Ron Paul Predicts Hyper-Inflation, Says “Dollar Will Be Rejected As Reserve Currency of The World.”
Amid speculation of a third bid for the Presidency, Congressman Ron Paul revealed that growing concerns over U.S. monetary policies would drive him into the race. In a no-holds-barred interview on KSCO AM 1080 with the host of The Costa Report, Rebecca Costa, Paul said, “I think the wave of the future is inflation. It’s just beginning – to the point that the dollar will be rejected as the reserve currency of the world. If there’s a panic out of the dollar you will see the destruction of the dollar rather quickly. The end stages of a currency comes quickly.” He continued,
“We’ve seen this in Zimbabwe, Mexico and Central America. Today there’s an illusion and false trust in our money.”
According to Paul the reason for rising prices is the U.S. government’s own monetary policy, “Inflation comes from the Federal Reserve printing money.” He added, “The price of education is high because of inflation, medical care is the same thing – all of this injection of money (from the Federal Reserve) raises prices.” When asked about the relationship between wage inflation and recent limitations on collective bargaining for state workers in Wisconsin, Paul responded, “When wages are artificially high, it distorts things – it’s unpopular to lower wages, so we just inflate (them), and the REAL wage goes down. Sure, we don’t cut the wage, but it buys so little.”
The outspoken Congressman offers a simple antidote to hyperinflation. “Stop printing money.” He continues, “I remember in the seventies when we got off the gold standard and immediately had oil embargos. We said the Arabs caused our inflation. They contributed to the chaos, but they didn’t cause the inflation. Oil never went back to $5 a barrel once it broke out because the value of the dollar went down. So if anybody is concerned about high prices they need to understand monetary policy.” There has been widespread speculation about Ron Paul’s candidacy in the upcoming 2012 Presidential election. When asked by The Costa Report whether Paul was considering throwing his hat in the ring again Paul remarked, “I’ve often said over the last couple of years that if people are starting to recognize that the monetary system is deeply flawed, then I would have trouble not participating in a debate and campaign.“
The full interview is available at www.rebeccacosta.com , KSCO.com and iTunes.
About Ron Paul
Congressman Ron Paul of Texas was a two-time candidate for President of the United States. He enjoys a national reputation as the premier advocate for liberty in politics today. Dr. Paul is the leading spokesman in Washington for limited constitutional government, low taxes, free markets, and a return to sound monetary policies based on commodity-backed currency. He is known among his colleagues in Congress and constituents for his consistent voting record in the House of Representatives: Dr. Paul never votes for legislation unless the proposed measure is expressly authorized by the Constitution. In the words of former Treasury Secretary William Simon, Dr. Paul is the "one exception to the Gang of 535" on Capitol Hill.