Video: Ron Paul on CNBC's Squawk Box discussing the global debt crisis, fiscal responsibility, and the failure of the Federal Reserve System -- May 17, 2010
Awesome clip from Monday morning. A similar message was expressed by Jim Rogers earlier in the week. Really, it's all about debt.
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Summary from Greg White:
1:10 -- System that replaced Bretton Woods has failed and it is unwinding.
1:50 -- The problems of Greece will come to the U.S. because the debt stream has been endless
2:30 -- There is no way to grow out of this debt, can't politically cut the spending, can cut taxes, but growth will not be enough.
3:10 -- Have not allowed the liquidation of debt, and artificial stimulus has propped multiple industries up.
6:00 -- History books will question how we allowed so many decisions to be made behind closed doors in our time.
10:00 -- I bought gold in 1971, knowing that paper would lose its value, and now its come to be and a lot of people are jumping on board
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