Ron Paul on Fiat Money: 1970s Video
Sept. 14, 2011
This ancient video has good audio. Here, Ron Paul correctly frames the debate over fiat money. It is a moral issue: theft. It is a political issue: power. It is a free market issue: a violation of competition, i.e., a government-granted monopoly. Fiat money is anti-free market.
By framing the issue correctly, he never lost sight of the enemy institution: the central bank. This is why he refuses to give Bernanke any slack.
By sticking to his knitting for 35 years, he has become the most formidable political opponent of central banking in American history -- and probably world history. He never stopped hammering on the central bank. He finally gained an audience in 2007, 30 years or more after this video was shot.
His ability to expand that audience today makes him a major threat to the Federal Reserve. He will continue to get out this message after 2012. But he will do so from outside of Congress.
He is wise to leave. A politician can do only so much. He has been inside the Congress continually for over 20 years. He had earlier successful runs. There comes a time to transfer the torch. He has used his office to educate the public. He can do this from the private sector now.