Monday, September 29, 2008

Glenn Beck interviews Ron Paul

I've heard of Glenn Beck, but don't really know anything about him... though I'm guessing he's supposed to be conservative. Anyway, here's an excerpt from Beck's noontime interview with Ron Paul today:

GLENN: The banks around the world, I mean, I love how this is the failed Bush policies. I don't believe it's the failed Bush policies. I mean, I think he was part of it. I think Chris Dodd was part of it. I think Barney Frank is an abomination when it comes to what's been going on. But it's more than that because it's happened all over the world. The Netherlands, what did they nationalize 49% of their banks over the weekend? Another bank bombed in England over the weekend. This is not us necessarily spreading it overseas. These kinds of things have been happening, the same kind of behavior here has been happening globally. True or false?

RON PAUL: Well, that's true. But we have to understand why. This has been building since 1971 when we gave up on the last link to the gold standard under Bretton Woods, we devised a dollar standard. We were the most powerful economic group as well as a military power and therefore they accepted the dollar and they had more trust in the dollar than it deserved. So we were privileged to print the gold and spend the money and the people accepted it around the world. So we are responsible in the sense that we had license to spend and borrow and inflate and we lived beyond our means and that is why it's worldwide because essentially all central banks hold a lot of dollars and that's why they inflated in their economy as well. So there's a lot of malinvestment and debt worldwide. But it's the dollar phenomenon. It is the international monetary system.

The long term solution is a transition from fiat money back to sound money. Even Alan Greenspan questions the long term viability of fiat money.

Tim White

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