Texas economy

Ron Paul Insists ‘Collapse Will Come’ From US Economy, Ex-Congressman Says Liquidation ‘Absolutely Necessary’

Just recently, retired American author, economist and politician Ron Paul discussed the growing tensions between China and Taiwan in an interview and he also talked about the US economy. Paul insists that “the collapse of the American economy will come” and he further stressed that “the debt must be liquidated”.

‘End The Fed’ Evangelist Ron Paul Says ‘The Real World Can’t Run On Lies’

The former 2008 candidate for President of the United States, Ron Paul, believes that the US government has gotten out of control. Paul is well known for his stance on limited government, the Austrian economy, sound money, and anti-war beliefs. Three days ago, the former US Representative from Texas detailed that current President Joe Biden and his administration have drifted away from reality.

“With each passing day, the Biden administration is drifting further [and] further from reality”, Paul Explain in a tweet. “Politicians are notorious for practicing deceit, but when lying becomes constant, even it begins to lose its ‘effectiveness’. Truth [and] those who speak it become a breath of fresh air. The painful economic realities of government spending and Fed inflation stare every American in the face. Paul’s criticism tweet storm continued:

Yet we are repeatedly told that no [to] trust our lying eyes – “There is no recession”, “Inflation was 0%”, [and] this is followed by even more reckless government spending bills. The real world is not Washington DC. The real world cannot run on lies.

Sound Money Advocate Insists ‘The Debt Must Be Liquidated’

A few days before these statements, the former member of Congress spoke of Nancy Pelosi’s visit to Taiwan and the tensions between China and Taiwan. The interview was conducted with David Lin, the presenter and producer of Kitco News.

Ron Paul insists that
Paul warned during his interview with Kitco News that the US economy will experience an inevitable collapse.

Paul also spoke about the US economy and he held a similar view to that of Peter Schiff who discussed the demise of the US dollar with the Kitco News anchor on the same day. During the conversation, Paul criticized the Inflation Reduction Act and he doesn’t believe the bill will do anything.

“The only way [the federal] the debt is going to be liquidated, which is absolutely necessary over a period of time for the market to work again…it’s through inflation,” Paul told Lin. “The collapse will come… The debt must be liquidated. The preference I would have is [for the U.S. government] to stop spending. Balance the budget. Stop accumulating debt. But politically, after spending some time in Washington, that’s not going to happen. Paul added:

I’m talking about the inevitable collapse of the economy, because we won’t be able to afford it, and it can happen quickly. The debt is there, and we are not going to repay it in a normal, honorable and moral way. We will continue until the market wins – There must be a default, and the default comes from paying the bills with printed money.

Paul is of the opinion that he knows the solution but “politically no one will allow it”

Besides Schiff, Paul joins a number of investors, analysts and economists who expect pessimism for the US economy. Billionaire investor Bill Ackman thinks that if the Fed doesn’t continue its aggressive rate hikes, the stock market could crash and catalyze an economic meltdown. Rich Dad Poor Dad’s Robert Kiyosaki has repeatedly warned that rising inflation could lead to “a bigger depression.” Mexico’s third-richest billionaire, Ricardo Salinas Pliego, recently explained that the United States could experience high inflation. Also, people think that Russia, China and the BRICS countries are aiming for US dollar hegemony as the five nations plan to create a new international reserve currency.

Paul said he didn’t know when the economic collapse would occur and remarked “we don’t know what the triggering event will be.” Although, the former congressman said, “it’s just getting started.” “With the middle class and the poor right now, the poor are on the streets and the middle class can’t pay their bills,” Paul pointed out during the interview. He concluded the interview by noting that there is a solution and that American bureaucrats should operate in a completely opposite way to what they do today. Paul added:

Politically no one will allow it… What they should do is stop spending money, bring all our troops home, give up the welfare state and make us a Republic.

Keywords in this story

Bill Ackman, BRICS Nations, budget, China, David Lin, economy, Economy, inflation, Inflation Reduction Act, interview, Kitco, Kitco News, Nancy Pelosi, Peter Schiff, Ricardo Salinas Pliego, robert kiyosaki, Ron Paul, Taiwan, US Dollar , American economy, collapse of the American economy, Washington

What do you think of Ron Paul’s outlook for the US economy and how he believes a collapse is inevitable? Let us know your thoughts on this in the comments section below.

Jamie Redman

Jamie Redman is the Chief Information Officer at Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 5,700 articles for Bitcoin.com News about disruptive protocols emerging today.




Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.