>Gold and the Dollar
>
>By U.S. Rep Ron Paul
>(Remarks to the U.S. House of
>Representatives, June 5, 2002)
>http://www.house.gov/paul/congrec/congrec2002/cr060502.htm
>
>Mr. Speaker, I have for several years come to
>the House floor to express my concern for the
>value of the dollar. It has been, and is, my
>concern that we in the Congress have not met
>our responsibility in this regard. The
>constitutional mandate for Congress should
>only permit silver and gold to be used as
>legal tender and has been ignored for decades
>and has caused much economic pain for many
>innocent Americans. Instead of maintaining a
>sound dollar, Congress has by both default
>and deliberate action promoted a policy that
>systematically depreciates the dollar. The
>financial markets are keenly aware of the
>minute-by-minute fluctuations of all the fiat
>currencies and look to these swings in value
>for an investment advantage. This type of
>anticipation and speculation does not exist
>in a sound monetary system.
>But Congress should be interested in the
>dollar fluctuation not as an investment but
>because of our responsibility for maintaining
>a sound and stable currency, a requirement
>for sustained economic growth.
>The consensus now is that the dollar is
>weakening and the hope is that the drop in
>its value will be neither too much nor occur
>too quickly; but no matter what the spin is,
>a depreciating currency, one that is losing
>its value against goods, services, other
>currencies and gold, cannot be beneficial and
>may well be dangerous. A sharply dropping
>dollar, especially since it is the reserve
>currency of the world, can play havoc with
>the entire world economy.
>Gold is history's oldest and most stable
>currency. Central bankers and politicians
>hate gold because it restrains spending and
>denies them the power to create money and
>credit out of thin air. Those who promote big
>government, whether to wage war and promote
>foreign expansionism or to finance the
>welfare state here at home, cherish this
>power.
>History and economic law are on the side of
>the gold. Paper money always fails.
>Unfortunately, though, this occurs only after
>many innocent people have suffered the
>consequences of the fraud that paper money
>represents. Monetary inflation is a hidden
>tax levied more on the poor and those on
>fixed incomes than the wealthy, the bankers,
>or the corporations.
>In the past two years, gold has been the
>strongest currency throughout the world in
>spite of persistent central bank selling
>designed to suppress the gold price in hopes
>of hiding the evil caused by the inflationary
>policies that all central bankers follow.
>This type of depreciation only works for
>short periods; economic law always rules over
>the astounding power and influence of central
>bankers.
>That is what is starting to happen, and trust
>in the dollar is being lost. The value of the
>dollar this year is down 18 percent compared
>to gold. This drop in value should not be
>ignored by Congress. We should never have
>permitted this policy that was deliberately
>designed to undermine the value of the
>currency.
>There are a lot of reasons the market is
>pushing down the value of the dollar at this
>time. But only one is foremost. Current world
>economic and political conditions lead to
>less trust in the dollar's value. Economic
>strength here at home is questionable and
>causes concerns. Our huge foreign debt is
>more than $2 trillion, and our current
>account deficit is now 4 percent of GDP and
>growing. Financing this debt requires
>borrowing $1.3 billion per day from overseas.
>But these problems are ancillary to the real
>reason that the dollar must go down in value.
>For nearly seven years the United States has
>had the privilege of creating unlimited amounts
>of dollars with foreigners only too eager to
>accept them to satisfy our ravenous appetite
>for consumer items. The markets have yet to
>discount most of this monetary inflation. But
>they are doing so now; and for us to ignore
>what is happening, we do so at the Nation's
>peril. Price inflation and much higher
>interest rates are around the corner.
>Misplaced confidence in a currency can lead
>money managers and investors astray, but
>eventually the piper must be paid. Last
>year's record interest rate drop by the
>Federal Reserve was like pouring gasoline on
>a fire. Now the policy of the past decade is
>being recognized as being weak for the
>dollar; and trust and confidence in it is
>justifiably being questioned.
>Trust in paper is difficult to measure and
>anticipate, but long-term value in gold is
>dependable and more reliably assessed.
>Printing money and creating artificial credit
>may temporarily lower interest rates, but it
>also causes the distortions of malinvestment,
>overcapacity, excessive debt and speculation.
>These conditions cause instability, and
>market forces eventually overrule the
>intentions of the central bankers. That is
>when the apparent benefits of the easy money
>disappear, such as we dramatically have seen
>with the crash of the dot-coms and the Enrons
>and many other stocks.
>Now it is back to reality. This is serious
>business, and the correction that must come
>to adjust for the Federal Reserve's mischief
>of the past 30 years has only begun. Congress
>must soon consider significant changes in our
>monetary system if we hope to preserve a
>system of sound growth and wealth
>preservation. Paper money managed by the
>Federal Reserve System cannot accomplish
>this. In fact, it does the opposite.
Ich denke, das eine solche Rede eher in zum US-kongress als zum Bundestag passt: Die Klientel ist vermutlich doch ein wenig verständiger, was einige der Fachwörter angeht... ;-))
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