Last night I heard Ron Paul on Fox News talk about the value of gold, arguing that now is the time to buy.
Here is what he had to say: If you want to spend money, you have to pay for it. Ron Paul would never vote on anything that is not paid for. If you want to cut back and get your house in order, you don’t go after the unemployment benefits, you go after some spending we do over seas that is not justified, for example right know we’re building a crazy expensive embassy in London.
We’re heading for a crisis, we’re spending too much. Fortunately we have a giant economy and powerful military, so we get a free ride to some extent. We’re much worse that we have ever been, just because the situation in Greece is bad doesn’t mean we’re not heading towards a disaster.
It’s difficult to put a time frame on it. The foundation has eroded. We’d be lucky if we go for more than 2-3 years before before the real crisis is going to come, coming with a huge inflation. There doesn’t seem to be any sense of urgency. Ron Paul did the foolish thing of buying gold at 35 dollars an ounce. We’re getting really close to the crisis, otherwise none of us would really have to work.
We’re going to make some difficult adjustment, the debt will no doubt have to be liquidated. Gold has always been good insurance policy and Ron Paul likes to buy his gold systematically over time, he views it as an insurance policy to protect his family.
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