First let me preface this entry by saying I was incorrect thinking we'd see some fireworks today as Ben Bernanke was to appear in front of Ron Paul's subcommittee. Instead, Bernanke will be on Capital Hill in front of another committee while Ron Paul's subcommittee will be focusing on other issues, with no Federal Reserve member represented. It looks like the two won't face off until March.
That said, last evening was probably the most bearish I've heard Ron Paul on the way things are unfurling in the country, based on the abuses in the monetary system. Indeed, he believes things will get so dire he modeled what is to come as similar to the unraveling of the USSR. Very interesting comments, because the U.S. has gotten away with so much due to owning the reserve currency of the world, and for this level of crisis to occur one would think there would need to be an abandonment of this status. I cannot see this happening anytime soon for the simple matter there is no real alternative - the U.S. dollar remains the prettiest ugly duckling. Maybe this changes in 10 years when the yuan becomes a global currency but we're a long ways away.
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