I just sat through probably the best interview Ron Paul's ever had. At one point Chris Wallace asked Ron Paul "What is Austrian economics and who were Mises and Hayek?"
I damn near fell out of my chair.
Couldn't agree more-- the best Ron has ever been on TV. He tore FEMA apart right in the eye of the storm.
By the end of this interview, it finally dawned on Chris Wallace that he was looking at the 45th President of the United States.
FEMA - AcedLibya - AcedAustrian economics- AcedFed Reserve - AcedI almost cried with relief. At last. Someone actually saying what should be said, with the resolve and track record to back his words with action.
I just now noticed this.Notice when Wallace puts the Jesse Benton quote on the screen about only being on it for the influence and not to be president (around the 6:30 mark)...the date says SEPTEMBER 5th....pretty sure it's August still. My guess is that the quote was from September of 2007/2008?Either way it was a great interview. Thanks for posting
Somebody who knows Austrian economics and is close to Paul, should advise him on a good way to summarize the Austrian School when journalists and other interviewers ask him about it, because in all honesty, in this interview at least, I don't think he answered Wallace's question in a good enough way.
Good job by R.P.'s staff to get him before Chris Wallace. Chris is a good guy -- misguided but fair -- unlike blowhard, goofball, bully O'Reilly.
Excellent interview- I agree, one of his best yet. His concise explanation of Austrian monetary theory was awesome. Dale Fitz
How is this guy not our president?
One can only hope that a future President Paul would do this:http://www.lewrockwell.com/rockwell/30-day-plan.html
That really was fabulous, I just wish he didn't have the position on Iran nukes that he has. That to me is unconscionable.
@Major_freedomI honestly thought it was the best I've seen him. The idea isn't to summarize Austrian economics perfectly. It's to answer the questions consistent with Austrian economics in such a way that the average person can understand. He did it very well.In fact, I don't know what he could have done better, besides some very minor slips up of speech.
Major_Freedom wrote, "I don't think he answered Wallace's question in a good enough way."My thought is, what would be good enough? Could you provide an example?
Speaking of O Reilly:http://www.youtube.com/watch?v=O_HyZ5aW76c&feature=relatedThis is the infamous clip of him berating and screaming at his own staff in a complete meltdown and temper tantrum, while having a fake smile and happy personality when the camera is rolling. HILARIOUS!
The public schoolers must think Ron Paul is an idiot since they are told to think FDR was a god.
@Anon.11:49 and Anon.3:24"...he was looking at the 45th President of the United States..."...and the coming Real Deal Administration.
This was by far Ron Paul's greatest interview that I am aware of. More reason NOT to get a phd in economics for those who are considering it. Within a few short years every high school aged person will know who Mises and Hayek were and there will be little need to pay some bureaucracy to tell you to read stuff you can do on your own and discuss with others for free.
Lila,I honestly thought it was the best I've seen him. The idea isn't to summarize Austrian economics perfectly. It's to answer the questions consistent with Austrian economics in such a way that the average person can understand.and Anonymous,My thought is, what would be good enough? Could you provide an example?Well, I actually thought maybe an Austrian expert close to Paul can do this, but if you want my opinion, then I would say this:"The Austrian School of economics recognizes the basis of all economic phenomena to be individual action. All value and utility is based on the thinking and planning of INDIVIDUALS. This recognition necessarily implies a range of logical categories for human behavior that are universally true. The study of these logical categories of action, and all that can be derived from them, is a science that Mises termed "praxeology." Politically, Austrians are advocates of the free market because that is where the logic of action invariably leads. Austrians believe that to live safe and prosperous lives, individuals must have absolute economic freedom, provided that they do not infringe on other individual's economic freedom."
