My Battle Against the Fed | Ron Paul

dr. Ron Paul first started reading Austrian economists when he was in medical school studied them studied libertarian theory studied American history and when Richard Nixon on August 15 1971 closed the gold window and imposed price and wage controls struck him like a bolt of lightning as I think it struck many of us and he saw at that time what this meant what it meant was for the first time in world history you would have the world reserve currency central bank with absolutely no restrictions on the creation of money and he knew that this might take a while but at some point it was going to mean disaster for the United States and disaster for the world and so he decided he was going to dedicate his life in his educational way in public office all his speeches and his writings to fighting the Fed to fighting for sound money to fighting for all the values that go along with sound money and and honest money means this institute was very blessed in the beginning to have his support to help us get going he made a huge impression on everybody who had anything to do with him all his career whether as a doctor very successful obstetrician and gynaecologist delivering 4,000 babies or as a public official but boy everything sure came together when he ran for president he called forth millions of young people changed hearts and minds and I think now as everybody in the country is aware does a very good job of confounding bad guys in power whether it's Rudy Giuliani or Ben Bernanke or Alan Greenspan or all the rest of them so we're very honored at the Mises sensitive to have Ron as our distinguished councilor all these years to have him as a role model if I can use that use that phrase and I hope you'll as I know you will help me welcome this great American somebody pointed out to me last night Harry Tinsley there's been nobody and public life in this country like Ron Paul since the days of Jefferson and Randolph and John Taylor of Caroline and men of that sort so how blessed and lucky we are to be living in the age of Ron Paul dr. Paul come and talk to us thank you very much thank you like I've said so many times I like to get out of DC because I never get an applause up there among friends it sort of very nice to be here and get that and nice to be among so many who are obviously supporters of the Mises Institute but obviously supporters of what I've been trying to do Lou had a grand idea about the Mises Institute and I've had my own little angles about how to change the world but the truth is is Lou can't do it by himself and I can't do it by myself they're half there has to be people like you you know to support us and get behind us because there's nothing nothing that comes easily and you can have a grand idea but it doesn't work unless you have support so it's really nice to be here with so many good supporters of the freedom movement Lou mentioned about Carole's birthday I was going to do that and he sort of stole my thunder but I will I will add one thing though about that I think I was I don't know mislead a little bit or I maybe was fooled into believing that I'd get away without giving birthday presents about every four years but I haven't gotten away with that one bit she she claims that she has a birthday on the 28th and March first so she wants two days instead of no days on these on these off years so it's it's it's one thing but but she she has stayed rather young and and but right now when she has her next birthday she'll be the same age as I am so but you know she and I have been married for a couple years something like 53 or so somewhere around in there but and you know we talked to a lot of young people about the freedom movement but I think that those who aren't young are young at heart and where I hope considered young at heart because over the years we have always you know one of the build a house for ourselves and we're in the same house that we moved into when I started my medical practice not back in 1968 but we were always too busy raising kids and the kids to school medical practice campaigning and we never got around to it but we finally we had bought the land for the house 40 years ago and but we finally getting to the point where we're probably gonna build this house and when I bought the land I found out that there was a real nice slope and a creek running through it and I thought boy this would be great I'll never have to worry about drainage so we went out about a year ago to get a building permit and I don't know if anybody's involved in in development or anything but you know you just don't walk up but we know we have to have a permit you don't walk up and give him $25 and get a permit it's taking us almost a year I mean you got to go to the city you got to go to the county you got to go to the Corps of Engineers you got to go to FEMA you gotta just beg and plead you got to find out the regulations about septic tanks and wells and you know I was having so much trouble but we've finally had success and I want to tell you this tells you that the system really works it really does work it's converse in its bureaucratic it's nonsense you know it's a nonsense for us and it's very frustrating but tell you what the political system really works because I finally got it done when I called my congressman so it it is rather frustrating but I've said for years that we don't own our property believe me I just found out you don't own your property we rent our property we pay taxes on it and then if we want to use it it isn't very easy and you have to fight to be able to use your own property