called better informed modern society, that’s headed to the poles in 08.
WAKE UP YOU FOOLS!!! WAKE UP!!!
September 12th, 2008 at 5:54 pm
GO RON PAUL
September 12th, 2008 at 6:32 pm
Up Parascope, nice.
I have given some thought over the last 5 years and can finally see why it is that the Amerikan citizenry are going to be led to the slaughter. They WILL be led. For decades the media and establishment have been amassing around the citizenry for the purpose of unchecked mind control. It’s a beautiful thing to witness actually. I’m impressed. The enslavement includes: Church (religion), government (duh), schools, newspaper, magazines, TV (all forms), radio (neocon trash on during the day), work (due to debt), debt (see previous), Advertisement (shit all around us now, even at the gas pump with audio/video – ridiculous), etc, etc. The amount of crap that is surrounding us is absolutely amazing to me. Yet most don’t recognize it for what it is. Pure mind control.
I can’t tell you how many people I’ve tried to talk to about the state of things today and their inability to grasp the enormity. The day WILL come and they will.
I’ll patiently wait for that day and will be ready for them. They’re not ready just yet.
September 12th, 2008 at 7:26 pm
It’s sad that there are so many people out there with such incompetents that everything he just said makes no sense, and those same people are more worried about global warming and paying off their mortgage what foreign policy actually means. “Hmmm, i heard the word foriegn, therefore it must not involve me….i think”
September 12th, 2008 at 7:37 pm
Yet another attempt by Ron Paul to provoke thinking…
September 12th, 2008 at 8:02 pm
How did the rest of America not notice this mans genius.
September 12th, 2008 at 8:34 pm
RYAN: they were busy watching american idolatory.
September 12th, 2008 at 8:35 pm
RYAN: they were busy watching american idol-atory.
September 12th, 2008 at 8:59 pm
What a great,smart and well rounded republican president…oh yea you dipshits decided to turn the other way and say ” it is just the way it is”, when the truth came out in the form of Dr. Paul..thanks you non-thinking , poo flinging monkeys!!!. It must be true ,ignorance = bless.
September 12th, 2008 at 9:12 pm
“He’s a racist kook who would take us back to the frontier days where everyone had to fend for themselves!”
And I’d bet those people STILL aren’t paying attention…once again, more common sense from Dr. Paul, predicting the future for years for more than a decade now.
September 12th, 2008 at 9:15 pm
Yet another compelling reason Dr. Paul could never be allowed to become president– he speaks the truth, and would likely not survive his first month in office. I was always fascinated by the decline and fall of great civilizations like the Greeks and Romans; I never imagined I would have a front row seat to watch our own follow the same tragic path. America, it was nice knowin’ ya…
September 12th, 2008 at 9:18 pm
Heres just a thought guys,
Ron Paul still maintains his republican status and is still a possible write in for president. As far as it seems nobody dislikes him and yet he remains on the backburner speaking about all the problems that need to be corrected that nobody else will mention. Is it possible that he could actually be meant to be the next president in the wake of a catastrophe and everyone here is actually supporting him when it was all planned this way from the beginning? Just something to think about.
September 12th, 2008 at 10:13 pm
I hope Ron and Jesse run in 2012.
By then we will have a bigger mess to clean up once McCain or Obama get done with us.
Americans are strong! When the sheeple wake up and have nothing left, they will looking for some ass to kick.
God willing. maybe 2012 we will have another chance to fix this mess. The next four years will be a disaster. Just hope to contain the disaster before help arrives in 2012 with Ron and Jesse.
Why doesn’t anyone talk about the independent candidates???
We do have other choices besides Obama and McCain!
September 12th, 2008 at 10:16 pm
Edjoy74.
I know of no one that could have said it better than you. I’m 73 years young and it took me awhile to realize what was happening. God bless you my friend.
September 12th, 2008 at 10:30 pm
Why does it say “Mr Paul” when he’s clearly a doctor?
September 12th, 2008 at 10:52 pm
RON PAUL IS OUR HERO!
