Rachel Mills of Birch Gold Group recently had the unique opportunity to sit down with former Congressman Ron Paul to discuss key topics related to the U.S. economy, including “investing in physical gold and silver, the future of the U.S. Dollar, and the role of the Federal Reserve”. Ron Paul has taken a special interest in gold and precious metals since 1971, when “Nixon closed the gold window which led to the end of the Bretton Woods agreement”; which has been devaluing the dollar value ever since. Here is an overview of Ron Paul’s take on a number of topics.
A Currency Crisis
When asked about when the currency crisis began, Paul replied that 1971 was pivotal when “Nixon closed the gold window”, the results of which has been traumatic to the dollar ever since, “overwhelming the market”, and producing “a lot of price inflation” and financial upheaval. Ron Paul went on to say that “the major problem is not only the price increases, it’s the mal-investment, the overinvestment, the bubbles that form, and the corrections that have to come”. This, “in addition to the cost of living going up and hurting the poor and the middle class” is where the real problem lies.
Gold: Insurance in Uncertain Times
With the national debt spiraling out of control and the debt ceiling seemingly increased at every opportunity, what does Ron Paul believe that Americans can do to protect their savings? In his interview with Birch Gold Group, Paul advocates gold as a potential investment choice in uncertain economic times. He added that although many people believe that gold might be now “too expensive, because it used to be $1,000 or $500” and that they should therefore “wait to invest”, he maintains that “no, now would be a good time” to consider “gold as insurance” and “insurance against the dollar fiasco”.