In a speech before the House of Representatives, Congressman Ron Paul, a long time student of Austrian economics, predicted not only a dollar crisis but a worsening economic crisis. He fears that our recession will, because of Fed action, turn into a depression, a view that is most interesting.
The common perception is that the Fed will prevent a depression via its creation of still more dollars. Ron Paul says that the Fed’s action will bring on a dollar crisis and a depression. If Paul is right, a dollar crisis and a depression seem inevitable because the Fed has already printed trillions of new dollars and stands ready to print more.
The speech, which is less than five minutes, can be found on YouTube.
Too many casual observers dismiss Ron Paul’s views because he is a doctor. True, Ron Paul is a doctor who has delivered more than 3,000 babies. But, he has studied Austrian economics for thirty plus years and is qualified to comment on the economic state of affairs. Compared to economic understanding that most members of Congress have, Ron Paul should have Ph.D. behind his name along with M.D.
Paul has written several books on economics and politics. Here is a link to six of Paul’s books available from the Ludwig von Mises Institute. For gold investors, I recommend Gold, Peace and Prosperity. For those who would like to still learn more about free market economics, I recommend any of Paul’s books.
Finally, for readers would who like thoroughly grasp the role that the free market plays in increasing economic well-being, The Mises Institute is their source of books on free market economics. Any serious discussion of economics, free markets and money always involves a discussion of gold.