Rhonda
September 12th, 2008 at 11:03 pm
Adrian,
In answer to your comment #22, the reason usually is to degrade the person subconsciously. Of course “Dr.” Paul is retired now and the title is not always necessary to use, but he is a Congressman and that should be the proper title to use. Therefore I would have to say that since Ron Paul is not necessarily liked by the majority, the sir name used was to not give him his career credit forcing the reader/listener to not think as much of the good doctor. Actually if you can get some tapes from back when Bill Clinton was going against George Bush I, the media for some reason wanted Clinton in at that time because they rarely called the president President Bush. During those few months before the election most of the time they called him “Mr. Bush”. They always call Bill Clinton “President Clinton” rather than “Former President Clinton” even now. They also made it a point to call FORMER Mayor Rudolph Guiliani “Mayor Guiliani” long after he left that office also and of course he was “Mr. 0/11″, the savior of us all. I am sure that Alex Jones would agree with my analysis. Hope that helps.
Rhonda
September 12th, 2008 at 11:05 pm
Since so many people want to know what to do, when is the gunfighting going to start, or just claim what they would do if such and such a situation ever happened to them or one of their own, maybe all those capable should find out where Alex Jones, Ron Paul, Jessie Ventura, and many of the other patriots who Alex has interviewed are and follow them around all day long giving them body guard services.
Now, obviously the enemy will eventually start something that will start a shoot out, but the defense will obviously be a glorious one that will go down in history as the first shot of the real revolution, the day when the battle cry started from the masses, not just the few. The enemy of course has the high tech weapondry and the tanks and aircraft, but it will be an organized effort on the part of the ones who are serious and capable of doing something for the first time as the question constantly arises about everyone organizing somehow to do something useful for the cause of stopping this police state we are now in.
Ones like Alex, Dr. Paul, and Jessie Ventura are alone in a sense. They are lone wolves. They are loners. They are the ones who are presently out on the front line. So why not start an organized effort yourselves to be with those loners on the front line while you can? Go help those on the front line already, bodily help that is, not just writing here or buying some of their books. Physically they have no protection, even if they have private body guards. Those who are capable of doing what I just suggested now become publically involved and the front liners are the ones who need it most giving them the backing they need for their very lives that they do not have presently. I am sure that someone here can now expand on this to make it work. Yes?
Rhonda
September 12th, 2008 at 11:43 pm
Why is this the only man to address anything important?
September 13th, 2008 at 1:15 am
#25
Rhonda…..yes you are.!
It is complacency as you know. It is the downfall of our USA. Those like Paul, Alex, Jesse, Yunus [the visionary], Tesla, Orwell, and even you and I have our Achilles. We must not succumb to the tidal wave of deceit and nonconviction. WE MUST PAY IT FORWARD…yes?
September 13th, 2008 at 1:39 am
Planet Prisoner,
First off, I just saw you in one of the other articles here (either the other Ron Paul article or one of the two Sarah Palin articles) and someone somehow I think misunderstood what you said and thought you were saying something bad. Now, this comment #27 of yours to me is appreciated, but I do not fully understand it. You are responding to the proper comment of mine, but you say, “Yes you are!”. Yes I am what? I did not say anything about myself being anything in that comment. Also, unless you mean that I am indicating that no one really is helping those men, such as Alex Jones, Jessie Ventura, Ron Paul, ect., and interpreting it as being complacency, I agree with you. We all have our “Achilles” heal and that will stop us from doing many things we wish we could do. Still, there are so many people who claim that they are capable of doing something against this deceit that maybe they should do something rather than just being nonconvicted. Yes, we must pave(?) it forward!
Hope I understood you except for your first part of me being something I am not aware of (except a gorgeous woman here to appease you men–hehe),
Rhonda
September 13th, 2008 at 4:13 am
Rhonda…. To your answer!
When they break the (LAW)
There is no (LAW)
I was then a RECON Marine in 1975, I am a RECON Marine today!
I am 54 now!
But I can still do.
Fight against FEMA!
For if you do not do it now, it is gone!!
I wrote many books, I was on those walls at the Embassy at Saigon, I help a many people there then, and you must now fight, stop being a fool, because,,,, you are going to be in one of those 800 FEMA camps, that has been put in place.
I was a prisoner of war too, and it is no play ground!!
You will be placed inside, you will not run, you will not get away, because they are coming to one house at a time, why?
To get your guns!
Why?
Because we are a fighting force, they must stab us in the backs!
That will be the only way!!!!
(FIGHT)
Go take back you freedom, do it soon!
Here’s why?
LPAC To Release Emergency Pamphlet: `Tantamount to Treason’
Increase Decrease
September 12, 2008 (LPAC)–The LaRouche Political Action Committee announced today the imminent release of a new, 16-page mass pamphlet, entitled “Tantamount to Treason.”