the you know last week or so I guess it was about a week ago we had this little gathering up and up in Washington it was called CPAC anybody hear about CPAC there was there were a lot of people who didn't who didn't like the outcome and they actually booed the outcome and that was that was so depressing it broke my heart but the one thing though that got me out of out of being depressed over those who didn't like the results I I found it rather entertaining because there was a lot of talk about this event on the internet but I noticed one suggestion that I thought was rather interesting and the the suggestion was well the whole thing was rigged because there were too many young people it was it was those people that were under 25 so the person writing in said CPAC if they want to exist as a viable organization they have to change the rules of voting nobody's a lot of vote if they're under 25 so you know there used to be saying you can't trust anybody over 30 and I'm I'm just wondering that are they going to try to exclude anybody under 25 you can't trust them either but I'll tell you what from the many people I've been running into the under 25 they're very much alert to what's happening and I'm gonna stake out my position with them because that's where I see a lot of encouragement where we should be working you know the the booing has happened to me more than once you know in the camp in the presidential campaign on occasion there was booing and occasionally you know there was resistance by the Republican leadership can you believe that they they resisted a few things that I was saying and doing but it was just a little bit bewildering and it tells you a little bit about where we are when individuals who consider themselves the elite and the leaders and those who are setting the standards that if one takes the position that the Constitution is worth following since many like everyone is supposed to promise to follow the Constitution but literally ridicule us who believe in these things that there's something wrong and then and then we come up with this whole idea about going to war oh yeah they love war but they don't even once you have to declare it and remember remember I told a story a while ago about when we were getting ready to go into Iraq and I insisted that we have a vote on declaring war or not and guess guess what the chairman of the International Relations Committee said oh this is frivolous why are we doing this that part of the Constitution is anachronistic we don't follow it anymore and this is this is what this is the attitude that we put up with but one of the things I have found when I talk to the young people's on the on the campuses is that when I ask you what got your interests and some will say you know your your position on the war or the position on Austrian economics and a position on the Fed but very often they'll say it's your position on the Constitution that you follow the Constitution and they like that and that advise them in and then they look at our whole entire freedom philosophy so I see that as just a wonderful thing I am encouraged because of two things I believe that that remnant of people I'm sure there are plenty in this room who have been thinking along these terms fighting and understanding it and feeling so frustrated especially 25 or 30 years ago we're less frustrated now because of organizations like the Mises Institute but there is that remnant is much bigger and the Bible tells us you can't measure the remnant of the true believers who will hold things together and to my amazement it was it was much much bigger and it wasn't individuals that had not heard ever heard of our philosophy it was people who were just sort of waiting and what couldn't we do and sick and tired of the the political process and it was enough to energize them but to me the the even the bigger surprise was to finding out how ready the next generation is to looking at the freedom philosophy sound money free free markets personal liberty a change in foreign policy as far as I'm concerned that is fantastic and the reason why we ought to all be optimistic about what we can do in the future today I want to talk a little bit about the Federal Reserve I think that is one of the subjects we've had here at this event and I've spent a few hours of my life thinking about the Federal Reserve and and trying to do something about it but I think what has happened here recently with the passage of the audit the Fed in the House of Representative is an example of what we can do if we stir up the grassroots and not only has this been beneficial and so many different individuals got interested in that this it goes to show that if you're on the right track and and you are speaking the truth that it will not be endorsed as a partisan issue transparency of the Fed is not a partisan issue it's a bipartisan issue it's pervasive not because the politicians in Washington got together say oh okay let's do something in a bipartisan faction they don't do anything bipartisan faction on purpose because what what they're involved in is political power they endorse very similar views but it's a it's a true political power struggle but the fact that the grassroots had been awakened enough to get that message to their members of Congress had to do with so many of those who joined us in that effort 317 all the members of Congress have supported this bill and this I think demonstrates rather clearly that the attitude of the people is very very important and if we see that it should encourage us because when the time comes when we are forced into monetary reform