Contact us
CALL US NOW 1-888-GOLD-160
(1-888-465-3160)

Ron Paul: You Can’t Run a World Like This (Video)

  by    0   0

Last month, Federal Reserve chair Janet Yellen made a bold prediction, saying an economic meltdown like the one we saw in 2008 will not likely happen again “in our lifetime,” because banks are “very much stronger.”

Ron Paul begs to differ.

In fact, during an interview on World Alternative Media, the former congressman said Yellen’s comments should probably make us more than a little nervous because, “central bankers are always wrong on their predictions – especially before a bust.”

What she says shouldn’t reassure anybody.”

Paul said we could see a major crash within a year. Or it could take longer. There’s really no way to predict the timing of an economic meltdown. But all of the elements are in place for a major crash.

You can know about a bust. You can know about a correction. You can know about all the sins overspending and printing up money. But there is a subjective element to when people give up confidence … When is the day going to come when people become more realistic and realize that we’re dealing with money that has no intrinsic value to it? There’s too much debt, too much malinvestment, and it will come to an end. Something that’s too good to believe usually is, and it usually ends. So, that’s what we have to anticipate. But one thing for sure, we’re getting closer every day, and it may come this year, but it might take another year or two.”

Paul noted that Americans tend to feel confident that everything will be OK in the long run. After all, the US has the largest economy in the world. The US dollar serves as the world’s reserve currency. America has a mighty military. But Paul says all of that isn’t enough.

The real test is can it sustain unbelievable deficit financing and the accumulation of debt, and it can’t. You can’t run a world like this.”

Paul said the longer it takes for a crash hit, the better it is for us. It allows us time to prepare. And one thing he recommends is buying gold and silver.

One thing for sure – when a government embarks on deficit financing and then monetizing the debt the value of commodities, especially gold and silver, generally goes up. I recognized this in 1971 and started buying gold at that time. Some people made fun of me, and they still do. They say, ‘Oh yeah! You’re missing out on the stock market boom.’ But you know, if you look at gold at $35 an ounce and now around $1,250 an ounce, it wasn’t the worst form of protection. And I think that will continue. It won’t be a tragedy if you get protected and the calamity isn’t quite as bad as you think.”

Get Peter Schiff’s latest gold market analysis – click here for a free subscription to his exclusive monthly Gold Videocast.
Interested in learning how to buy gold and buy silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!


Related Posts

The Credit Risks Hiding Behind the Averages (Video)

As we reported last week, consumer debt continues to break records month after month. Americans owe over $4.3 trillion dollars in revolving debt (primarily credit cards), student loans and auto loans. When you factor in mortgages, the number climbs to $13.54 trillion. That figure was $869 billion higher than the previous peak of $12.68 trillion […]

READ MORE →

Jim Grant on the Ignorance That Knows Not It Is Ignorant (Video)

Jim Grant recently appeared on the Santelli Exchange on CNBC and the conversation quickly turned to this notion that “intellectuals” have the wherewithal to run the economy. Friday Gold Wrap host Mike Maharrey recently explained two very important economic principles that make it impossible for central planners to ever truly succeed. As he put it, […]

READ MORE →

Peter Schiff: America’s Economic Problems Are Self-Inflicted (Video)

Peter Schiff has been talking a lot about the prospects of a trade deal lately. His point: an end to the trade war isn’t going to heal America’s economic wounds. And those wounds? Well, they’re self-inflicted. Peter appeared on RT again on Monday (March 4) to hammer home this point. Related

READ MORE →

Bear vs. Bull: Peter Schiff Debates Louis Navellier (Video)

The stock market has rebounded nicely since those dark days of December leading many analysts to believe precipitous nosedive was nothing but a bull market correction. But Peter Schiff begs to differ. He’s been saying that the rally in stock since the Powell Pause is really a bear market correction. Furthermore, Peter says an upcoming […]

READ MORE →

The Greatest Deal in the History of Deals? Or Much Ado About Nothing? (Video)

The price of gold dropped last week and stock markets continued to rally. One of the driving factors was optimism that the trade war may be close to its end. As a CNBC report put it, “investors opted for riskier assets on hopes of a thaw in a trade dispute between the United States and […]

READ MORE →

Comments are closed.

Call Now