When the federal government spends more each year than it collects in tax revenues, it has three choices: It can raise taxes, print money, or borrow money. While these actions may benefit politicians, all three options are bad for average Americans.
Ron PaulHow did we win the election in the year 2000? We talked about a humble foreign policy: No nation-building; don't police the world. That's conservative, it's Republican, it's pro-American - it follows the founding fathers. And, besides, it follows the Constitution.
Ron PaulDemanding domestic security in times of war invites carelessness in preserving civil liberties and the right of privacy. Frequently the people are only too anxious for their freedoms to be sacrificed on the altar of authoritarianism thought to be necessary to remain safe and secure.
Ron PaulThe cost in terms of liberties lost and the unnecessary exposure to terrorism are difficult to determine, but in time it will become apparent to all of us that foreign interventionism is of no benefit to American citizens, but is instead a threat to our liberties.
Ron PaulThe Fed has one power that is unique to it alone: it enables the creation of money out of thin air. Sometimes it makes vast new amounts. Sometimes it makes lesser amounts. The money takes a variety of forms and enters the system in various ways. And the Fed does this through techniques such as open-market operations, changing reserve ratios, and manipulating interest rates, operations that all result in money creation.
Ron Paul