if the people are demanding that we not put up with a secret organization like the Federal Reserve that gets to print this money and do all this mischief and also follow the dictates of the Constitution I don't see any reason why we can't win this fight it's not going to be easy obviously but this system is going to end and therefore we are going to have the opportunity matter of fact this morning there was an article on the internet dealing with the IMF they've been stirring around and talking about what they would like to do and and they they are talking about the alternative they know what we know they know this system is is not viable and something has to be done but they're working on an international paper currency run by the IMF you know something long line of the STRs but you know we have a good test of this when an artificial fiat currency is designed not as an outgrowth of a sound currency but one it is designed and maybe maybe that it will give us a hint as to what will happen when the IMF comes up with their next way maybe we can look to the euro to find out what's going to happen you know to to the next worldwide fiat currency but if if if we had our way we would have an international currency we would have a globe currency and we would have globalism based on free trades and friendship with other nations and a commodity backed currency but not a political money so it is a struggle and that is what's going to happen because this system this system can't lab last it's it's going to break down this week I don't know if you notice but I did have a little conversation with our friend Chairman Bernanke anybody see that and this past week we but he was a little bit disturbed and when I speak I hope I can speak for others other than just myself though when he claimed that what I was asking him and insinuating certain things had been done by the Federal Reserve he had the nerve to say that we have bizarre ideas and I would say that's proof someday he's the one that has the bizarre ideas not us but the Fed has a precise function for the politicians and I sort of dressed this in my five minutes but I I was I was claiming that I was trying to answer very briefly which you don't have much time to do it within five minutes but the feds claim is always said oh if the Congress knows what they're doing and they can have oversight the Fed could be politicized and we wouldn't want a political system like that oh no they're they're not politicized just the fact that they can help goldman sachs that's not political just the fact that they have to respond to the president and they work closely with the treasury treasurer secretary of the treasury oh no that that's not political but I mentioned to him I said you know you don't want us to have anything to say about it because the Congress would encourage you to inflate the currency and keep interest rates too low and the whole world is they saying and they accept the fact that one of the reasons we got ourselves into this mess is the Fed kept interest rates too low and for too long and what did you do when you got in you lower them even more and then you say that the Congress would have too much influence on inflating the currency and keeping interest rates too low it's a preposterous argument he didn't respond to that question that I had on that one but I did tell them that manure to this political association than behind the scenes that political control of the Fed because it is politicized for the special interest but I thought I told them that the the Federal Reserve and and the Congress have a very cozy relationship the truth is is not many members really understand in details nor care a whole lot but those who created the Fed and those who managed affairs and the reason why leadership on Republican the Democratic side aren't interested in in having true monetary reform is that Congress can't exist without the Fed they're not they're not enemies I mean what would happen if we had nobody to arbitrarily expand the money supply and the Congress would be in a mess so Congress likes to spend money they they get to do the things they want if they want to manage the world and they want to have a welfare stay and they get want to get reelected spend money that's that's the name of their game and they can tax to a degree but there's always a limitation they can borrow to a degree and there's always that limitation of the interest rates will go up and you don't want the interest rates go up so you have to get the money somehow and and that of course is a is in invoking the inflation tax and you print the money the value is down prices go up and somebody has to pay that and that really and truly is a tax because somebody's paying for this by higher prices and I've bring this up when I'm asked about medical care but I'm convinced there's an inflation tax on medical care much more so in other things because we do know that inflating the money supply doesn't raise wages and prices all up evenly or it wouldn't be much of an issue some things go up faster the things that the government's involved in will push prices up much faster than others so this the medical care costs are high because there's a big inflation tax on it plus all the other things that they do which I won't get into so here the federal reserve is a taxing agency and it it serves it serves the Congress by allowing the Congress not to raise taxes if if the people want all the spending and the Congress couldn't in you know work with the Fed to inflate the currency the Congress would have to borrow and push up interest rates or tax and get the people