Dr. Ron Paul: Dollar Panic Will Lead to Economic Collapse
Tom welcomes the legendary Dr. Ron Paul to the show. Ron discusses the need to reduce the size and scope of government. People today rely on the government too much, and politicians can’t resist taking advantage of this dependence. It’s like an addiction, and stopping it is a problem. The plunge protection team has done a miraculous job of propping up the market. But, unfortunately, the dollar will continue to decline, and inflation will result in the prices of everything going up.
Ron considers inflation to be the increase in money supply and credit. Inflation in the 1970s was due to the money supply, and they continued to print until Volcker raised rates. Various metrics only see the effects of inflation, not the root causes. The Fed creates inflation. The average person only understands that they don’t have enough money. Inflation is a direct theft of wealth and is a hidden form of tax on the public.
The Fed will try to control prices with policies, but wage and price controls never work. The problem is not with prices but with the system itself. That is treating the symptoms while completely ignoring the root problems. The Fed needs to be audited, so its lack of transparency can be demonstrated to the world. Ultimately the Fed needs to go because we need accountability.
People need to take responsibility and make their own decisions and not rely on the government. Don’t give up your rights and responsibilities to authority figures. Everything should be voluntary through consent. But, unfortunately, today, we don’t have an actual free-market economy.
Dr. Paul expects a panic out of the dollar and an economic collapse. The result will be higher and higher prices and runaway inflation until most things become unaffordable. It will be very bad and chaotic. Everything is fragile today, and nothing is stable. It might be like that apartment complex in Florida where there were major problems with its foundations.
Liberty is the solution, and there is a natural tendency for people to choose freedom when given a choice. The ideas of Liberty are alive and well, and we should each encourage and teach others these ideas.
Time Stamp References:
0:00 – Introduction
0:35 – Bad Habits & Gov’t
8:28 – Defining Inflation
12:00 – Fed & Rate Control
17:46 – Power & Wokeness
19:07 – Auditing The Fed
23:16 – Personal Responsibility
28:38 – Fed Endgame & Chaos
34:44 – U.S. Gold Reserves?
37:10 – Confiscation?
42:14 – Protecting Wealth
44:15 – Fixing The System
47:40 – Morality & Sound Money
48:37 – Optimism & Liberty
55:09 – Concluding Thoughts
Talking Points From This Episode
- The root causes of problems in our society.
- Defining inflation as an increase in the money supply.
- Holding the Fed and government to account.
- Economic Collapse and the necessity of personal responsibility
Ron Paul is an American author, physician, and former politician. He was the U.S. Representative for Texas’ 14th and 22nd congressional districts. Ron represented the 22nd congressional district from 1976 to 1977 and from 1979 to 1985 and then represented the 14th congressional district, which included Galveston, from 1997 to 2013. On three occasions, he sought the United States presidency: as the Libertarian Party nominee in 1988 and as a candidate in the Republican primaries of 2008 and 2012. Paul is a critic of the federal government’s fiscal policies, especially the Federal Reserve and the tax policy, as well as the military-industrial complex and the War on Drugs. Paul has also been a vocal critic of mass surveillance policies such as the USA PATRIOT Act and the NSA surveillance programs. Paul was the first chairman of the conservative PAC Citizens for a Sound Economy and has been characterized as the “intellectual godfather” of the Tea Party movement.
A native of the Pittsburgh suburb of Green Tree, Pennsylvania, Paul is a graduate of Gettysburg College and the Duke University School of Medicine, where he earned his medical degree. He served as a flight surgeon in the U.S. Air Force from 1963 to 1968. In addition, Ron worked as an obstetrician-gynecologist from the 1960s to the 1980s. He became the first Representative in history to serve concurrently with a son or daughter in the Senate when his son, Rand Paul, was elected to the U.S. Senate from Kentucky in 2010.
Paul is a Senior Fellow of the Mises Institute and has been an active writer, publishing on the topics of political and economic theory and publicizing the ideas of economists of the Austrian School such as Murray Rothbard and Ludwig von Mises during his political campaigns. Paul has written many books on Austrian economics and classical liberal philosophy, beginning with The Case for Gold (1982) and including A Foreign Policy of Freedom (2007), Pillars of Prosperity (2008), The Revolution: A Manifesto (2008), End the Fed (2009) and Liberty Defined (2011).