GoldSeek Radio Nugget - Dr. Ron Paul: The Destruction of the Dollar's Value

Dr. Ron Paul, former Congressman and Presidential Candidate of Ron Paul Liberty Report, comments on the astounding personal freedoms that come with sound money and gold ownership: 

- Dr. Paul notes that the National Debt implies national bankruptcy, making gold key to prosperity.
- Gold has 100x'ed since the $20 peg!

In 1973, when we went off the gold standard when Bretton Woods finally broke down and... l guess that was an indicator. We were broke, we couldn't honor our dollars internationally, and the people at the time, we weren't even allowed to own gold. So to me, that was a big event and, theoretically, they said gold was $35 an ounce.

But it dawned on me, then this is the beginning of something big and here we are. Look at where we are now: two thousand dollars. I had a little saying the other day, I said, that gold originally when the Fed started was $20 an ounce and then it wasn't until, I think it was about 1987, that gold went up, it added a zero, it went to $200 and...now it's at $2000. What does that mean that it's over with? ...It is the destruction of the currency. The appetite for spending...

- Is gold on the cusp of another 10x, en route to $10,000?

The so-called gold ratio (I don't like to call them prices) is going to be huge. If it goes from $10 to $20, to $30, to $100, to $200 to $2000, why can't it get up to $10,000 and start talking about $20,000? I don't think it's going to get that bad because I think it has to be reconciled and we'll have to have monetary reform and more people are talking about a replacement for the dollar as a reserve currency.

I think that's one of the things that's pushing gold prices up – it is deficits...and so as a government, our foreign policy now. But I think it's the fact that other countries realize, that we're losing our stature as the reserve currency of the world and I think our foreign policy has been deeply flawed – and it's recognized that even though we're "still the boss", a lot of people are preparing for that day when our foreign policy, combined with our monetary policy, was going to bring about the necessity of the changes...I think people are lining up to figure out how they're going to benefit and what is the replacement going to be.

- Is faulty foreign policy undermining dollar hegemony?
- Rumors suggest that $55 could be required to purchase one BRICS.
- One small Alaska town appears to be on the precipice of hyperinflation - is this an aberration?
- Extreme prices: about $10 bread, $18 gallon of milk and $25 cheese.
- Gold-backed money may be the perfect panacea for imminent runaway inflation.