In a video interview by CNN’s John Roberts, Congressman Ron Paul condemns (in his polite, gentlemanly way) Obama’s bailout of the financial system. Further, the Congressman does not miss his chance to blast the Federal Reserve as the primary culprit of our financial nightmare.
Roberts accurately notes that “trillion-dollar” has replaced “billion-dollar” in today’s discussion of the financial matters. We’re now discussing government debt in numbers that only a decade ago seemed an exaggeration. Now those numbers are reality.
It is delightful to see the Congressman not back down when Roberts noted that Nobel Prize recipient Paul Krugman says that a big stimulus is needed and needed quickly. Basically, Paul replies with “How can doing the same thing that got us in this mess get us out?”
Paul notes that the financial system is falling apart because people are losing faith in it. He further notes that when the world loses faith in the dollar that will be an even bigger crisis. Any wonder that gold buying is at record levels?
The video is only four minutes and 27 seconds long and is packed with Paul’s insight into what’s wrong and why Obama’s plan will not work.