Just recently the American author, economist, and retired politician Ron Paul discussed the rising tensions between China and Taiwan during an interview and he talked about the U.S. economy as well. Paul insists that the U.S. economy’s “collapse will come,” and he further stressed that “debt has to be liquidated.”
‘End the Fed’ Evangelist Ron Paul Says the ‘Real World Cannot Run on Lies’
The former 2008 candidate for the presidency of the United States, Ron Paul, believes the U.S. government has gotten out of hand. Paul is well known for his stance toward limited government, Austrian economics, sound money, and anti-war beliefs. Three days ago, the former U.S. representative from Texas detailed that the current president Joe Biden and his administration have drifted far away from reality.
“With each passing day, the Biden Administration drifts further [and] further from reality,” Paul explained in a tweet. “Politicians are notorious for practicing deception, but when lying becomes constant, even it starts to lose its ‘effectiveness.’ The truth [and] those who speak it, become a breath of fresh air. The painful economic realities of government spending and Fed inflation are staring every American in the face.” Paul’s critical tweet storm continued:
Yet, we’re repeatedly told not [to] trust our lying eyes — ‘There’s no recession,’ ‘Inflation was 0%,’ [and] this is followed by even more reckless government spending bills. The real world is not Washington DC. The real world cannot run on lies.
Sound Money Advocate Insists ‘Debt Has to Be Liquidated’
A few days before these statements, the former congressman talked about Nancy Pelosi’s visit to Taiwan and the tensions between China and Taiwan. The interview was conducted with David Lin, the anchor and producer at Kitco News.
Paul warned during his Kitco News interview that the U.S. economy would see an inevitable collapse.
Paul also spoke about the U.S. economy and he held a similar view as Peter Schiff who talked about the demise of the U.S. dollar with the Kitco News anchor the same day. During the conversation, Paul criticized the Inflation Reduction Act, and he doesn’t believe the bill will do anything.
“The only way [the federal] debt is going to be liquidated, which is absolutely necessary over a period of time to get the market working again … is by inflation,” Paul told Lin. “The collapse will come … The debt has to be liquidated. The preference I would have is [for the U.S. government] to quit spending. Balance the budget. Don’t accumulate any more debt. But politically, having spent a little bit of time in Washington, it’s not going to happen.” Paul added:
I’m talking about the inevitable collapse of the economy, because we won’t be able to afford it, and that can come quickly. The debt is there, and we’re not going to pay it off in a normal, honorable, moral fashion. We are going to continue until the market wins — There has to be a default, and the default comes from paying off the bills with printed money.
Paul Opines That He Knows the Solution but ‘Politically, Nobody Will Allow It’
Besides Schiff, Paul joins a number of investors, analysts, and economists expecting doom and gloom for the U.S. economy. Billionaire Investor Bill Ackman believes if the Fed doesn’t continue its aggressive rate hikes, the stock market could crash and catalyze an economic collapse. Rich Dad Poor Dad’s Robert Kiyosaki has warned on many occasions that rising inflation could lead to a ‘Greater Depression.’ The third-richest billionaire in Mexico, Ricardo Salinas Pliego, recently explained that the U.S. could experience severe inflation. Furthermore, people believe that Russia, China, and the BRICS nations are targeting the U.S. dollar’s hegemony as the five nations plan to craft a new international reserve currency.
Paul said he doesn’t know when the economic collapse will happen and remarked “we don’t know what the precipitating event will be.” Although, the former congressman said, “it’s just starting.” “With the middle class and the poor right now, the poor are out on the streets and the middle class can’t pay their bills,” Paul stressed during the interview. He concluded the interview by noting that there is a solution and U.S. bureaucrats would have to operate in an entirely opposite manner than they do today. Paul further opined:
Politically, nobody will allow it … What they should do is quit spending money, bring all our troops home, give up on the welfare state, and turn us into a Republic.