@ Major FreedomNo offense, while most of us will be able to understand what you wrote the average Tom, Dick and Harry will not. You have to remember who he is talking to. He is not trying to convince us as we are already convinced. He needs to speak in a manner that those not familiar with economics would understand. The word "praxeology" would be way over everyones heads and they would probably tune you out. I think the most simple way to summarize it would be to talk about getting the government out of the way, quit printing money, stop bailing people out because the market will take care of bankrupt companies like they take care of bankrupt individuals. That is basically what he does. Could he be clearer? Sure. But this is how he talks and we can't change that now. While he takes the time to promote austrian economics, it should not be the focus of the campaign. He can incorporate austrian ideas and fundamentals and apply them to our current situation. The best way to do that is to give examples (i.e if a "TBTF" went bankrupt, any good assets would be bought up in the market and anything that was garbage would be liquidated. Instead, the government bails them out and the bad parts of the company are bought up by the tax payers through the treasury). Apply that to any bank/financial institution that we bailed out-especially Fannie and Freddie. People can relate to this because they care about the values of their homes. If people understand that the government (taxpayers) took over Fannie and Freddie and they are still costing us hundreds of billions of dollars, people will latch on to that. Explain that the only way for home prices to stabilize is if the market is allowed to clear all of the bad mortgages/debt. Homebuyer tax credits cost the taxpayers billions, yet it didn't help stabilize prices. Also, a lot of people took advantage of the credit who should not have been allowed to. This is another problem with government intervention-unintended consequences.Stick to the basics. Apply Austrian perspectives to current situations that will resonate with the average taxpayer and make sure you point out that government is a roadblock to prosperity.
I think a big problem is to say "do nothing" is not helpful. He needs to say "cut taxes, cut spending/regulation and reintroduce sound money". And often times Austrians give the impression that they want to do "nothing". We are then letting the keynesians frame the debate. Fuck that frame!
@ Major Freedom, I tell people the Austrians are the school of,"There is no Free Lunch" economics, and the Keynesians are the, "We can all have Castles in the Sky" economists.People get the difference by gut feeling. Their own life experience drives home that there is no free lunch.
Ron Paul said more in 14 minutes than most politicians say in an entire career.
Major Freedom- excellent, concise encapsulation of AE. Kudos. Too bad decades of gubmint schoolin' has dumbed the populace down so much that it's over their head. Chris K- you nailed it, we must break it down to easy to grasp fundamental truths that everyone already knows, and relate them to the current system, just as EGPalmer points out. Dale Fitz
Major_Freedom, thanks for the reply, really.However, I do agree with what Chris K. said, especially with regards to the word, "praxeology" it's an automatic eye glazier to the TV crowd.I also agree with Anonymous @ 9:18 PM, "to say "do nothing" is not helpful"... a better phrase might be, "back off!" or something to that effect?I wish Anonymous @ 1:54 PM would have expanded upon his/her reasoning a bit. Saying, "I just wish he didn't have the position on Iran nukes that he has. That to me is unconscionable." just doesn't cut it.All I can surmise is, you want to be bully of the world - deciding everything - paid for out of the pockets of everyone, including those who are down on their luck barely able to make ends meet all the while seemingly ignoring the history of which countries have attacked others, etc, etc, etc...?Sigh.
Thank Chris Wallace: FOX News Sunday firstname.lastname@example.org~or phone Fox News: "you'll have a unique opportunity to make your voice heard and affect change at FNC...you can call us at 1-888-369-4762."
I was really impressed. IMHO this will push Ron up in the presidential race and push his ideas up even more. I loved the way he stated that the depression of 1920 was over in a very short time because the government of the day did nothing about it, and contrasted that with the actions of the 1930s in the US and the last 20 years in Japan.
Praxeology? What's that? The study of praxes? Best I know there hasn't been a prax in my neighborhood since we buried Fred Flintstone. Point being, you gotta sell benefits.....to average Americans "cutting the deficit" is meaningless, most don't even know what a deficit is. They think "sovereign debt" is one of the Transformers.Now, get out of the middle east.....hey, got that.Pay less taxes.....well, maybe. Many don't have a clue they have been so conditioned to having it taken out of their paycheck before they get it that they don't even know it is their money and their labor.See, the tyrants have it right....use a pretty face to say nothing but make it sound good.
I think Ron Paul did great considering who was watching this. Those who already know about austrian econ don't need someone to explain it to him. Thomas Woods had an article up after the last debate with a few tips to make Paul's message more effective, and it appears as if he listened. I love how he brought up that he served in the military, unlike the typical GOP and Democrat chickenhawks, and that he gets more donations than everyone else combined from the military. I also think the fact that Ron pointed out the modern day Austrians from the last century were mostly Jews escaping the Nazis is literally the best possible response to the neo-con "anti-semite" charge that has started, and will only get worse. Now Austrian econ, Hayek, and Mises are being mentioned on Foxnews Sunday? Bernake and the Fed's keynesian apologists ought to be very, very worried at the political revolution that has just been launched. It is only a matter of time now.
