Tuesday, April 26, 2011

Ron Paul Was Tempted To Walk Away From Presidential Race, But Fears U.S. Is In ‘A Slow Motion Default’

Congressman Ron Paul, en route to Iowa to announce the creation of the presidential campaign exploratory committee, told an editorial breakfast of The New York Sun that “it’s tempting to just walk away” from the presidential race “but if what we’re predicting happens, we’re going to have to step up.”

He was referring to the collapse of the dollar and the threat of wider inflation and the damage they are doing to ordinary Americans, who are suddenly facing soaring gasoline prices and grocery bills and an erosion of their savings and the value of their homes.

The Congressman said he was not concerned about the talk about how a vote against raising the debt ceiling would lead to a default, saying America is in “a slow motion default now.” He was referring to the collapse in the value of the dollar to below a 1,500th of an ounce of gold. The debt ceiling vote will come up in Congress shortly.

At the breakfast Dr. Paul sketched what is emerging as the structure of a broad presidential platform, connecting the events around the world — including the turmoil in the Middle East — to the impact of the collapsing dollar and a global system of fiat money. He noted that much of the rebellion in the Middle East was triggered by the rise in food prices related to the collapsing American currency and inflationary policies by other governments.

“Don't you think it’s demagogic to accuse the Chinese of manipulating their currency when we've been manipulating our currency forever,” Dr. Paul said.

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