Rand Paul: “the golden new era of the 1990s has been welcomed and praised by many observers, but I am afraid a different type of new…”

“the golden new era of the 1990s has been welcomed and praised by many observers, but I am afraid a different type of new era is arriving, a dangerous one, heralding the end of 30 years of fiat money. If so, it is a serious matter that deserves close attention by Congress. There is nothing to fear from globalism, free trade and a single worldwide currency, but a globalism where free trade is competitively subsidized by each nation, a continuous trade war is dictated by the WTO, and the single currency is pure fiat, fear is justified. That type of globalism is destined to collapse into economic despair, inflationism and protectionism and managed by resurgent militant nationalism. Efforts to achieve globalist goals are quickly abandoned when the standard of living drops, unemployment rises, stock markets crash and artificially high wages are challenged by markets forces. When tight budgets threaten spending cuts, cries for expanding the welfare state drown out any expression of concern for rising deficits. The effort in recent decades to unify government surveillance over all world trade and international financial transaction through the UN, the IMF, the World Bank, the WTO, the ICC, the OECD and the Bank of International Settlements can never substitute for a peaceful world based on true free trade, freedom of movement, a single but sound market currency and voluntary contracts with property private rights. Mr.…”