.... And then there is his DISTURBING cozying up to sharia and his laissez faire position on immigration... Very disturbing!!!!
Chris K, E.G. Palmer, Anonymous @11:20 PM, and Anonymous @12:07 AM:Forgive me for saying this, but I find your posts concerning "dumbing it down" to be highly offensive, dangerous, and EXACTLY the kind of thinking that leads to folks like Keynesians and Monetarists in concluding that individuals cannot live healthy prosperous economic lives in freedom and so must be controlled by the state.You are undercutting the very foundation of economic liberalism that underlies the Austrian School which seeks to stop such elitist ideology that backstops state planning.You say individuals are smart enough to have economic freedom, but they are too stupid to understand how it is they can arrive at that conclusion intellectually.I don't know if you people want to feel all high and mighty in your own minds, by putting the majority of Americans down, but it is precisely your Platonic-cum-Staussian-cum-Hobbesian elitist worldview that underlies the Keynesians and Monetarists in wanting to take YOUR economic freedoms away from YOU.What I said above is not "over the heads of most people." The passage I posted contains a definition of the term "praxeology." Tyranny spreads when reason recedes. By apologizing for and purposefully wanting to pander to the lowest common denominator, you are destroying what Mises knew was the only defense against it: IDEAS.
Bruce R Porter:See, the tyrants have it right....use a pretty face to say nothing but make it sound good.The tyrants don't have it right. They can only gain coercive power BECAUSE the people are not equipped to fight them intellectually. Tyrants can be toppled by ideas, so stop pandering to ignorance as if it leads to progress. This is not a battle for who "wins" coercive power over others. This is a battle for who wins being right.
BRAVO CHRIS WALLACE! It takes courage to interview Ron Paul and stick to the relevant issues--those that concern our government, national security, and economy. Because Paul's ideas are intellectually challenging for most journalists, the questions are often skewed with inaccuracies, focusing on controversial issues like abortion and drugs, which may hurt his campaign. Consider the likes of that numbskull Piers Morgan, who interviewed Paul via a camera using a fish-eye lens!-- insulting and moronic, as were his questions. As Mr. Paul insists, pressure must be put on the Federal Reserve and Mr. Bernanke to account, literally, for the policies that have thrown us into insurmountable debt. THERE MUST BE AUDITS.I think Paul will have a hard time with the Latino and Black voters, and with liberal hard-liners, especially women. Mr. Obama would make the most of this, you can count on it.
Great interview. Chris Wallace for the first time loosened up on Ron Paul and actually listened to what Ron Paul had to say & seemed impressed. It would have been nice to be more concise with his answer to what is Austrian economics (I would simply say "small government" as opposed to "big government"), but Ron Paul hit all the main points in a relatively short period of time.
Major Feedom-It isn't an attack on their intellect, it's recognizing that the vast majority of citizens have a very skewed and incorrect view of economics, due to deliberate educational and media propaganda. If Dr Paul has a short period to discuss economics, focusing on tangible, easy to understand and verifiable facts is better than lecturing them on Praxeology and nuances of Austro-libertarian theory. In a more relaxed and in depth setting, your points would be wonderful, but in a world of 7 second soundbites, they are not effective, and can be counter-productive to the message. Your points, re-stated---"Austrian economics recognizes that all economic activity comes from individual plans and decisions. They recognize that these individual plans and decisions have a range of consequences, and understand that individual liberty and free-markets provide the best system for maximizing the benefits of these plans and decisions. For society to be prosperous and healthy, it must allow individuals to make these plans and decisions without government interference so long as they do not violate the liberty or property of other individuals."Once people understand and believe the above paragraph, Praxeology is simple to explain. I fully believe that even the most mal-educated and ignorant person can grasp these truths if they are given a chance to think about them, but to get them started on the path these ideas must be presented in simple, common sense phrases using universally recognized words. Praxeology, a word 95% of Americans have never heard- even supporters of Dr Paul may have never heard the term- can only be grasped once the basic concepts have been explained.Dale Fitz
I like a lot of what RP says but tomorrow he will say something so crazy that even if he didn't look like Smeagol he could never get elected. There are some people who are meant to expand ideas and others who are meant to administer those ideas. RP is not the latter.