This Pamphlet has been released and is available for printing in our Organizing Material Page.
One hundred thousand copies will begin to hit the streets on Sept. 12, as part of LPAC’s emergency mobilization to stop the unconstitutional bailout of the U.S. banking system, and to immediately implement the emergency recovery program which economist Lyndon LaRouche has put on the table.
The pamphlet’s introductory statement lays out the purpose: It’s a National Emergency: Repeal the Dodd-Frank Bill Now!
Even as the ink was drying on Treasury Secretary Hank Paulson’s announcement of the multi-trillion-dollar taxpayers’ bailout of the speculators holding Fannie Mae and Freddie Mac paper, leading economist and former Democratic Party Presidential candidate Lyndon LaRouche issued a statement demanding immediate repeal of the Dodd-Frank bill, which Paulson is claiming as the authority for this swindle.
“This bill must be immediately ripped up,” LaRouche demanded. “It flagrantly violates the U.S. Federal Constitution, which specifically defines the general welfare as the law of the land. This bailout of speculators, at the expense of current and future taxpayers, is illegal. As I have warned for more than a year,” LaRouche continued, “this entire global dollar-based financial system is hopelessly bankrupt. The system can not be saved. It entered its final collapse phase in July 2007, just as I identified at the time.”
LaRouche also warned that, “Once the American people figure out what Paulson, Dodd, Felix Rohatyn, `Bailout Barney’ Frank, and House Speaker Pelosi have done, they will be out for blood. I wouldn’t want to be in the shoes of any member of Congress who signed their name onto the Dodd-Frank bill, which had nothing to do with relief for homeowners facing foreclosure. It was all about the bailout that Paulson just announced. Nobody knows how big an illegal, unauthorized tax is going to be imposed on American families to bail out these swindlers and speculators, but I do know that it can very likely run into the tens of trillions of dollars.”
In line with LaRouche’s statement, the LaRouche Political Action Committee (LPAC) has decided to rush this pamphlet into production. We urge you to check the http://www.larouchepac.com website for updates, and ways you can contribute to the fight. Below you will find:
* LaRouche’s assessment of the global chain-reaction this bailout will cause.
* LPAC’s statement on why the bailout is “Tantamount to Treason”
* LPAC’s Fact Sheet on “Who Sold You Out”
* LaRouche’s “Three Steps to Survival”
* LaRouche’s Homeowners and Bank Protection Act of 2007.
There is no room for delay on this matter. A Constitutionally viable solution to this crisis is known, and available. It only remains for you, the U.S. citizen, to join the one mass organization committed to this solution–LPAC–and act to put that solution into effect.
This is the cast now, we have been broke.
They are on the run, why?
Because they all know!
We find out, that they are going to place all that money on Americas backs, for all those years of miss use!
Now, ask yourselves this?
Why?
Why, did they place in enactment, to place these FEMA Camps in place for?
To kill you!!
Your last chance!
Your last chance!
Either it be FEMA CAMPS!
OR!
All those that have one, use it!!
I was with the skull and bones…. (RECON), Marines.
I helped to teach an trained those CIA’s.
If so…. In your thoughts, there must be a total movements from all, or lose first round!!
September 13th, 2008 at 8:28 am
Ron Paul is the only politian that lays it out right! The only one telling the truth. There’s a sea of lies out there. This era is so filthy, sick and corrupt. I wish folks would wake up. I wish we all could vote-in a guy like Ron Paul…the others are ALL corrupt, and pawns.
September 13th, 2008 at 8:33 am
Hey Black bird, nice website. You people have to see this video, at least the first ten minutes. It will scare the hell out of you!!!
http://www.larouchepac.com/new.....pdate.html
September 13th, 2008 at 9:39 am
∙
∙
∙
In “Lock ‘n Load” We Trust
(It’s too late for politics)
∙
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∙
September 13th, 2008 at 10:46 am
Blackbird,
Thank you for your comment #31. It seems as though you have seen plenty of things in your life and have worked for the people. You make sense. Since we are really disorganized, my comment #25 is said for the reason it says, to give those on the front lines backup or protection and to maybe coax those who can do something to have a legitimate place to be as often as they can be there together while prepared to protect against the atrocities that we know about as well as your own discription of such. It could also backfire by giving the enemy with their weapondry a central place to locate and destroy everyone in one fell swoop. That is why it would be best to just follow in stealth, if it can be done as well as maybe letting ones like Alex Jones know of your presence.
