Ron Paul: Failure of dollar will dwarf current crisisSubmitted by StaxBrix on Wed, 01/07/2009 - 22:15
President-elect Barack Obama has started warning that getting the country out of its current economic hole may mean trillion-dollar deficits for years to come — but Rep. Ron Paul has very different ideas.
“I think it’s just more of the same,” the former presidential candidate told CNN’s John Roberts on Wednesday. “I don’t think it’ll solve the problems. It’s turning the spending responsibility over to government rather than individuals, and that’s not the way you make an economy work.”
“To me it’s a philosophic problem,” Paul insisted. “Why are we spending all this money? … We cannot solve our problem by doing exactly the same thing that got us into this mess.”
“How much pain could this leave for our children and grandchildren?” Roberts asked.
“I’m afraid that this generation’s going to suffer,” Paul replied. “I think the confidence eventually will be lost. … The financial system broke down because they lost confidence in it … but soon they’re going to lose confidence in the dollar. Now that’ll be a crisis that’ll be much bigger than the crisis we’re facing today. … I would balance the budget and I would tell people to save their money.”