Business News Australia.com.au

The Australian dollar hit new record highs of 90 US cents this week, after the domestic jobless rate fell to a fresh 33 year low.

The fall to 4.2 per cent in September - the lowest level since November 1974 - from 4.3 per cent in August, stoked speculation of another interest rate rise next month, pushing the unit higher. 

When the Australian dollar is doing well against the US dollar, this obviously means that the greenback is feeling, well, rather green. Texas Republican congressman and Presidential candidate Dr. Ron Paul is running on a policy that more people in America and here in Australia should be listening to and talking about. 

For once an aspiring leader of the free-world is actually leading by example and not by force and sees the U.S’s foreign policy as being one of the major sources of their economic woes. He has been voicing loudly that the Greenback’s value has been gutted because the U.S doesn’t have an export market anymore, instead it exports dollars to the world, which devalues the currency, and the world accepts it hand over fist. 

During the October 9^th Republican GOP Debate on MSNBC, Dr. Paul exemplified why he is gathering a groundswell of grassroots support all across America, raising more money on-line than any other Republican candidate, topping $5 million, as well as more donations from members of the armed forces than any of his fellow candidates, not surprising when he is the only anti-war Republican candidate. When asked about his feelings and questions on the bonanza that is the hedge funds market Paul said,”I think this is not a consequence of free markets. What is happening is a transfer of wealth from the poor and the middle class to the wealthy. This comes about because of the monetary system that we have when you inflate a currency or destroy a currency, the middle class gets wiped out so the people who get to use the money first, which is created by the Federal Reserve System, benefit. So the money gravitates towards the banks and to Wall Street. You see that’s why we have more billionaires today than ever before. Today this country is in a recession for a lot of people. Michigan knows about it, poor people know about it, the middle class know about it, Wall Street doesn’t know about it, Washington D.C doesn’t know about it, but it is because of the monetary system and the excess of spending. As long as we live beyond our means we are destined to live beneath our means, and we have lived beyond our means because we are financing a foreign policy that is so extravagant and beyond what we can control, as well as the spending here at home, and we are depending on the creation of money out of thin air, and it is nothing more than the debasement of currency. It’s counterfeit, and it is a natural, predictable consequence that you’re going to have people benefit from it and you’re going to have people suffer when you print money. So if you want a healthy economy you have to study monetary theory and work out why it is we are suffering, and everybody doesn’t suffer equally or this wouldn’t be so bad. It is always the poor people, people on retired incomes, that suffer the most, but the politicians and those who get to use the money first, like the military industrial complex, make a lot of money and they benefit from it”.  

So what happens here in Australia when someone gets hold of the economic reigns in the White House again? The horse may have bolted but Dr Paul seems to know how to get it back in the yard and locking the gate, by returning to a gold and silver standard. Something that Kennedy had put officially back on the books upon his discovery of the corrupt world federal reserve banking system and his refusal to no longer stand by idle, and something that no President since has been game to enact or overturn.