Stay loyal. If things keep on going the way they are, we might meet someday fighting the good fight together along with many others. I do recommend that you take time out for yourself and maybe look at some beautiful women to soothe your hurt soul. There are websites available for that. If used properly, it will give you some relaxation and pleasure to momentarily forget about your daily worries thereby giving you strength to continue on. In here, I hope at times to accomplish the same thing giving you guys a token of what life’s enjoyments are or could be like. If I were to have such a website to offer you, I would not have the time to be here, so even though you do not know what I look like, you can imagine me as looking like one of those Baywatch babes in your mind and say hello to me as we pass through these walls in the future.
Take care,
Rhonda
September 13th, 2008 at 11:46 am
It’s coming down to either the ballot box, or the bullet box! And since our nation has been reduced to a presidential campaign composed of stage-managed theatrics with no good choices, and since the ballot box is rigged via computerized voting machines — what choice does that leave us with? As Alex has said, “the answer to 1984 is 1776!”
September 13th, 2008 at 1:53 pm
Great post No.31.
Well anyalised . Thank you.
September 13th, 2008 at 9:13 pm
I hope Ron and Jesse run in 2012.
By then we will have a bigger mess to clean up once McCain or Obama get done with us.
Americans are strong! When the sheeple wake up and have nothing left, they will looking for some ass to kick.
God willing. maybe 2012 we will have another chance to fix this mess. The next four years will be a disaster. Just hope to contain the disaster before help arrives in 2012 with Ron and Jesse.
Why doesn’t anyone talk about the independent candidates???
We do have other choices besides Obama and McCain!
But sadly the north american union aka treasonous american union will pick a president.
September 14th, 2008 at 2:51 am
No Freedom In Canada
Last month I took a trip back home to Newfoundland, the Canadian Empire’s most eastern province, for the first time in four years. I’m after spending nine years now in Taiwan teaching English and I’ve made some interesting discoveries.
First, in China, you’re not free to get into politics but you are free to do just about anything else. In Canada, you’re free to get in politics but you’re not free to do much of anything else. Here in Taiwan you can start up a business in your house doing anything from selling food or tea to making nails and there is no problem with taxes, licenses, permits and there are no laws on zoning between residential and commercial. You can buy beer at the 7-11 and drink it on the street. In Canada you’d get a fine and possibly a night in jail and you already got to be rich to start a business.
On my way back to Taiwan in late July I spent all day flying from Newfoundland all the way back to Vancouver where I had to stay for two days waiting for my flight to Taiwan. I was tired and in need of a shower so I went to the cheapest Hotel I could find in the downtown to check into a room. The front desk clerk then asked me for ID and a Credit card. I gave him the ID but said I would be paying with cash–I don’t use credit cards. I was then told that “YOU CANNOT STAY HERE WITHOUT A CREDIT CARD! It is the policy of every hotel in Vancouver not to accept customers without credit cards. I offered to pay up front in cash and he told me to get out or he’d call security. So there I am out on the most dangerous street in Canada, infested with drug addicts, hungry and dirty, cash in my wallet, and a big suitcase that I can barely lift! I then checked into a hostel that took cash but there was no lock on the room door and the place was full prostitutes and drug addicts, all asking me for money and threatening to knife me.
So there we have it–you either submit to the banksters or get eaten by the two legged cockroaches on the street. All I can say is that I will go back to Newfoundland again(that’s my home) but I am NEVER going back to Canada. Newfoundland should never have joined–all they do is suck money out of us and call us bumbs for taking their welfare. I am so lucky to be out of the west–I will never pay another cent of taxes again to Canada nor will buy any of their products.
Reg Porter
September 14th, 2008 at 11:08 am
Canada is Fucked, just like the states. Give it to the people and we would lock up all the politicians. Monkey see…Monkey do. With both countries having elections maybe the people can get it right. LORD knows this is the last hope.
September 15th, 2008 at 7:58 am
I say like Forest Gump: ” Stupid is as Stupid does “. The people are going to get just what they voted for,a big nothing. I recommend. Buy all the gold,silver,guns,ammo and food that you can. I HAVE.
September 18th, 2008 at 11:11 am
You go bargeman!!!
September 21st, 2008 at 2:01 am
I say it is time for a REVOLUTION! I have been ready since Clinton first “Ejackulated” into office.
Is anyone with me?
March 22nd, 2009 at 3:35 pm
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