angry so as long as they can get away with this they can and they have for a long time and this of course is what I saw in 1971 the handwriting on the wall that this would be an explosion and it is if you look at anything any chart since 1971 when it comes to the size of government the number of bureaucrats the size of the deficit and the inflation the charts just go along like this and then they skyrocket so we do live in very very unique times we have a worldwide bubble as far as I can tell bigger and more dangerous than anything we've ever had in a history of man but the Federal Reserve does facilitate the borrowing powers of Congress they spend but they can borrow in the ordinary market but when they don't borrow of course then the Fed becomes the the lender which is mixed in with the inflation so they they will borrow and of course they will create credit and that credit gets pumped into the banking system and through fractional reserve banking those individuals that are outside the Federal Reserve actually do the borrowing and then there's the borrowing that is orchestrated and the mischief that is caused because the Federal Reserve is not responsible for any oversight to the Congress that the bank that the Fed under the current law can have make loans and guarantees with any other central bank or any other government around the world and I I am convinced since 1987 when they created the president's working group on financial markets or the plunge Protection Team that they're involved in the markets all the time and and they can they can orchestrate this so there is a lot of borrowing and and mischief that goes on in that manner but what else does the Fed do to accommodate the Congress well they literally lower the deficit of the debt the national debt you say that's not possible debt is going to be 14 trillion dollars that you own up like this but they deliberately devalue the currency in order to lower the real debt so they they actually and I've accused Greenspan over that he really ingredients and Bernanke that they're really working for inflation they want the inflation that is their desire because debt can be liquidated I mean if you have 1/10 trillion dollar national debt and you can have a 10 percent inflation rate a devaluation of your currency you like liquidated a trillion dollars of debt in real terms so that is the purpose of the Fed the liquidation of debt governments when they go bankrupt they don't default in the sense of not sending you out of check like individuals and even states would have to do but that's also the reason state debt is going to be transferred to the Fed or government because they're they're going to print the money and the debt real debt is going to go down by depreciation of the of the currency but the other thing that the the Fed facilitates and one of the worst things that they do is it facilitates big government the growth of big government so there's there's a desire to spend money overseas and fight wars and do all that as well as the as well as the welfare state now right now they're doing a lot of programs I think on CNN especially and they're talking about you know the broken government and why you know we saw Evan Bayh quitting because there's not enough bipartisanship and I tell him I think there's way too much bipartisanship I mean they they're always getting together bipartisanship when the Federal Reserve bipartisanship on the deficits bipartisanship on foreign policy they're working together all the time I mean it's it's it's designed to do that and at the same time it increases the power of government so I think what we need is and what we have to have is of course change in attitudes not more more bipartisanship we we do want them to be bipartisan but the only question is should be asked is what are you gonna be bipartisan it's fine to be bipartisan if you're gonna are defended in order to get rid of the Fed but if you're going to be bipartisan to be able to allow our presidents to declare war and actually devise a program which is now in place which is such an outrage this should wake up every American and that is this whole notion that one individual in the administration can name an individual as a threat to our country and even as an American citizen can be put on an assassination list don't you think that we ought to scream about that reverse that and bring that to a halt the system that we the system that we have with deficit financing and the Federal Reserve being involved also facilitates the military-industrial complex the incident that I mentioned this week with Bernanke was that we sent 5.5 billion dollars and I think that's pretty well documented and it's a period on the internet now all the documentation of this five point five billion dollars in the 1980s because we had to take care of our friend Saddam Hussein he was our buddy so we but but he was also looking for a nuclear reactor which we sent him over you know and he was supposed to be using some of the money for that but he was also buying a lot of weapons so here it is they create this money sent it over there no appropriation buying weapons in the military-industrial complex and and the Congress asked no question this whole idea that they they can create this money in it zooming off budget what about these train loads literally truckloads of cash that went over in tunes of billions and billions of dollars that were passed out after we invaded Iraq the Congress never appropriated this money i I would think that maybe the people in this country should be outraged over that and why why should we wait any longer