Wednesday, May 13, 2009
Ron Paul Warns Against Runaway Inflation
Congressman Ron Paul gives an interview on FoxBusiness earlier this week, warning against the dangers of runaway inflation and criticizing the policies of the Obama Administration and Federal Reserve Chairman Ben Bernanke.
Curiously, at 1:18 he says that it's a good thing (or at least it seems from the video- the most reasonable thing) for the U.S. government to pay off its astronomical debt through inflating the money supply. Huh? I thought he was against that. And he does immediately seem to contradict himself a moment later by saying how bad inflation is and how much better it would be to cut spending and simply pay off our debt with revenues.
Can someone help me figure this out? Any big Ron Paul fans/apologists who might have an insight into what he meant? Was that a slip up when he said it's a "good thing" for government to liquidate debt by printing money? Or did he mean it and have some solid, though somewhat sophisticated reasoning behind it? Or is he just plain wrong and confused here? Thoughts anybody?
I am a pretty big Ron Paul fan myself, so I'd kind of like to figure this out. Puzzling.