Jim Rogers and Ron Paul: You Can’t Disobey Economic Law
On the heels of a scathing assessment by Nigel Farage on the economic conditions in Europe which he says will ultimately lead to violent revolution, former US congressman Ron Paul and well known investor Jim Rogers weigh in on the discussion.
Undeterred by those who fail to heed his warnings, Dr. Paul suggests that global economic conditions, spearheaded by out-of-control government policies in the United States, will continue to deteriorate until such time that the whole system comes unhinged.
With financial markets hitting all-time highs, jubilation spreading throughout Wall Street, and average Mom & Pop Americans wondering if it’s time to plunge back in to stocks, Paul sees no reason for celebration.
The economy worldwide, certainly in the States, is a lot weaker than they tell us.
I believe that the unemployment rate in the United States is over 20%.
I think there’s still inflation with the dollar… Everybody knows that they’re printing $85 billion a month… that could be considered inflation.
You still have inflation, and that’s distortion… you have malinvestment… so you still have the built in problems, and we have plenty.
I would expect that there’s going to be a lot more chaos yet to come. It will not be limited to Europe. I think it will be a worldwide phenomenon.
That states won’t escape it either because there are so many gross distortions throughout the world….
We disobeyed economic law… and you can’t do that, no matter what Bernanke tells you.
Rogers cites a previous exchange between Ron Paul and Fed chief Ben Bernanke, in which Bernanke outright declared that gold is not money, further cementing his reputation as nothing more than a monetary charlatan:
The present head of the central bank does not understand economics, he does not understand finance, he does not understand currencies. All he understands is printing money. His whole intellectual career has been devoted to the study of printing money. And, as you know, we have given him the printing presses.
That strategy, of course, will be disastrous. It’ll further impoverish Americans by reducing wages relative to rising prices for essential goods, while increasing the national debt to unmanageable levels.
What comes next, according to Rogers and Paul, will take the majority of the population by surprise because most people simply can’t fathom the possibility of such a thing ever happening in the Land of the Free:
Rogers: They will take our retirement accounts. They will take our 401k’s. They will say, ‘you’ve all been having such a hard time earning money in your 401k’s, so what we’re going to do is we’re going to save you.’
Paul: I don’t doubt it for a minute. They’ll do what they think is necessary. and they’ll use force, and they’ll use intimidation, and they’ll use guns. Because, you can’t challenge the state and you can’t challenge the State’s so-called right to control the money… I think that’s very possible at that time when things get a lot rockier than they are now.
There are well informed students of economics, financial markets and history. They understand that global governments, especially in Europe and the United States, have bitten off more than they can chew. And they see a continuation of the same policies that have led to the worst economic conditions since the Great Depression.
Moreover, they understand, like many other concerned and informed Americans, that when the real crash comes it will be worse than anything we’ve ever experienced before.
This article is brought to you courtesy of Mac Slavo.
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