Ron Paul Bloomberg Op-Ed Piece

8 posts / 0 new
Last post
jsteid's picture
jsteid
Status: Member (Offline)
Joined: Jun 11 2011
Posts: 3
Ron Paul Bloomberg Op-Ed Piece

http://www.bloomberg.com/news/2011-07-22/default-now-or-suffer-a-more-expensive-crisis-later-ron-paul.html

 

Just wondering some of y'all's reaction to Mr. Paul's piece saying that the US might as well default now and take the pain now rather than more later.

Personally I don't think this is a terrible idea. All raising the ceiling and printing more currency will do is serve to undervalue our fiat currency here in the States lower than it already is and will simply, to use the mantra of the month, kick the can down the road, solving nothing. Simple cuts and tax hikes aren't going to solve the problems we have. We need a major shock to the system to get this country back on track and change the minds of everyday Americans that the unsustainable spending of the US (and the rest of the world for that matter) simply cannot continue.

Apologies if this has been discussed already elsewhere, I may have missed it in my cursory search of the forum.

Poet's picture
Poet
Status: Diamond Member (Offline)
Joined: Jan 21 2009
Posts: 1891
Depends On Who You Ask
jsteid wrote:

Just wondering some of y'all's reaction to Mr. Paul's piece saying that the US might as well default now and take the pain now rather than more later.

Personally I don't think this is a terrible idea.

I think the opinions held will depend on how much of one's assets, and one's family and friends' assets, are held in U.S. Treasuries.

Poet

dshields's picture
dshields
Status: Platinum Member (Offline)
Joined: Oct 24 2009
Posts: 599
Ron Paul

I do not always agree with Ron Paul.  However, he is a constitutionalist and I do respect him for that.  When it comes to this specific issue, I believe he may be right.  If default is inevitable, then default while we still have assets and cash flow is better than default without either.

 

ewilkerson's picture
ewilkerson
Status: Gold Member (Offline)
Joined: Jul 18 2010
Posts: 390
I agree with Ron Paul. 

I agree with Ron Paul.  Granted you hate to renig on a commitment and the fallout will be catastrophic, but I think the alternative of dragging this out is a waste of time and money.  People know the risk when they invest so let them and the banks take their medicine.

Cheers,

Ernest

ronmeisels's picture
ronmeisels
Status: Member (Offline)
Joined: Jul 27 2009
Posts: 11
defaulting on the federal reserve debt

When Ron Paul is elected President and eliminates the federal reserve and restructures the whole banking system so it works for the people again wouldn't that make the liabilities all part of the U.S. debt that will start getting paid off with all of the savings from bringing the troops home and eliminating a lot of our federal expenses given to foreign countries and wasted  on war.(somewhere around 54%of the federal budget}

There does need to be a transitional period though don't you think? If millions of federal jobs are eliminated there has to be jobs created right away.

   

Poet's picture
Poet
Status: Diamond Member (Offline)
Joined: Jan 21 2009
Posts: 1891
What's Dreamy Versus What's Likely

I voted for Ron Paul in 2008 and plan on voting for him again in 2012.

But it's still a pipe dream to think that Dr. Paul can accomplish that much as President if people of both parties in Congress oppose him.

Remember, all it took was 42 determined Republicans in the Senate to hold up 535 members of Congress regardless of which party supposedly has power (as was done in December 2010). All it takes is 1 senator to put an very long "hold" on Administrative nominees - lately that's been something Richard Shelby (R-Alabama) has single-handedly done with 70 Obama nominees.

What you are likely to see is Dr. Paul, if elected, using his Presidential veto and possibly more gridlock in Washington, D.C. Although I bet Dr. Paul would make much better use of the bully pulpit and may be able to shame people into doing what's right at least some of the time.

 

ronmeisels wrote:

When Ron Paul is elected President and eliminates the federal reserve and restructures the whole banking system so it works for the people again wouldn't that make the liabilities all part of the U.S. debt that will start getting paid off with all of the savings from bringing the troops home and eliminating a lot of our federal expenses given to foreign countries and wasted  on war.(somewhere around 54%of the federal budget}

There does need to be a transitional period though don't you think? If millions of federal jobs are eliminated there has to be jobs created right away.

rhare's picture
rhare
Status: Diamond Member (Offline)
Joined: Mar 30 2009
Posts: 1323
Ron Paul could still get a lot done without congress.
Poet wrote:

But it's still a pipe dream to think that Dr. Paul can accomplish that much as President if people of both parties in Congress oppose him.

As you said the power of the Veto is mighty mighty powerful.   It might not work for eliminating the Fed, but all he has to do is veto spending until either an overide can occur or congress gives in enough to not be vetoed or to get enough votes to override.  Simply being a big monkey wrench in the cogs can do wonders.  Governor Johnson did a lot of that here in NM (someone else who would make an excellent president).  He vetoed 750 bills and was only overridden twice.    Ron Paul could also make use of executive orders (although he strongly opposes them so I'm not sure he would). He could pardon all non-violent drug offenders which would radically alter drug policy.   At any rate it would certainly be interesting to see Congress and the MSM having to deal with someone who doesn't compromise his ideals and does what they say.   I suspect he would have a much much smaller staff than past presidents.

Johnny Oxygen's picture
Johnny Oxygen
Status: Diamond Member (Offline)
Joined: Sep 9 2009
Posts: 1443
Re: What's Dreamy Versus What's Likely

This is dreamy...

 

This is not.

And this is likely.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Login or Register to post comments