May 18, 2016—Dr. Ron Paul and Daniel McAdams talked about how everyone now seems interested in the gold standard once again during the latest Liberty Report segment. While “gold bugs” are happy, statists seem to be losing their minds.
During the conversation, Dr. Paul offered the viewers some important background into the national discussion of the gold standard, explaining that, at some point in American history, the economy was so devastated that Congress began talking about gold again:
“I’ve been instructed, while in office by the authorities, that gold is not money. I’m still a little bit hesitant to accept that explanation because I believe gold is the ultimate money. And all of a sudden they are talking more about gold as money, which is very interesting.
Last time we got interested in talking about [how] gold is money, in a sort of a way, at least to dispel some of the things that were going on, was back in 1979.
Interest rates were 21 percent, inflation rate by prices, 15 percent. There was chaos all through the 70s. There was stagflation going on, people were concerned. The setting was so good that they passed my amendment to have a gold commission to study the role of gold in international and national order! And we had the gold commission and not too much positive came of it other than the fact that we established it.
But here it is today, interest rates are negative, it doesn’t seem to be a tremendous price inflation, a lot more than they admit [though]! But we certainly aren’t having the government CPI admitting a 15 percent increase in prices. But all of a sudden, they are talking about a gold standard and the pros and cons, sometimes I think [they think] there’s more cons than pros, but a major article appeared in Bloomberg. It caught the attention of a lot of people. Gold bugs or not. People who hate gold all of a sudden came out to blast this whole notion but the title of the article was sorta of a take off on current politics: ‘Make America Gold Again’. Calls for Everyone’s Favorite’, and controversial, ‘Standard Are Back’.
Do you think there’s anybody serious up there? We can speculate a little bit about motivation, we’re sorta the suspicious type wonders about some of these things and what the real motivation is behind the scenes.”
Watch for more on Ron Paul’s insight into this subject:
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