By Mike Patton
Over the past few years, many experts have been warning of a crisis heading our way. More specifically, the concerns have centered on the inevitable collapse of the U.S. dollar. One of these individuals is former Congressman Ron Paul, who has stated that he believes the U.S. financial system is on the road to disaster. In this article, I’ll share some of his views and discuss what could happen if such a crisis materialized.
According to Congressman Paul, a U.S. currency crisis is inevitable. At one point in the 1980s, while riding on Marine One with President Reagan, the President said, “No great nation that has abandoned the gold standard has ever remained a great nation.” A few decades ago, former Fed Chairman, Alan Greenspan stated, “In the absence of the gold standard there is no way to protect savings form confiscation through inflation.” Without a gold standard, there is nothing to limit government spending. In short, as long as the government is able to overspend, the national debt will be the norm rather than the exception.
Since the gold standard was abandoned, what is backing our currency?
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