Monday, May 17, 2010

Ron Paul : The system that replaced Bretton Woods was a non viable system

Ron Paul on CNBC Squawk Box 5/17/10

May 17, 2010 — Ron Paul discusses the Euro, Greek debt, Goldman Sachs, financial reform, ear marks, gold price, the Fed
Ron Paul : This should not surprise anybody , how long should we be anticipating all this , I have anticipated this problems since 1971 , because the system that replaced Bretton Woods was a non viable system , this is proving the point , so this is the unwinding of a system until we replace it with something else you would continue to see this ...some people think that what is happening in Greece will spread to this country , I see it somewhat differently , I see that the system that was devised in 1971 when we gained the power to issue the reserve currency of the world as building a system around the world , so we literally created a system that spread and it is still trusted the dollar is still trusted and people still buy treasury bills but all that will come to an end because the type of problems that created this problem in Greece will eventually hit the United states because everything has too much debt and you cannot correct the problem of debt with creating more debt and expect the FED to endlessly create money and credit that is not the answer even though it makes people feel better and will sort of delay some of the problems that we have , but we are in for a lot more trouble as far as I can see

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