Ron Paul: Wisdom from a Master
America today confronts an unprecedented crisis. Our economy is collapsing, and the fake coronavirus “epidemic,” with its draconian restrictions, is destroying our liberty. What can we do? We’re fortunate that Dr. Ron Paul, our greatest living American, has provided a masterful diagnosis and offers us hope for a cure—if only we will listen.
The End of Unearned Opulence sums up and extends the message that Ron has given us in his many years of devoted service. In the book, he speaks of the “Faustian bargain” that Nixon imposed on the American people when he abandoned convertibility of the dollar into gold in 1971. He offered us fifty years of fake prosperity, but, inevitably, the bill from the devil came due. In telling us about this, Ron talks about the great German writer Johann Wolfgang Goethe and how he modified the Faust legend. As I read this, I thought about Goethe finishing his great play Faust in the wisdom of his old age. Ron has in like fashion offered us his mature wisdom in this book.
What is Ron’s message for us? He says,
The opulence of great wealth has been exposed. The grave danger we now face can no longer be denied. What we are witnessing today is what happens to a society when counterfeit wealth dissipates….A Ponzi scheme mentality which has existed for decades allows for constant pyramiding of debt as part of our fiat monetary system. This policy is a predictable event and is instrumental in the creation of financial bubbles. Fractional reserve banking is a major contributing factor in creating money out of thin air, which inflates the debt bubble. Much of the malinvestment that results appears as wealth, but is in reality an illusion that disappears with the bursting of the bubble.
The Austrian business cycle theory of Mises and Rothbard shows irrefutably that this policy won’t work. Why, then, has it been imposed on us? Ron gives us the answer. It benefits the crony capitalists—the opposite of genuine free market entrepreneurs—who are in bed with the government. He says, “The humanitarian claim of the welfare/warfare proponents is that their efforts have always been designed to care for the poor. The only problem is that as financial bubbles develop, the already wealthy receive most of the benefits….The huge bailouts in the 2008 recession saw the banks and mortgage companies benefitting while individuals lost their homes. With today’s lockdowns we see the large corporations avoiding the worst regulations and permitted to operate, while the mom and pop businesses go broke.”
Why do people allow that mad and evil policy to continue? Ron answers that the government deludes people with crusades against imaginary enemies, in order to gain more control over us. First and foremost, Ron is a critic of the warfare state. Ron is not a pacifist—an ancient charge against those who oppose constant war. He believes in the right to self-defense, but he does not believe in the initiation of violence, whether by private criminals or the state.
Still, this is the issue strategists would have had him avoid: just talk about the budget, talk about the greatness of America, talk about whatever everyone else was talking about, and you’ll be fine. And, they neglected to add, forgotten.
But had Ron shied away from this issue, there would have been no Ron Paul Revolution. It was his courageous refusal to back down from certain u
Article from Mises Wire