we have to expose what is happening there especially so that we know what we should do if if and when this breaks down to assume that next week they're going to listen to our speeches and our efforts and all of a sudden change those arts aren't pretty good but if if the more people that know and understand this the more likely is that will come out of this better the Federal Reserve and the way it works with the banking system through fractional reserve banking is a cartel it's a monopoly as a cartel and a lot of people make a lot of money off of this and it wouldn't it wouldn't be like that if you had free market banking or a revised system that we have today excluding this power to the Federal Reserve but there that's a lot of money involved it's not a couple hundred million and it's not even in billions it's literally trillions of dollars and nobody knows the exact amount but it could very well be two trillion dollars at the Fed did off budget created in order to pay take care of their buddies during this financial crisis and what were they buying and what were they putting into the hands of the taxpayers you know the the the bad debt the bad debt they I couldn't they couldn't get rid of and they they would call this illiquid they couldn't sell it but it it was worthless that's the reason they couldn't sell it and yet the taxpayer had to take it what did they do they they just changed victims we're the people who are making all the money during the bubble formation and in holding all that bad debt they get bailed out and who gets stuck with it it's it's middle-class America that gets stuck with it because we end up buying it we end up by inflating the currency and already what what do we have here in the past ten years I date the recession that we're in right now coming from the year 2000 not much improvement in the economy in the past ten ten years real wages are down unemployment is steadily rising and we we don't see a lot of improvement but most people don't recognize that the problem really hit until two years ago but it's been going on a lot longer than that the other the other reason why we should look at the Federal Reserve and it's related to foreign policy directly and indirectly indirectly it facilitates deficit financing and they monetize that death because we're spending money on these wars but but also they're involved in our foreign policy if they can make deals with foreign central banks and foreign governments off the books and we don't even know we can talk you know they can they can do all kinds of mischief and then their cosy relationship with the CIA the CIA can own their own banks and sometimes when I think about these wars in Afghanistan I at times believe that it's almost could be a fight over who's controlling the drug traffic whether it's going to be the Afghan government or Karzai's brother or the CIA but this this is at a point where we need that exposure so that people know exactly what's going on I think we have achieved a whole lot in the last two years I think if we had a currency crisis right now and the in these conditions get worse and if we had not had the past two years to draw the attention to the Federal Reserve it wouldn't be as easy to handle but the exciting thing that's happening is that Fed is getting properly blamed for a lot of this trouble and if we get into the currency crisis then we have to continue to target the Federal Reserve this whole thing that bringing these issues up to Bernanke and he claiming that we have bizarre ideas is one thing but that didn't sell at Din Sal I don't think for a minute I I think that has been turned around and they're on the defensive and therefore we're getting closer to being in the driver's seat when at the time when push comes to shove and something has to be done it's not that it would be smooth sailing and not that they're going to readily accept what we say but out of necessity they will have to pay attention but it really depends on the continuation of the educational work such as who's been doing with the Mises Institute to make sure these views are pervasive enough and the people understand what is happening and how important central banking is and how important the Federal Reserve is this whole concept is a challenge between two factions one who literally believe religiously speaking in authoritarian as and for all kinds of reason they just were born with authoritarian heart and they just love telling other people others do it out of believing it is in the best interest of other people people are dumb enough they can't take care of themselves so they need an authoritarian to to take care of their positions I was dealing with a an individual who who one who wants to do it was a consumer protector and he came from the left but we had agreements under war and we would talk to each other and he and also he and I both agreed that we should lighten up on these drug laws you know let people make their own stupid mistakes and be responsible for it and also with the urging of this other individual I introduced a bill to get rid legalize hemp you know hemp is so dangerous to all of us and and also I was also asking and I did it and I was a little bit surprised at how popular this was but it obviously made sense in a free society and that was to allow you to drink raw milk if you wanted to now that's a real that's a real challenge but the odd thing is is that this liberal who like the idea of legalizing marijuana and him said oh no we can't let people drink raw milk that's too dangerous I would say he had not quite put the whole issue of Liberty together yet and