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Rep. Ron Paul on Future of Free Market System

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    Do government regulations strangle private industry?

  • Duration 7:50
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Paying attention to Ron Paul.

I don't know before the crash.

And during the last election I thought it was not some a lot of things I still think he's wrong on a few things.

But I don't think he's knots.

He is them it's taken one of the worst.

Stretches.

For the economy in American history.

To get people to finally pay attention to him.

He has been -- head on the economy.

He has attempted to audit the Fed now nine times they operate in complete darkness we had somebody on Rick Santorum on last week and I asked him.

Shut down the -- these will Myanmar and wound I'm really.

Shut him down -- no idea what they're doing.

It -- makes two look at things in and then wondering why we're into regulation.

About absolutely everything.

Except the Fed.

Not that I want to regulate Fred -- get rid of them but that's a different story.

He understands this probably better than anyone else he is now in -- Moines Iowa Republican presidential candidate Texas congressman Ron Paul.

-- -- -- -- -- Doing well thank you.

I've I've said that this is today is gonna end in one of four ways and the one way that it could end it is with renewed prosperity.

But it would go through austerity.

We would have to make the cuts we would have to keep taxes low and then we would have to deregulate.

All of the citizenry the exact opposite of what everybody in congress has been doing and the president has been doing.

Would you agree with that.

Yeah I would add one thing though in order to get to that point -- where you start doing the right things.

You have to get rid of the mistakes which is -- getting rid of the Mal investment and the dad are you an economy doesn't grow when it's overly burdened by debt.

And the mistakes made it previously due to the business cycle so you have to liquidate debt.

Then you go -- this of having sound money limited taxes limited regulations.

We get back to gross again the problem is is nobody wants to allow the correction to come.

And we're prolonging the agony were piling on the economy and that's why -- three to four years into -- already.

And there's no signs of strong recovery so.

Until we do that you can expect -- economy to get much worse.

Do you see any any sense in Washington have people cutting the death I mean I know Jim dement has come out and said.

Cut it.

He wants not in the you know don't put the death you know don't don't raise the debt ceiling I know you're against raising the debt ceiling.

-- raise the debt ceiling.

Let's you know let's get serious about debt.

-- an exception of a few people do you think anybody's gonna do that in Washington.

Now either you know they'll raise the debt limit whether it's temporary or long term but.

I don't think they're going to go past August -- raise the debt limits I think that's gonna happen which will just.

Encourage the spending again on.

So but he they they can't come together on how they wanna cut spending because one group things that you can't can't possibly -- -- penny from overseas spending -- -- -- -- you can't cut.

A penny out of entitlement system.

And I just happen to believe you should be able to cut boast and I don't think for a minute it would.

Heard our national fans I think you know our defense is not strong because -- -- spread too thin around the world.

But.

To get that agreement to -- very very different called.

And for that reason I predicted we're gonna continue downhill.

The deficit is going to be the burden that we can't handle and that we will eventually have a currency destruction.

Because we do rely on the Federal Reserve as long as the Federal Reserve -- call facilitator.

They claim it's the congress -- spend too much money and they're forced to do these things.

But if -- they had couldn't create money out of CNA -- -- by treasury bills congress would be forced to do something.

Because interest rates could rise and that would be very very harmful so be on -- on the congress is -- shoulders to do something but instead we keep spending.

And the down the Federal Reserve accommodates and is -- what we can't let interest rates go up.

So they just -- like crazy it's pretty amazing this worked this who as well as it has for so long.

But it doesn't mean it's gonna last forever and I think that's why people -- so upset in this country.

There are more and more people are starting to realize.

That this is coming to an -- and destroy not in the too distant future.

Me ask you one question I haven't been able to figure out.

I think the Ford Foundation and the the Ford Foundation in the Rockefeller.

Foundation have done more damage to this country then I think.

I think a lot of people combined.

The money that they had at the time that they just poured into.

All of these things came from.

A system -- no income tax where the rich we're getting richer Vanderbilt is the same way.

They did a lot of great things in there were people like Carnegie who was absolutely fantastic.

With out a virtuous and moral people which.

Our founder said we had to be or the system wouldn't work -- out of virtuous and moral people and you know regulation.

Is there any way to stop.

Capitalism from just being.

God awful ugly.

Well I don't like to think of capitalism is being ugly but I think what you're trying to buy is the consequence we have here and we went really well was this -- slate lately is what exactly what I mean maybe -- answer to directly.

But I mean is what the Tocqueville talked about.

That there would be people that would become so rich that they would -- the doors close for others Soros is doing it now he's kicking the door closed for other people.

When they get -- -- these people like Rockefeller got so wealthy that's what they did can you is not any regulation on that.

Well I think some did and some did not now Carnegie -- a lot of his money back I don't think.

A Bill Gates has a monster and I don't think I don't know.

-- Warren Buffett as a monster so we it has to do with the morality yes that's the part I agree with you the -- these people.

But even if there were no income taxes and they got very very well see if they didn't cheat if they didn't get benefits from the government.

Being very very well -- there's nothing wrong with that.

I -- get very very wealthy because they did contracts from the government.

Or they get loans at -- -- from the Federal Reserve and the banks get bailed out and they do all the gambling.

In the other ones -- get the bail outs in the little people lose their homes and their jobs.

Then its Iran's system but I don't call it capitalism I call that -- -- crime is around.

All our.

Org or if that's the London lending itself toward fascism set to me is a lot different than free market capitalism I like to use the word free markets because.

Capitalism people who get a little bit confused on -- think it is some people have pain it is a very bad term.

So I wonder free capitalism I once again giving any favors.

Under those conditions the consumer.

Becomes the dominant force they determine everything what the prices should be.

What -- wages should be and what the product should be and who survives and who doesn't.

Not the government okay real -- -- -- thirty seconds where do you stand on Israel -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Have everybody as our best friend like we have Canada and we trade with them we travel back and forth.

We don't give them money and we don't promise -- anything and we do quite well.

So I think that if you teach countries to be dependent on us that they becomes.

Dependent economically or even militarily it doesn't harm.

That's what's so why worry about Israel right now because of what's happened Middle East and that's going bankrupt.

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