Ron Paul slams stability of U.S. dollar and Bitcoin in pro-gold rant

Raw Story

By David Ferguson

In an interview with Bloomberg TV, former U.S. Rep. Ron Paul (R-TX) said that he is concerned about the “erraticness” of the dollar, that Bitcoin is too complicated and that gold is still the standard by which the value of our currency should be measured.

Erik Schatzker and Sara Eisen, hosts of the show “Inside Track” asked Paul whether he’s concerned about about the recent drop in the price of gold after a ten year boom.

“I am concerned about the erraticness of the dollar,” Paul said. “The dollar is up, the dollar is down. We print a lot of dollars. The dollar gets devalued. That is really the concern. If people think the gold price up and down is a reflection of something wrong with gold, no, I say it is something wrong with the dollar.”

Paul, like erstwhile Fox News personality Glenn Beck, has been urging people to buy gold as a hedge against the inevitable collapse of the U.S. market for years. In 2012, he and attorney Lewis Lehrman financed the publication of The Case for Gold, a reprint of a Reagan-era study by conservative economists that said the price of gold is on a permanent upward trajectory.

Paul has urged the U.S. government to abolish the Federal Reserve and re-adopt the gold standard for the dollar, a proposition many economists find risible.

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