Ron Paul wants to stiff the fed. "They're nobody."

[maersksealand]

America’s national debt is paramount among the concerns of American voters heading into 2012, and while a huge problem, Rep. Ron Paul debuted a quick fix for reducing the debt by at least $1.6 trillion in one shot. Chatting with Iowa radio host Jan Mickelson yesterday, Rep. Paul recommended the U.S. “declare bankruptcy” and reduce the national debt by dismantling the Federal Reserve, to which we owe upwards of a trillion dollars.


"I know this is pretty strange for people to even think about this, but we owe like $1.6 trillion because the Federal Reserve bought that debt… They’re nobody, why do we have to pay them off? Why don’t we take away from them and reduce the debt by 1.5 trillion dollars? …We don’t owe that to anybody… They printed the money out of thin air."

http://www.mediaite.com/tv/rep-ron-paul-america-should-declare-bankruptcy/

[csm506]

He will not win but the man has some good thoughts

[Jasonal_98]

I really like Ron Paul and his political views. Just wonder if he can be elected.

[samgurt]

So then what happens once they declare bankruptcy? probably a little more complicated than he makes it sound in that quote. I really like his thinking on a lot of topics though

[MC PICKS]

Ron Paul is a joke from top to bottom.

[chico2663]

means your money is worthless

[MoneyM1ke]

Really a long shot to get elected

[joesomebody114]

Money is worthless, Gold is worthless. Trust me people. Don't be soo naive. What happens when oil runs out and we cannot produce on a mass scale or transport on a mass scale anymore? Is gold going to feed you, keep you warm, keep your electricity going (if there is still electricity since that is also powered by oil), and money will just about keep you warm if you burn enough of it seriously people were in for some big trouble.

[chilidog]

Money is worthless, Gold is worthless. Trust me people. Don't be soo naive. What happens when oil runs out and we cannot produce on a mass scale or transport on a mass scale anymore? Is gold going to feed you, keep you warm, keep your electricity going (if there is still electricity since that is also powered by oil), and money will just about keep you warm if you burn enough of it seriously people were in for some big trouble.

Not in Costa Rica. We're hydro-electric.

[joesomebody114]

Not in Costa Rica. We're hydro-electric.

Right, you guys along with Cuba already survived peak oil. We are f*kked!

[TexansFan]

Obama is a joke from top to bottom.

agree

[JW Cash]

go for it Paul...good luck all the same

[tanner40]

Audit the Fed...End the Fed

[AribaAriba]

ron paul is the real deal folks, GOD BLESS HIM! and may GOD bless USA!

[muldoon]

Just watched Inside Job. It's hard to even fathom how ******* the economy truly is.

[subs]

awesome idea - just don't get assassinated trying.

[ABEHONEST]

Ron Paul won his 220 yard dash in the State Ohio High School Track Championship.
That is a serious accomplishment.
Now, he wants to be our president. That's also a serious road to take, and I believe he is old enough, combined with wise enough, and determined enough, to pull it off, just like he did in winning his State Championship.

He's the Republicans male, Sarah Palin. People fear him, so they want to keep him down!

[QuantumLeap]

Money is worthless, Gold is worthless. Trust me people. Don't be soo naive. What happens when oil runs out and we cannot produce on a mass scale or transport on a mass scale anymore? Is gold going to feed you, keep you warm, keep your electricity going (if there is still electricity since that is also powered by oil), and money will just about keep you warm if you burn enough of it seriously people were in for some big trouble.

The Green River formation has an estimated 800 billion recoverable barrels. This is in addition to the current available sources and does not include oil fields that have not been discovered.

Peak oil.

[Iced]

Federal Reserve literally electronically credits itself and other banks with trillions of dollars out of thin air. No need to pay that disastrous institution anything. Audit the Fed, and then End the Fed. Or do the latter first, either way works for me.

[Shack]

Paul has great ideas and throws some like this out for shock value. He is a defecit hawk and that's what we need right now.

[PanamaBrad]

Being able to print money gives pols power. The current crop will likely never surrender power easily. The tree of liberty...

[ByeShea]

Ron Paul is a joke from top to bottom.

Unlike you, who is the real deal. And living in your mom's basement.

[ouman101]

Right, you guys along with Cuba already survived peak oil. We are f*kked!

People survived fine before oil powered machines, and they will adapt and do the same once its all gone.

[cash$bro91]

Bernanke is nothing more than an academic hack

[joesomebody114]

Doesn't anybody wonder where the $1.2 trillion is going to go....Do you just accept "oh we owe $1.2 trillion to the federal reserve"?? No seriously think about it for a second, $1.2 trillion of taxpayer money. Is it going to sit in a room in the federal reserve and the fed say "ok everythings paid back so the economy is good now"?? Who is the $1.2 trillion owed too and dont say the federal reserve because the federal reserve is nothing. WHERE is this money going!?!?!?! It's not going back into the pockets of Americans, it's not going back into the economy (thats a f*kkin joke), do you think we need to repay an instution that PRINTS MONEY!? How is this even an institution??? How does our government not print it's own money?? And where the F*KK is the money going and where has it been going since the establishment of the federal reserve?? Is all the money sitting in one giant room labeled "US debt to Federal Reserve"?

[joesomebody114]

People survived fine before oil powered machines, and they will adapt and do the same once its all gone.

If you haven't noticed pal, the only reason 6 out of the 7 billion people on this planet are alive right now is because of oil.

[jkilla990]

if he gets rid of the fed the US dollar will become worthless just like the Argentinian dollar was at one point, so if he feels like destroying our entire economy so we can get out of debt go for it.

[hubie69]

Money and Gold are completely worthless. Worth is an estimate of market demand only. What does have worth, is shotguns, food, and ammo

[joesomebody114]

Money and Gold are completely worthless. Worth is an estimate of market demand only. What does have worth, is shotguns, food, and ammo

One of the truest statements I've heard in this thread

[paw]

Maybe we should look at Firing all of the Senators and Congress and start over?

No 1 president can do anything. Everyone always over-looks the Real jerk-offs that put us in the place to begin with?

We have a Government that is the largest Fraud since Rome.

Unreal.

Paw

[joesomebody114]

Maybe we should look at Firing all of the Senators and Congress and start over?

No 1 president can do anything. Everyone always over-looks the Real jerk-offs that put us in the place to begin with?

We have a Government that is the largest Fraud since Rome.

Unreal.

Paw

Wow. That by far is the truest statement I've heard in a long time. At least some people know and realize this, and more are starting to learn little by little. But unfortunately the majority is still very ignorant and clueless therefore we are not ready for change as a whole. I feel like it may be too late, we are on a downhill path and we've accumulated soo much velocity we may not be able to stop, only slow down.

[bb_skoots]

We fire these fuks every two years and they keep coming back.

[HeeeHAWWWW]

So then what happens once they declare bankruptcy? probably a little more complicated than he makes it sound in that quote.

The entire world economy collapses, and when stability returns, the US would be ****** for a good long while - it gets a lot of advantages from its position atm, with the dollar as the world's reserve currency, cheap borrowing etc etc. Would lose all those.

Oh, and after things settled down, China and Europe would dominate the world economy.

[hubie69]

Oh, and after things settled down, China and Europe would dominate the world economy.

China for sure would, China is in the drivers seat right now. I'm a bit more skeptical of Europe and the EU

[hubie69]