Ronald E. Paul Quotes

China, Japan, and Asia in general have been happy to hold U.S. debt instruments in recent decades, but they will not prop up our spending habits forever…. The greatest threat facing America today is not terrorism, or foreign economic competition, or illegal immigration. The greatest threat facing America today is the disastrous fiscal policies of our own government, marked by shameless deficit spending and Federal Reserve currency devaluation.

 
Context
At the time, the George W. Bush Administration policy was to have the United States running a very large trade and budget deficit—the largest in the history of the world. In order to finance the deficit, the U. S. Government had to borrow money and it did so by selling bonds and other financial instruments. Many of these were purchased by Asians, but Paul’s point was that they were “propping up” American spending habits and might not continue to do so.
Ronald E. Paul
Ronald E. Paul
  • Born: August 20, 1935
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Ronald Ernest Paul is an American author, physician, and retired politician who served as the U.S. Representative for Texas's 22nd congressional district from 1976 to 1977 and again from 1979 to 1985, and for Texas's 14th congressional district from 1997 to 2013. On three occasions, he sought the presidency of the United States: as the Libertarian Party nominee in 1988 and as a candidate in the Republican primaries of 2008 and 2012. Paul is a critic of the federal government's fiscal policies, especially the existence of the Federal Reserve and the tax policy, as well as the military–industrial complex, and the War on Drugs. He has also been a vocal critic of mass surveillance policies such as the USA PATRIOT Act and the NSA surveillance programs. He was the first chairman of the conservative PAC Citizens for a Sound Economy and has been characterized as the "intellectual godfather" of the Tea Party movement.

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