http://www.house.gov/paul
http://www.CampaignForLiberty.com
This is Congressman Ron Paul’s opening statement at the Financial Services Hearing on Sovereign Wealth Funds, September 10, 2008. The text can be found here:
http://www.house.gov/paul/congrec/congrec2008/cr091008h.htm
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.
ALAN
Comments
Notice how the room was completely empty on such an important subject. Nice oversight Congressmen and women - you fuking traitorous retards - you should all be tried and hung as traitors for destroying the country.
ruthelator is so right.
heres an update on the economy and domestic probs
/watch?v=P1qOMCBLIB0
Brilliant!! Ron Paul is far, far, FAR more qualified than either McCain or Obama to deal with economic crisis and steer us on a better path. It is a SHAME that he was silenced and shut out by the corrupt mainstream media. It is a SHAME that the republicans have sold us out to the highest globalist bidders, as have the democrats. I’m voting for Baldwin or Barr.
Check and mate! Nicely done.
Like I said before, listen to Ron Paul and the economy will get better. Bush admitted he finally realized that were weren’t going in a good direction. It’s too late now.
I find myself saying just that very often. A pich black govt if it werent for him.
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But he is king at taking down neocons.
Weed and Seed…The weeding has begun here in America…Demon Seeds.
Yeah, but I bet he can’t hunt Moose!
The last of the great truth tellers speaks to a hall so empty one can practically hear and see the tumbleweeds go by, an honorable man alone in the dessert… Meanwhile, at the drying up oasis watering hole the masses jerk off on their new toys… America’s fall is the fall of the duped and the corrupted; by design… The sleeping giant can still awaken from the stupor of designed stupidity, and ACT—but time is definitely running out.
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Fred Burkle was sacked from advising the Iraq Ministry of Health & replaced with a Bush ‘Loyalist’ because he was counting the morgue figures too accurately.
Check out my video:
Bush Loyalist oversaw Iraq Deaths Survey
in the vid response section.
WANT TO RESTORE AMERICA TO ITS ROOTS?
WHY ARE WE BEING BANKRUPTED BY PRIVATE BANKERS?
watch?v=30-WtZTH06o&feature=related
The source of our problem is we’re being loaned money from private bankers who **** the nation. The problem is the private banking system masking itself as a “federal” arm of the government.
Push your local church and community groups to rally against the federal reserve system. Get your churches and community groups to speak with local politicians about the FED.
what would you have us do? ive told all my friends, most of which agree with me now, and consequently agree with Ron Paul. But, What can we do? aside from holding these 10,000+ pll meetings for our agenda, we cannot do much. we can vote, and the votes will not be enough, and if they are a threat, the voting machines will be tampered with. i agree, nothing will happen until it all falls apart. mainly, because that is the only way.
Because they meet differently, that is a specific committee hearing not every congressman is a member of that. Britain they just meet with the PM in the house of commons and battle it out. Its actually kinda entertaining over there like their about to climb over the seats lol.
and woodrow wilson and those rich bankers
Why does it say “Mr Paul” when he’s clearly a doctor
God Bless Ron Paul! He always hits the nail directly on its head.
how come its always empty… how come none of the other congressman are sitting around yelling at eachother, whether laughing or angry… arguing about the politics of America like they do in Britain? They never seem concerned.. and when it is a packed house.. you see that everyone is doing their own thing.. paying attention to their paperwork, or whispering/talking tot he person sitting next to them..
it always seems like their minds are made up. Does anyone care?
I support this man!
Ron Paul loves giving the people the truth!
THE FUCKING TRUTH.
I love you Ron Paul
