Ron Paul Insists “US Economy Collapse Is Coming,” Former Congressman Says Liquidation “Absolutely Necessary” – Economics Bitcoin News
Just recently, the American author, economist and politician-retired Ron Paul spoke in an interview about the increasing tensions between China and Taiwan and also spoke about the US economy. Paul insists that the “collapse of the US economy is coming,” and he went on to stress that “debt must be liquidated.”
‘End the Fed’ evangelist Ron Paul says ‘the real world can’t run on lies’
Former 2008 United States presidential candidate Ron Paul believes the US government is out of control. Paul is known for his stance on limited government, Austrian economy, sound money and anti-war beliefs. Three days ago, the former US representative from Texas stated that current President Joe Biden and his administration are far from reality.
“With each passing day, the Biden administration continues to drift away [and] further from reality,” Paul explained in a tweet. “Politicians are notorious for practicing deception, but when lying becomes a constant, even it begins 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 stare every American in the face.” Paul’s critical tweet storm continued:
Yet we are repeatedly told no [to] Trust Our Lying Eyes – “There Is No Recession”, “Inflation Was 0%” [and] Even more reckless government spending follows. The real world is not Washington DC. The real world cannot be based on lies.
Sound Money Advocate insists ‘debt must be liquidated’
A few days before these comments, the former congressman spoke about Nancy Pelosi’s visit to Taiwan and tensions between China and Taiwan. The interview was conducted with David Lin, the presenter and producer at Kitco News.
Paul warned during his interview with Kitco News that the US economy would face an inevitable collapse.
Paul also spoke about the US economy and took a similar view to Peter Schiff, who spoke to the Kitco News anchor on the same day about the US dollar’s decline. During the call, Paul criticized the anti-inflation law and he doesn’t think the law will make a difference.
“The only way [the federal] Debt being liquidated, which is absolutely necessary over a period of time to get the market going again…through inflation,” Paul told Lin. “The collapse will come… The debt must be paid off. The preference I would have is [for the U.S. government] to end expenses. Balance the budget. Don’t build up any more debt. But politically, after spending a little time in Washington, it’s not going to happen.” Paul added:
I’m talking about the inevitable collapse of the economy because we can’t afford it, and it can come quickly. The debt is there and we will not pay it back in a normal, honorable and moral way. We’ll keep going until the market wins – There has to be a default, and the default comes from paying the bills with printed money.
Paul says he knows the solution but ‘politically no one will allow it’
Alongside Schiff, Paul joins a slew of investors, analysts and economists who are anticipating doom and gloom for the US economy. Billionaire investor Bill Ackman believes that if the Fed doesn’t continue its aggressive rate hikes, the stock market could crash and trigger an economic meltdown. Rich Dad Poor Dad’s Robert Kiyosaki has warned on many occasions that rising inflation could lead to a “greater depression”. Mexico’s third richest billionaire, Ricardo Salinas Pliego, recently stated that the US could experience severe inflation. Furthermore, people believe that Russia, China and the BRICS countries are aiming for US dollar hegemony as the five nations plan to create a new international reserve currency.
Paul said he doesn’t know when the economic collapse will hit, noting, “We don’t know what the triggering event will be.” Although, the former congressman said, “it’s just beginning.” “With the middle class and the poor, the poor are out on the streets now and the middle class can’t pay their bills,” Paul said during the interview. He closed the interview by stating that there was a solution and that the US bureaucrats would have to act in a completely different way than they do today. Paul further said:
Politically, nobody will allow it… They should stop spending money, bring all our troops home, give up welfare and turn us into a republic.
tags in this story
Bill Ackman, BRICS Nations, Budget, China, David Lin, Economy, Economy, Inflation, Inflation Reduction Act, Interview, Kitco, Kitco News, Nancy Pelosi, Peter Schiff, Ricardo Salinas Pliego, Robert Kiyosaki, Ron Paul, Taiwan, US -dollar , US economy, US economic collapse, Washington
What do you think of Ron Paul’s outlook on the US economy and how he believes a collapse is inevitable? Do let us know your thoughts on this topic in the comments section below.
Jamie Redman
Jamie Redman is the news director at Bitcoin.com News and a Florida-based financial technology journalist. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for bitcoin, open source code and decentralized applications. As of September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about today’s emerging disruptive protocols.
Photo credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer, or a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Comments are closed.