Rep. Ron Paul spoke with CNBC this morning about the sovereign debt crises facing Europe, and how they might soon be coming home to America.
- 1:10 System that replaced Bretton Woods has failed and it is unwinding
- 1:50 The problems of Greece will come to the U.S. because the debt stream has been endless
- 2:30 There is no way to grow out of this debt, can’t politically cut the spending, can cut taxes, but growth will not be enough
- 3:10 Have not allowed the liquidation of debt, and artificial stimulus has propped multiple industries up
- 6:00 History books will question how we allowed so many decisions to be made behind closed doors in our time
- 10:00 I bought gold in 1971, knowing that paper would lose its value, and now its come to be and a lot of people are jumping on board
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