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Ron Paul: The U.S. Should Declare Bankruptcy (Updated with Video)


Presidential candidate Ron Paul believes the answer to the U.S. financial crisis is simple – the country should just walk away from its debt and declare itself bankrupt.

And if the Obama administration is unwilling to take that drastic step, it should disband the Federal Reserve, so it doesn’t have to pay back $1.6 trillion it owes it, The Republican presidential hopeful said.

Paul made the comments during a radio interview in Des Moines, Iowa on Monday, the day Obama met GOP and Democratic Senate leaders in a bid to find common ground on the ceiling.

Paul told WHO radio’s Jan Mickelson that bankruptcy would be the ideal answer to the debt crisis facing Greece.

Mickelson followed up by asking the Texan Representative "Are you predicting, in essence, if bankruptcy is the cure for Greece, is it also the cure for the United States?”

"Absolutely," Paul responded.

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Man I fall in love with this guy every time I see him speak.

Does this happen to anyone else? This is how every marriage should be. WHAT A GUY!

Great interview Dr.

Great interview Dr.

I love this interview. Go to

I love this interview. Go to the 9 minute mark on the third video, and notice the look in Dr. Paul's eyes while the host is talking about Abortion.

Freedom Wins!

I just have to say.

I have watched hundreds of RP vids and this is probably the most revealing.

In regards to China

"You can make a case today that China is more capitalistic than the United States. That is where our businesses are going, it is easier to start a business, they invest in mineral resources in afghanistan and we are killing people and our people are getting killed and China is getting all the assets and China is pretty shrewd in what they are doing but ""TO ME IT IS A SAD STORY FOR WHAT WE HAVE DONE TO OURSELVES"" [ruff transcript part 2]

Link to the Audio

posted here the other day: http://www.dailypaul.com/node/169225

for those w/o video access.

thank you for posting the video.

The Best Interview With Ron Paul

This is how an interview should be conducted. Very professional, issues at the fore front. Segment 2 and three on You Tube. http://www.youtube.com/watch?v=vU_sBn0mBAo&feature=related

Ron Paul and Barney Frank, the Doobie Brothers, LOL. And the question on Glass Steagall, Ron Voted against it and explained why. It just does not get any better than this. Why is it the local radio interviews are so well done and the national media are so biast?

The Federal Reserve

Local media is at the mercy of the consumers, listening audience. The big boys are not, they are at the mercy of the corporations who own them. The ones that grew out of the central bank, not mainstreet free markets.

Local is in a free market.
National is involved in the corporatocrisy.

From Greece, with respect to Dr Paul

Though flushing out malinvestments is a reasonable, if painful, solution for our problems, I consider it the 2nd best solution, taking account of the context of what brought us here.

Otherwise, we could absolutely minimize debt and even pay back our creditors in the EU and, well, you guys, by:

-outlawing, like in every dignified nation, that a person can have both a pension and a salary

-stopping our fascist state funding of the parties already in office

-reducing by 50% the outrageous salaries of our MPs, Bishops, Mayors, and Ministers

-flushing out the people who hold 2, 3, 4, 5, 6 different positions while showing up for, like 1 every week or so.

-cutting 15-20 percent of every salary above €2,000

-selling to the private sector or dissolving the state companies that bled money since before they started 'working'

If we did all that, we wouldn't even need to fire a single state worker- from the 1,200,000 we have right now (country population: 10,000,000).

But our crooked politicians don't go there and instead do things like i.e. slash the €240 per month that disabled patients are getting, because if they deal with the moochers they will lose 85% of party strength.

Could a mod please change the title?

He did NOT mean what other people mean by declare bankruptcy. He isn't saying don't pay those who lent something of value, just don't pay the federal reserve which charges interest on money the only value for which is dilution of outstanding dollars. He is being slammed all over on the internet with this 'declare bankruptcy' meme and people are assuming it means walk away from all debt, and he NEVER suggested anything like that.

Integrity means having to say things that people don't want to hear & especially to say things that the regime doesnt want to hear -RonPaul


This Ron Paul Interview is going VIRAL IN SWEDEN!


E24 is a big site in Sweden for all kinds of news and most of the comments regarding Ron is very positive to this man amn MANY have followed him for years. So there ya go ;).

Teach a man to fish and you feed him for the rest of his life.
Teach a man to phish and he'll clean out your bank account.

Thanks again

Posted on Twitter & I see others are already retwitting it.

LL on Twitter: http://twitter.com/LibertyPoet
sometimes LL can suck & sometimes LL rocks!
Love won! Deliverance from Tyranny is on the way! Col. 2:13-15

How Does A Soverign Nation

File for bankruptcy?

Big Gun,

You do Not need to file any papers any where, simply refuse to pay. This is what Nixon did in 1971, the U$ refused to honor / give 1-oz of gold = $34, as it had pledged before.
Breaking the promise, its that simple. The other option is the status now, printing press is busy, creating more 'money', those who earned it before are concerned that their savings are losing value, e.g. china & others, let them cry, no need to say - "sorry guys".
With both options, the lenders to the U$A always cry. The lenders have two options = cry or die, because the big gun is pointed at them.

I agree. we should erase our

I agree. we should erase our obligations to other countries, sadly. There is no other way to get rid of this debt. It's true we'll look bad in the eyes of the world but who cares? China and others made the mistake of lending to us. This country is run by legalized criminals, and the people here are addicted to consumerism and handouts and big government. That's a recipe for disaster, and they should've seen it coming. Hopefully, they'll refuse to lend to us again, and that'll force us to live within our means and pay as we go. I've never taken out a single loan in my life, since, after all, the borrower is indeed slave to the lender.

Debt = Growing SnowBall,

you will appreciate the talk on this greek video, - the debates going on in central Athens -

Greeks protesting, US next?

Debt as SnowBall

It doesn't actually file

It doesn't actually file bankrutpcy the way that a municipality can under Chapter 9 of Title 11 of the U.S. Code. (Orange County, CA)

It simply defaults and quits paying back its debt--and then the IMF bails. LOL

Follow me on Twitter for breaking news from a libertarian perspective


Very Intere$t'ing.

thanks for posting, - you need courage to speak like this, but Americans can afford to, - because of 3 reasons, a) carrying a big gun, b) it$ the largest debtor, c) it$ done this before.
Here & now, consider that U$A is also the lender to dozens of countries. Will U$A give relief to the borrowers after it throws the lender$ off it$ own back ?? This is not a tricky question, fair answer should be easy.

Thanks Bobby

good find.

LL on Twitter: http://twitter.com/LibertyPoet
sometimes LL can suck & sometimes LL rocks!
Love won! Deliverance from Tyranny is on the way! Col. 2:13-15