and that is our goal that it certainly has been my goal is put the package together it's been chopped up it's it comes in bits and pieces members of a lot of times people say do you get along with anybody up there and I said no I get along with everybody up there just down on one occasion here and one occasion over here everybody has a little bit of the of a freedom idea but most of them all have an instinct towards Liberty it's just that it it's either too risky or I can't sell it to my district and they make excuses or I get too much money for those people I can't do that but that is what has to be done and that's why I think the freedom movement that's the biggest job of the freedom of movement it's get to keep you understand what it is it has you know you don't have to start with a Federal Reserve and the government and what the government should do here or there you have to start with where our rights come from I mean what do rights mean do we have rights because we have the Constitution the 1010 amendments no our rights become I come from us in a natural way or a god-given way we have a natural right to our life in our Liberty and the natural consequence should be if you have a right to your life in your liberty you ought to have a right to keep the fruits of your labor and it comes down and policies then are very easy if you start with that you know well we wouldn't we had just cancelled out 1913 we just wouldn't have had that year we wouldn't have had the Fed and we wouldn't have had the 16th amendment we wouldn't have had the change in foreign policy and we wouldn't have had the change in the way we left our senators and we would have had a much smaller government but unfortunately the others think of the authoritarian approach because they have this idea that people have to be taken care of and otherwise there'll be blood in the streets and people could become unemployed and have inflation if they didn't take care of it and lo and behold all those do-gooders look at what they're giving us so our job intellectually is to make sure the blame is placed on the proper place I think we're ahead of where we were in 1929 because they very successfully throughout the 30s really buried free markets and they buried the gold standard and then gave more power to the executive branch and to the Federal Reserve but today I don't think it's going to be the same and it's the only thing that we have to really be concerned about in economics is who's going to get blamed for this mess and that's why we have to target the Federal Reserve make sure they are blame at fault we have to target those individuals in Congress who believe the purpose of Congress is to spend money and take care of people and undermine Liberty and the victory has to go to those of us who believe in personal liberty and believe that balanced budgets are important and small government is important and come around to the belief that minding our own business and not telling other countries what to do is very important if our supply if we're going to survive the opposition is limited and fortunately for us they are limited because truth is not on their side and truth is on our side and truth wins out in the end even though there can be a lot of hardship and a lot of suffering in a way the Soviet system broke down because of the truth that Misa said socialism doesn't work and it can't work it will fail and we didn't have to fight him we didn't have to fight him with a nuclear war it failed truth won out in the end and there's always somebody there to hold it together and and I think of individuals like Solzhenitsyn he was born with the Russian Revolution and yet he he can't go through life he he was well educated he knew he somehow got hold of books and beliefs had religious beliefs and all this in spite of it and there's always somebody is going to be there to hold it together because you can't you can't squelch it you can't stamp out forever the truth economic laws are on our side yes they may well be rigging the price of gold and they did that in the sixties they kept it at $35 an ounce but eventually the truth wins out you just can't keep printing money forever and think that prices won't go up including the price of gold and everything else economic laws went out even though we're not smart enough and don't pretend that we know what month it's going to happen but economic laws are reliable and we know that if we understand those and and how the economic laws affect the undermining of our of our Liberty we are you know in a position where in endurance is really crucial if we give up too soon that is going to be a tragedy as long as we person persevere and I believe we we can win this those individuals who hold the system together those few who cling to it and one gentleman that influenced me a lot I believe he participating this was with Leonard Reed and I don't believe you can't I don't believe the authoritarians can ever I you know put out the spark of Liberty I think it's in everybody even though most of them settled aside and are convinced it doesn't work and they ignore it I think there is a spark of love for Liberty and everybody but I think in a group like this as spark is alive and well and in what we have to do is ignite that into a flame and and I I see that happening here in the last couple years this thing this spark of Liberty has hardly been noticed but I think we have a flame going now and there certainly is a necessity for this there is a growing need for these views to become the prevailing attitude if if not we don't survive I mean what has been great about America