Last updated on: 1/30/2013 | Author:

Ron Paul, MD Biography

Former United States Representative (R-TX)
Pro to the question "Should the United States Return to a Gold Standard?"

“Why is gold good money? Because it possesses all the monetary properties that the market demands: it is divisible, portable, recognizable and, most importantly, scarce – making it a stable store of value. It is all things the market needs good money to be and has been recognized as such throughout history. Gold rose to nearly $1800 an ounce after the Fed’s most recent round of quantitative easing because the people know that gold is money when fiat money fails…

Fiat money is not good money because it can be issued without limit and therefore cannot act as a stable store of value. A fiat monetary system gives complete discretion to those who run the printing press, allowing governments to spend money without having to suffer the political consequences of raising taxes. Fiat money benefits those who create it and receive it first, enriching government and its cronies. And the negative effects of fiat money are disguised so that people do not realize that money the Fed creates today is the reason for the busts, rising prices and unemployment, and diminished standard of living tomorrow…

As the fiat money pyramid crumbles, gold retains its luster. Rather than being the barbarous relic Keynesians have tried to lead us to believe it is, gold is, as the Bundesbank president put it, ‘a timeless classic.’ The defamation of gold wrought by central banks and governments is because gold exposes the devaluation of fiat currencies and the flawed policies of government.”

“Gold Is Good Money,”, Oct. 2, 2012

Involvement and Affiliations:
  • Chairman, Campaign for Liberty
  • Distinguished Counselor, Ludwig von Mises Institute
  • Representative, United States House of Representatives, Texas (14th District), 1996-2012
  • Chairman, The Liberty Caucus of Fellow Congressmen on Capitol Hill
  • Member, Financial Services Committee
  • Member, International Relations Committee
  • Member, Joint Economic Committee
  • Member, Subcommitte on the Western Hemisphere
  • Member, Subcommittee on Domestic and International Monetary Policy, Trade, and Technology
  • Member, Subcommittee on International Organizations, Human Rights, and Oversight
  • Republican presidential candidate, 2008, 2012
  • Representative, United States House of Representatives, Texas District 22, 1976-1977, 1979-1985
  • United States Senate, Republican Candidate, 1984
  • Member, United States Gold Commission, 1981-1982
  • Republican Nominee for United States House of Representatives, 1974
  • MD, Duke University, 1967
  • BS, Gettysburg College, 1957
  • Obstetrician-Gynecologist, 1968-1996
  • As a physician he refused to accept payment by Medicare or Medicaid, preferring to work for free or pre-arranged discounts or payment plans for poor patients
  • Air National Guard, 1965-1968
  • United States Air Force, Captain, 1963-1965
Quoted in:
Pro & Con Quotes: Should the United States Return to a Gold Standard?