In an interview for Newsmax TV, former congressman Ron Paul warned that orthodox thinking could lead to a devastating economic collapse in the United States. Dr. Paul is a long-time Libertarian and outspoken critic of America’s interventionist foreign policy.
“The government is supposed to provide an environment where the people are energized, but right now, the end stages are sort of what you see in Detroit and Greece,” said the three-time presidential candidate.
“We have to have a revolutionary change in our economic thinking and then the people are the ones that produce the jobs, not the government.”
Dr. Paul has frequently predicted a “day of reckoning” for U.S. financial markets. He contends that excessive printing of money by the Federal Reserve has artificially inflated the U.S. stock market. Loose monetary policy is especially harmful in the U.S. because unlike other sovereign countries, America has the “ability to print the reserve currency of the world.”
When asked if Donald Trump, the real estate mogul turned presidential candidate, could fix the economy, Dr. Paul shook his head.
“[Trump] can’t run the economy, he can’t create jobs and he should know that,” Paul said. “It’s really down to the essence of getting people to understand good economics, which isn’t the most popular thing to do in politics.”
“He can create jobs if he stays in the building industry, but even his industry is going to be in trouble because he might build too many buildings because interest rates are zero.”
Ultimately, Dr. Paul’s point was that market forces are far more powerful than the president. Trump’s forceful personality and top-down management style may have served him well in business, but Paul says those traits are less valuable in government.
He concludes, “I don’t think anybody should be running the economy and that’s the whole fallacy of our last hundred years.”