US

Ron Paul: See I Told You, Paper Money Is Worthless

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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