Sunday, March 22, 2009

Ron Paul: 15-year Depression

Ron Paul (not pictured) predicts a 15-year depression. On the otherhand, a lot of people think that Ron Paul is a crazy loon. However, the bad economic headlines are out there. People are hurting and losing jobs as unemployment increases. Banks have a lot of foreclosures and losses on their hands. And the US is spending trillions it doesn't have, while at the same time, China is questioning whether purchasing more US debt makes sense.

I'm not sure where to start the excerpt. The gloom and doom goes down most of the column. Here are some of the quotes:

“People will start to abandon the dollar as current and past economic policies create a steep rise in interest rates,” Mr Paul says.

“If you are in Treasuries, you will need to be watchful and nimble to time your escape.”

... “fiat” currencies will all decline over the coming years as measures to try to haul the world economy out of recession fail. “The current stimulus measures are making things a lot worse,” says Mr Paul.

“The US government just won’t allow the correction the economy needs.”

“The last place you want to be is in the stock market,” he says. “It may not bottom out for 10 years – just look at Japan.”

“The dollar as a reserve standard is done,” he says.

“This is the big one.”

Yikes. Maybe the US government should've put $1 trillion on North Carolina to win the NCAA tournament. After all, Obama did pick North Carolina in his bracket. Er, Barack-etology. I think UNC was either 5-1 or 8-1 at the sportsbook. Now THAT would help the economy.