Ron Paul: The U.S. Should Declare Bankruptcy (Updated with Video)Submitted by bobbyw24 on Thu, 06/30/2011 - 05:59
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.