Treasury Bills Are The U.S. Government’s Last Bastion




Ron Paul comments on the gold price and the coming currency crisis.

Date: 05/21/2010
Channel: Fox Business
Host: Stuart Varney

Transcript

Stuart Varney: Congressman, the price of gold is down a bit this morning. How do you account for that?

Ron Paul: Well, I think it’s like other markets too. Sometimes they go up and sometimes they go down. But I look at gold not on a weekly basis but more on long term and it’s a good measurement of value and the value of currencies.

I think our current mess we’re in now started in the year 2000, when the NASDAQ burst. At that time gold was at $262, so I would say that gold did pretty good in the last decade, and I think we’re still on track for the only tool that the Fed has and the government has: spending debt and printing money. In the long term, that’s very good for gold as a protector against lost value in currency. It’s going to continue, but it doesn’t mean gold might not drop a bit more.

Stuart Varney: Congressman, you have appeared several times on this program and I’ve always asked you the same question. You see real, real economic distress, but you said it’s coming two or three years down the road. Have you speeded up your time frame a bit, bearing in mind what’s been happening over the past week?

Ron Paul: I worry about that, and I think we have months to prepare and be ready and condition people and prepare them for what we ought to change the system to. I think it’ll limp along. As long as they are buying Treasury bills and buying dollars, that’s the last bastion. And there’s no justification for it. Who wants to buy a Treasury bill for 10 years and take it out in 10 years and think they’re going to have value in that. I don’t think anybody believes that. It’s just that there’s just so many dollars that they’re parking, they’re still resorting to us to help bail out Europe and Greece and the IMF. It’s pretty amazing how resilient this can be.

But if I were betting, I’m not saying, well, “I don’t think it’s going to happen for 3 years, so this is a good time to buy stock” – is the last thing I would think. So I’m sort of preparing my mind that we could have this bigger crisis.

I think we have this ongoing crisis. I never believed we were going to bull market. I don’t think we’re going to bear market correction and that’s what it looks like it is.

I hope your question is sort of wrong, that we don’t have it in 3 months. I hope we have 3 more years to prepare the people for what we have to do when we have a serious crisis.

Stuart Varney: Well, I hope you’ll join us again and we’ll watch for this, what exactly is going on. Always a pleasure, Congressman Ron Paul. Thanks for joining us.



style="display:inline-block;width:728px;height:90px"
data-ad-client="ca-pub-3666212842414688"
data-ad-slot="9478233584">

Likes(0)Dislikes(0)

15 Comments:

  1. Have you been looking for an easy content creator? There are already some professionals who truly are using this to get back their Google rankings that have been recently lost. This software builds content the way that the search engines want it. Take a look for yourself.. http://tinyurl.com/d8rlq4j

    Likes(0)Dislikes(0)

    Like or Dislike: Thumb up 0 Thumb down 0

  2. Ron Paul is a breath of fresh air. I am glad that he is a realist and standing up for what's rignt.

    Likes(0)Dislikes(0)

    Like or Dislike: Thumb up 1 Thumb down 0

  3. +1 for Ron Paul

    Ron Paul = anti-New World Order..

    Any tea partiers out there owe it to their country to investigate the NWO and start exposing the fakes like Hannity, Beck, limbaugh, Oreilly, etc..

    Likes(0)Dislikes(0)

    Like or Dislike: Thumb up 2 Thumb down 1

  4. im selling all my shares except for banks now. watch my disfigured ape video about the economy

    Likes(0)Dislikes(0)

    Like or Dislike: Thumb up 0 Thumb down 0

  5. GROW FOOD AND VOTE RON PAUL IN 2012 !!

    Likes(0)Dislikes(0)

    Like or Dislike: Thumb up 2 Thumb down 1

  6. Restore the Republic!

    Likes(0)Dislikes(0)

    Like or Dislike: Thumb up 2 Thumb down 0

  7. when the federal reserve can't just print money, we'll end up with problems like we have today. i just hope more americans wake up to whats happenning, it needs to everyone too young, old, middle aged, republican, democrat i mean everyone. we just need to look beyond barriers like politcal parties and opinions and points of view, not to say these things don't matter there are just bigger issues at hand at the moment.

    Likes(0)Dislikes(0)

    Like or Dislike: Thumb up 0 Thumb down 0

  8. Federal Reserve is as Federal... as Federal Express. When it is not about making money anymore, cause that can get old, especially when you have enough for 100 lifetimes. Then why bother? Oh that's easy, use that money to have absolute control. Now that's harder cause of the "Human Factor". What have we learned from history? Empires tumble down, may take time, but they ALL tumble.

    Likes(0)Dislikes(0)

    Like or Dislike: Thumb up 0 Thumb down 0

  9. Gold should never be worth more than $20 US in paper , if the Federal Reserve Note was real money.
    Its illegal because its a bill of credit , not gold and silver coin.

    Likes(0)Dislikes(0)

    Like or Dislike: Thumb up 1 Thumb down 1

  10. NOTICE that sir evelyn de rothschild said..... He is very invested in government bonds!!!!!!!!!!!

    Likes(0)Dislikes(0)

    Like or Dislike: Thumb up 0 Thumb down 0

  11. LibertyTheOnlyTruth

    RON PAUL = TRUTH

    Likes(0)Dislikes(0)

    Like or Dislike: Thumb up 1 Thumb down 1

  12. Federal Reserve is as Federal... as Federal Express. When it is not about making money anymore, cause that can get old, especially when you have enough for 100 lifetimes. Then why bother? Oh that's easy, use that money to have absolute control. Now that's harder cause of the "Human Factor". What have we learned from history? Empires tumble down, may take time, but they ALL tumble.

    Likes(0)Dislikes(0)

    Like or Dislike: Thumb up 0 Thumb down 1

  13. silver is 25$ an ounce it will be at least 78$ soon BUY IT UP
    DON'T GET CERTIFICATES

    Likes(0)Dislikes(0)

    Like or Dislike: Thumb up 0 Thumb down 0

  14. Federal Reserve system
    is based on Theft and Fraud,
    and therefore not constitutional

    Likes(0)Dislikes(0)

    Like or Dislike: Thumb up 1 Thumb down 0

Leave a Reply

Your email address will not be published. Required fields are marked *


− nine = 0

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>