Ron Paul Says The Dollar Is In Big Trouble

Ron Paul (R-TX) was a guest on CNBC (8/10/2011) to discuss the downgrade and debt situation, and he says the dollar is in big trouble. Paul told the host, “What’s happening today and what I see is such a serious thing is I think what we’re dealing with is the end of the dollar reserve standard. That’s a worldwide phenomenon. It’s not just for the United States, just think of how many dollars we’ve exported. How many people hold dollars. If this dollar is in big trouble, which is what I think is the problem, I mean this is not just a minor problem. This is probably a bigger problem than the world has faced before. Never has been a fiat currency been used as a reserve standard as so pervasively around the world. And there’s not many other places to go, even though Treasury bills but eventually they’re going to give up. I mean, just ooh what’s happening to the Swiss Franc. So there’s not much left other than commodities, you know, and real values. Actually, I think that is what is going to happen but it is going to reflect the devaluation of the dollar.” According to Paul there is not much left to invest in of value except commodities. “The markets are saying, look, when times get tough they go to the gold,” Paul told the CNBC host.

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