Wednesday, August 10, 2011

Ron Paul : we see the end of the Dollar as a Reserve Currency

Congressman Rep. Ron Paul shares his views on the Fed's statement to keep rates low for a very long time. Ron Paul : for Bernanke to have done something differently, it would have been a surprise to me. the results of what he said wasn't a surprise at all. it's further devaluation of the currency and that's why gold prices went up. gold prices don't go up. it's just that the dollar goes down and people are anticipating the dollar is going to continue to lose the value so we can anticipate there's going to be a lot of price inflation down the road." "yeah, because it could go to zero. that's where the big bubble is. 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, 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 to use as a reserve standard as so pervasively around the world. and there's not many other places to go"
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