By Ron Paul
We're in a contest of ideas, and we're seeing the consequences of an economy run by Keynesian ideas specifically. Changing the tax code, and addressing overregulation may be good, and we should be for it, but the problem cannot be solved unless we address the Federal Reserve.
We have to get to the point of not allowing the Fed to fix interest rates. Central economic planning has to be rejected. We have to reject the notion that debt is good. It makes a country totally dependent. America now has an entire culture of dependency. The wealthy and the poor are dependent alike. Those in the middle class, who are still willing to work, are struggling.
If we really care about creating a fairer society, we have to look to the free market. It was the free market that created the largest middle class in the history of the world. Unfortunately, it's disappearing.
What we decide now is crucial. If we decide on more government, and more interference with paper money and debt, our problems will get much worse. We have to accept the fact that a lot of mistakes were made. We have to allow the market to give us indications on clearing out all the malinvestments. That is the solution.
We need some liberty. We need some freedom. We need to deal with property rights, and we need a lot less government.
That won't give us a million jobs in one month, but a year from now, you would see a thriving economy and you would see a much happier people. We would have a new generation who would be hopeful about having jobs.
Until we change our philosophy on what the role of government should be, and what economic policies should be, we're not going to get to the bottom of this.