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@wenzhang115 - Michael Zhang
@BGatesIsaPyscho Ron Paul said this in 1997 https://t.co/H7ewICT1iD
Video Transcript AI Summary
The creation of new dollars has led to a higher cost for gold and a depletion of our gold reserves. Congress allows this because they prioritize spending, often resulting in Americans working over half the year just to support government expenses. With limited options to raise taxes, Congress resorts to borrowing and creating money out of thin air. This process involves issuing treasury bills to the Federal Reserve, which can generate billions instantly. Such actions debase the currency, affecting its value and altering interest rates, ultimately harming the economy and living standards. The responsibility lies not only with the Federal Reserve but also with Congress, which drives this monetary manipulation.
Full Transcript
Speaker 0: By that time, we had created so many new dollars that that, the market knew that it took more dollars to get one ounce of gold. But in the process, we gave up a large portion of our of our gold that was present in our in our treasury. But why would, the Congress allow this? And why would they permit it? Well, I think the reason is is Congress likes to spend money.
And they like many here like to tax and they've been taxing. But currently, today, the average American works more than half the time for the government. If you add up the cost of all the taxes and the cost of regulations, we all work into July 0 just to support our government. And most Americans aren't that satisfied with what they're getting from the government. So the taxes can't be raised much more.
So they can go out and borrow money. Federal's, the congress will spend too much because there's tremendous pressure to spend on all these good things that we do, all the welfare programs, and all the military expenditures to police the world and build bases around the world. Takes a lot of money. And there's a lot of interest behind that to spend this money. So then they go and they spend the money.
And lo and behold, there's not enough money to borrow, and there's not enough tax money to go around. So they have to have one more vehicle. And that is the creation of money out of thin air. And this is what they do. They send the treasury bills or the bonds to the Federal Reserve and with a computer, they can just turn a switch and create a billion or $10,000,000,000 in a single day.
And that debases the currency. This diminishes the value of the money and alters interest rates and causes so much mischief that if people are concerned about the economy or their standard of living or rising cost of living, this is the source of the problem. So it's not only with the Federal Reserve manipulating, the money and the interest rates, but it's the responsibility falls on the Congress as well because the Federal Reserve serves the interests of the Congress in accommodating the