I love the passion of Ron Paul supporters but be honest he has no chance of winning. Sorry folks. Keep pushing for more effective government though!
Well if interest rates go up as Paul suggests, then gold will fall.
I read where someone recommended Ron Paul for Fed Reserve Chairman in the post 2012 Administration...IMO this is a good idea if RP does not become the Prez!
I'm in LOVE with Ron Paul!
Major, I've said exactly what you promote here to many, many people over the years. I always see their eyes begin to glaze over about 15 seconds into my explanations. I'm not dumbing down when I say "free lunch vs no free lunch". We're in the situation we are because the majority don't understand economics, and don't care to learn.If you don't have a quick turn of phrase to get your foot in the door and create the possibility of further interest, you might as well be speaking another language. Because to most Americans, you are.
Great job Mr. Paul. Regardless of the ultimate Republican candidate for President; this man needs to be considered for a Cabinet position.
Austrian economics: Only spend what you saved.
Anonymous @ 4:42PM: Come on! You act like the race has been run. It ain't over 'til it's over! I voted in the Iowa Straw Poll for Ron Paul and I know it ain't over. Stop watching and listening to Mr. StuffinEnvelopes on ABC and think for yourself!Anonymous @ 5:49PM: This gold and silver investor somewhat agrees, but first - consider how deep the hole has been dug! It will NOT get filled up overnight. In Other Words, it will take time for gold to reach its peak, even if interest rates climb. There will indeed be that point where interest rates will kill the gold bull. This was EASY to do just years ago, but we're dealing with stronger hands today and an administration with the IQ of a small soap dish in regard to actual solutions. IMHO, with a public barely stirring awake, we have a ways to go in both gold and silver. I ain't selling any of my holdings anytime soon!
Chris K--I am pretty sure that the September 5 reference is for the coming weeks issue--they always date them in advance.
I'm a monetarist. We are dying for want of purchasing power. We have deflation. No hiring power. No debt paying power. Inflation is not the problem, although that is what lenders and gold sellers want you to think. Paul and the Rothschild interests he secretly represents want deflation and they want you to buy gold in a deflation (buying it at a high) when in fact it is only false expectation -- fed by Paul and Celente and Beck and Rockwell and North etc -- that talks about hyper-inflation. If there was inflation there would be investing. There is deflation -- drying up demand. The bailouts and QE are putting money in the hands of internaitonal financiers -- NOT AMERICANS. Austrian economics is apologetics for Big Finance creditors with monopoly of credit. Using poor analogy of a bubble rather that organic development, Austrians ignore what really kills household purchasing power and living standards-- the killer is DEFLATION -- and blames growth itself (calling it, without justification, "malinvestment" wanting to liquidate borrowers into creditor pockets. search youtube Eastman American Social Credit for video that really rebuts the myth of inflation causing bubbles of "malinvestment"
I'll vote for Ron Paul if everyone else does!!He needs a GRASS ROOTS MOVEMENT, because he is the one that worries Obama most!! Ron Paul has been consistent for over a decade in his thought process and interviews. By God, one extremist has gotten us into this mess, we need to really shake things up to bring it back. Ron Paul is my man!!
Regarding Anonymous's thought that Ron Paul's position regarding Iran is unconscionable, the fact that he is dedicated to the principles of our constitution and that this man's moral integrity is beyond reproach, there should be absolutely no doubt in anyone's mind that, as president, Ron Paul would fully support the will of the people unlike po who suffers from presidential directive fever.And another thing. I humbly submit that those who suffer from the delusion that Dr. Ron is unelectable need to take a step back and consider the possibility that the propaganda being spread by the left as well as the military industrial neocon right might have had a negative impact on your ability to see clearly the only trusted and true solution to what currently threatens our once great nation.
The first thing President Ron Paul should do is reinstate the 1st amendment!
Ron Paul CAN win, otherwise the power elites and their pathetic puppets wouldn't be so afraid of him and the ideas he is propagating. It would be 2008 Part Deux. Bang.... fizzle. And he and his followers would be relegated to the dustbin of history.But it's not 2008.Ron Paul CAN win.
