Ron Paul: What America Is Facing Is 'a Lot Worse' than a Depression
'The founders understood exactly what we’re talking about'
Former Rep. Ron Paul (R-TX) warned that the U.S is much worse off than it has been in some of the most "challenging economic times in its history."
During an appearance on Newsmax TV’s “American Agenda,” Paul said America is facing something "a lot worse" than a depression.
Paul decried the economic policies of inflating the money supply and the U.S. debt as the causes.
“[T]he founders understood exactly what we’re talking about,” he said.
“They had the runaway inflation with the Continental Dollar," he added.
"So they put in the Constitution that only gold and silver could be legal tender," Paul said.
"And if we had followed that, we wouldn’t have had the welfare-warfare state with these huge deficits and what we’re facing because I think what we’re facing today is a lot worse than what we’ve had in the past," he added.
"Whether it was the Depression or whether it was the downturns we’ve had in recent years.”
“I think the bubble is bigger,” Ron Paul added.
“I think the debt is bigger," Paul stated.
"The demands are bigger, and people are way overconfident even though they’re getting worried — way overconfident that you can take your debt at $10 trillion and, in a few years, switch it to $30 trillion, and nothing changes.”
Paul's comments come after the Top American multinational bank JPMorgan & Chase warned that oil prices are predicted triple and devastate the U.S. economy.
As Neon Nettle reported:
The price of a barrel of oil now hovers around $111 after already soaring.
However, the price could more than triple to a staggering $380 if Russia decides to cut its output, analysts at JP Morgan Chase are warning.
With the price of a gallon of gas in America now topping $5 in many areas, such a dramatic increase in oil costs would be catastrophic to the economy.
“It is likely that the government could retaliate by cutting output as a way to inflict pain on the West,” analysts wrote.
“The tightness of the global oil market is on Russia’s side," he said.
Cutting production by 3 million barrels a day would push global prices to $190, and a worst-case scenario of a 5-million-per-day cut would send the price of a single barrel to $380, analyst Natasha Kaneva wrote.