is going is going to be put into hibernation something serious will happen it will be more authoritarianism and more poverty and more war one of the most detestable arguments that I hear and Mises talks about in human action and that is this notion that war can be of an economic value I think that is the worst idea for moral reasons even if it were it's it's it's horrible to think about it but it is not and yet I hear it on the House floor well you know if this were that might help the economy oh sure you know take a billion dollars out of the pockets of the taxpayer and build more missiles and blow them up and kill people and create more people who hate us and more likely to attack us and say that oh yeah a billion dollars the GDP just went up a billion dollars they measure that you build trucks and tanks and they call that increase in the GDP it's total nonsense I think when the government spends money like how you should subtract it not at it I've seen tremendous growth in these views in the last few years I've been encouraged and as I said especially on the college campuses and with the with the young people our views have broad appeal and I see that more people are coming together I'm always delighted there may be one or two even in this room that came from the left and said I was a raving Liberal Democrat but I saw the light and I saw the light that flame of Liberty and I'm come over I've come over and they can distinguish the difference between what a conservative typical conservative Republicans talking about and what we're talking about and of course is a great great deal of difference so I love the idea that we work with the progressives and try to nudge them over they'll come over and they over I was very pleased after the CPAC vote that there were a couple articles by progressives who they they talked about our civil liberties position as well as our war position and they said you know we need to pay more attention to what Ron Paul was saying because we're not getting anything from Obama on these issue and it may be so the libertarians will give us some answers so the big challenge though is when they do come over that they will they will be hard critics of us not being compassionate enough to endorse the welfare state but when they see if we can turn it around and when we see the impoverishment of our country and the world as this financial crisis unwinds how can they defend the welfare state when we have 20% of underemployment and defend it I mean they have to come around to looking at we're talking about for compassionate reasons if nothing else if they care about their fellow man even for you know personal reasons of our rights to practice our religion and freedom of speech and personal habits but what about the economic consequence of Liberty I mean we we it seems to me like we should never lose these arguments I've always been baffled over the years how can something be so magnificent and us to be so clumsy in presenting these views and over those decades we have been clumsy but thanks thanks to the Mises Institute and others efforts I think we're getting the point across that if you do care about your fellow man that you know freedom works a lot better than if you trust in your government man I mean those government officials I'll put all your trust in the government one time somebody on TV when I was arguing the case for free market medicine and argued that you know some of these things could be handled in the marketplace and the other doctor that was on he says Iowa Ron is I know he's sincere but I think he has too much faith in the goodness of man and I thought well you know man is not perfect and the free market will never be perfect but I didn't get to chance the answer but the true the real answer to that is he has too much faith in the goodness of government and and government is run by other men and it's only a few it is yes it is true that in individuals can make mistakes and every one of us have different different opinions and different tastes but that's the defense of Liberty yes we can make mistakes but if we're doing it for ourselves it's limited but if you put me in power to make all the decisions and I make the mistake you know it's so painful and this this is so much different we make mistakes then we can't know what other people want you know I I don't want to bring up that recent campaign in any way but one thing I did say during the campaign that sort of is my strong sentiment is that I really wasn't I was not anxious to be president for the things I want to do I would be president for the things I don't want to do I don't want to run your life I don't want to run the economy and I don't want to tell the rest of the world how to live thank you very much I want to thank everyone who came especially our donors we have many very significant donors here I want to thank them they're the people who make all of this happen so if we could have a big round of applause for them I want to thank our speakers and especially Ron Paul another round of applause for Ron as always I want to thank the staff it all begins with Pat Barnett putting this together Cristi homes will sites Chad Parrish James global they're the ones that make this happen so thank you it's been a very exciting weekend let's keep the flame of Liberty alive turn it into a bonfire thank you

Channel: misesmedia

Views: 13,348

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Keywords: Federal, Reserve, Ron, Paul, Mises, Institute, Jekyll, Island, Austrian, Economics

Id: kDRbQGjXK9U

Length: 46min 55sec (2815 seconds)

Published: Mon Apr 19 2010