Yeah, hurray for Ron Paul about time someone who has the presses attention speaks up about all this WASTE..refreshing I'm behind him and his ideals 100 percent
In the many decades that I have followed presidential elections, I have never heard a candidate make so much sense. Are we noticing that Dr. Paul never searches for politically correct phraseology and diplomatic gibberish - he does the unthinkable and speaks from his heart's convictions. What a refreshing change. He has not been a seeker of popularity - He is a pleader for clarity of thought and vision. Surely Ron Paul's passion resembled that of our country's first patriots. These convictions are resonating in the hearts of growing millions of other Americans. I have been living abroad for the past 18 years and wonder if our great nation might once again chose Life, Liberty, and the Pursuit of happiness.
@Dick August 30, 2011 4:10pmYou are so blinded by Keynesian doublespeak that you can't see the contradictions in your own statements. How can you say "we are dying for want of purchasing power" and then immediately follow that with "We have deflation" Do you not understand that inflation is the increase of the money supply at a faster rate than the production of new goods and services? (Deflation is therefore a DECREASE in the money supply.) We have loss of purchasing power because the dollar is being devalued at such a rapid clip by monetization of our excessive debt. This causes prices, measured in dollars, to rise, not fall, because a "worth less" dollar buys less. Wage growth always lags price growth.You say we have no debt paying power when the opposite is true. We have greater debt paying ability than any other time in US history because it's super-cheap to borrow. With interest rates at all-time lows, and the Fed's money printing at all-time highs, the cost of debt is less than the rate at which the dollar is declining in value. So, you can pay back principal 10 years from now with a dollar that will only buy half the goods it'll buy today. In the end, it's the creditors that get screwed for lending too cheaply, and getting paid back in "worth less" fiat currency. Thus, bank failures. Other creditors (e.g. Chinese sovreign government) may not be so foolish to continue lending at a rate that is less than the devaluation rate of the currency. When no bidders show up for the Treasury auction one day, rates will rise dramatically. The US government can't have rising rates, because the higher interest payments would bankrupt them beyond their ability to lie and fool the public. So, the Fed will buy all the debt and issue more fiat paper to pay for it. More monetization, and eventually hyperinflation.Meanwhile, the masses still live hand to mouth, saving nothing from their government paychecks. Why would anyone save a dime in a savings account paying 0.1% interest? They think they're better off voting for the liberal Dumbocrats and continuing to get their handouts, which they promptly spend before it loses value. All this debt and consumption is courtesy of the Fed and their ability to make paper promises backed only by bullshit, and then injecting into the banking system as money.Ron Paul has it 100% right. Abolish the Fed. Bring back the gold standard. Elect Ron Paul. And for God's sake, silence the Keynesian morons.
God bless you Ron! We are really in deep now, and you are the ONLY serious person who's willing to run for the comic position of POTUS.
Ron Paul just got my vote!
Americans in general are indisputably the most stupid people in the present world, The problem is in our so-called "educational" system from K through college. Why is the lecture for the incoming freshman class, at Ohio State Univ. a lecture on the Ohio "RIGHTS OF EMANCIPATED MINORS ACT" detailing just what an 18 year old minor can get away with in Ohio without a parental permission even though the parent is still responsible for any costs incurred for such act. The school boards throughout this country are blatantly corrupt because there is no audit program in place anywhere. there is no hope for this country, the deterioration is too far-spread. This is one fed-up old veteran, may God help the U.S.A,
It seems from some comments that people equate Ron Paul's message with many negative sentiments about America. When I think of Ron Paul I see someone full of vision and hope for the great things our nation could achieve under his leadership. Wealth, security, freedom, justice and tangible progress. Those are things we all want.
How can you ever get a smart guy like this elected when more than half the voters are "on the take" - either on the government payroll or receiving government benefits.Sometimes democracy is a screwy system - it's just that the alternatives are worse.Where's a benevolent dictator when you need one?
Excellent video! Now we all should be thinking what can we as individual do to make him the president..I know voting is one way but spreading the word and his ideals will also go long way.
Home run !
I do not know where everybody has been, Ron Paul was making sense in the last election, media and foolyoupoloticians demeaned him, and did not give him coverage like they will not now, my vote is with Ron Paul, most people are brainwash by what the tv tells them to do. Good luck Mr. Paul My vote is with you and I got alot more behind me.
