Statement of Congressman Ron Paul – United States House of Representatives - on Motion to Instruct Conferees on HR 2194, Comprehensive Iran Sanctions, Accountability and Divestment Act – April 22, 2010
Mr. Speaker I rise in opposition to this motion to instruct House conferees on HR 2194, the Comprehensive Iran Sanctions, Accountability and Divestment Act, and I rise in strong opposition again to the underlying bill and to its Senate version as well. I object to this entire push for war on Iran, however it is disguised. Listening to the debate on the Floor on this motion and the underlying bill it feels as if we are back in 2002 all over again: the same falsehoods and distortions used to push the United States into a disastrous and unnecessary one trillion dollar war on Iraq are being trotted out again to lead us to what will likely be an even more disastrous and costly war on Iran. The parallels are astonishing.
We hear war advocates today on the Floor scare-mongering about reports that in one year Iran will have missiles that can hit the United States. Where have we heard this bombast before? Anyone remember the claims that Iraqi drones were going to fly over the United States and attack us? These “drones” ended up being pure propaganda – the UN chief weapons inspector concluded in 2004 that there was no evidence that Saddam Hussein had ever developed unpiloted drones for use on enemy targets. Of course by then the propagandists had gotten their war so the truth did not matter much.
We hear war advocates on the floor today arguing that we cannot afford to sit around and wait for Iran to detonate a nuclear weapon. Where have we heard this before? Anyone remember then-Secretary of State Condoleeza Rice’s oft-repeated quip about Iraq: that we cannot wait for the smoking gun to appear as a mushroom cloud.
Finally, some truth to the severity of this situation.
5-7-08 Inman News: Industry analysts cite declining dollar, oil spikes and foreclosures…
SAN FRANCISCO — It’s clear the recession is here but how deep it goes is still an unknown, said Kenneth T. Rosen, chairman for the Fisher Center for Real Estate & Urban Economics at University of California, Berkeley.
In his view, there is a 45 percent chance for a deep recession, which could mean the loss of 4 million jobs and a rise in the unemployment rate to 7 percent.
Total U.S. foreclosure filings are expected to grow from about 2.2 million in 2007 to 3.2 million this year, according to RealtyTrac data, and the total number of U.S. properties with foreclosure filings is expected to grow from 1.2 million in 2007 to 1.9 million this year.
“The foreclosure wave hasn’t even hit yet. Be careful who you believe on TV.”
Stephen Roach, chairman of Morgan Stanley’s Asia division, talks with Bloomberg’s Deirdre Bolton about today’s report on U.S. economic growth, the implications of a weaker U.S. dollar and the outlook for economies in Asia and a recovery in the U.S.”
The housing crisis, credit crunch, and increse in value of tangibles like gold, corn, and wheat begin to paint a much larger picture of inflation and what happens when a debt-filled country begins to feel the pinch of overleverage. As Bernanke continues to lower the value of our everyday dollar, we all are beginning to feel the impact on more than the housing market. AND…what if the lowering of the Fed’s Fund Rate and Discount Window, doesn’t get us back into “flow”? It seems our Feds have only so many bullets in their gun. And what happens when/ if the Feds run out of bullets completely?
“An August 2002 iTulip forecast finally made the front page of the business section of the New York Times today, a slightly longer than usual time lag between one of our forecasts and an MSM report. Our thesis then was simply that governments, when faced with the problem of debt deflation that eventually occurs when a debt-laden economy turns down, always resort to currency depreciation and rate cuts as the primary tools to re-inflate the economy. If the debts left over from the previous boom where very large as in the case of the US economy after the housing and mortgage bubbles, the currency depreciation must be severe both in percentage terms and duration. Sooner or later these policies produce all-goods price inflation.
Ben Bernanke as much as admitted this in testimony before Congress earlier this year when he was asked by a member of Congress about the inflationary impact of cutting interest rates to simulate the economy. He replied, “You’ve put your finger on the problem. We have two problems but only one tool.”
It will extremely interesting to see the total economic outcome of constant rate drops in this market.