If you haven't seen Ron Paul's address to an audience at New England College a couple of days ago, you've got a treat in store...http://www.youtube.com/watch?v=PZiV0dxSC_Y
hate to tell all of you this, but ron paul will never be president...ever! they will never allow it...ever!
People need to stop listening to the established Republican and Democratic parties and VOTE FOR RON PAUL. The only way Ron Paul wouldn't win is if people keep listening to same voices they've always listened to. If you want a different outcome, then do something different. Vote someone into the White House who will get some people up there that will push to get the right thing done and stop all this patronizing that has been going on for decades. VOTE RON PAUL!!!!
Sorry but Ron Paul will never be President. The big conglomerates, Bilderberg, people who build war machines etc that control the world won't let that happen. JFK was the USA's last "real" president and look at what happened to him. Who knows how honest the election system is in the USA. The president is picked way before the election. Look at the Obama story. Not many even knew what a Barack Obama was 10 years ago and then becomes president. WAKE UP AMERICA YOU DUMB SHITS
I'm coming a little late to the party,and obviously dragging in a basket of red herrings, but back in the middle of the debate about how to educate without dumbing down -- let me ask this question, what do you guys (Major and the people arguing with him) think:Does might make right, or does right make might?I believe right makes might. I also believe that I can be right and still get run over by a steam roller while I'm harranging the driver.In the end, communication is the responsibility of the person seeking to communicate. If that's me, it's up to me to translate my message into the vernacular, whose-ever vernacular that might be.So, to the now much chewed on Major, I'll say that we'd best not forget that we're up against pretty naked "might," weilded by people who laugh themselves silly every somebody righteously stands up for Truth My Way, and gets clobbered. Side-lined. Marginalized.What we all enjoyed about Ron Paul's interview was that he spoke truth in a mainstream venue and for once didn't get clobbered! That was the shocker.Can anybody explain that?
It might be early in the race, but so far there is no other candidate that can be as clear as Ron Paul and separates itself from the same political BS and promises we have been listening all these years.... it's definitely refreshing... the GOP might try to pull the rug under his feet, but hopefully the wish of the people will prevail.
finally an elected person (not politician) that is clear thinking and clear speaking the truth!!!
Whoa people! Why are people's memories so short? Or is it just conscious forgetfulness? Could any body remember the financial banks meltdown and the events leading to the subsequent bailouts to "the too big to fail" financial banks? The then treasury secretary Paul Paulsen, a hardline believer of the austrian economics to allow failing corporation to fail and do not cater to tax payers funded bailouts of failing corporations. Fanny Mai and Freddie Mac, the two biggest real estate lenders were the first two lenders to suffer financial meltdown and was promptly taken over by the tax payer to prevent a complete real estate lending institution collapse, for if they were allow to fail, no banks will be willing to lend to anyone to buy a house. Then Bear Stearns was the first financial banks to be in trouble from the toxic debts it took from the collapsing real estate bubble. Paulsen brokered the purchase of Bear Stearns remaining viable assets by giving BofA 25 billions credit to buy it. Paulsen have no idea the extent of how serious the meltdown was, nobody have any idea how huge the problem was. Then Lehman Brothers came to the surface, was on the verge of bankruptcy and was the fourth biggest bank in the U.S.A. Allowing Lehman Brothers to collapse will have far reaching unimaginable global banking consequences. Paulsen allowed Lehman Brothers to collapse. The result was devastating. He then understood the seriousness of the meltdown. Then AIG the biggest insurance company in the world as melting down from the toxic debts AIG cornered itself in! Allowing AIG to go bankrupt will mean the end of whole of U.S. economy. AIG was truly a "TBTF". The "TARP" bailout was formulated to prevent a meltdown of the U.S. economy. It was absolutely necessary. So anyone like to debate on the Austrian Economics and Ludwig Von Mises theory? And please do not hide under Anonymous moniker. Man up and stand your ground. Peace be with you.
John ScholfieldRon Paul is right on. One thing the brains in Washington has never figured out is a plan that violates the Laws of Nature will never work, and that is "survival of the fittest". Our current president had run the Constitution thru a paper shredder.