Posted on 08/26/2011 6:14:09 PM PDT by SeekAndFind
For decades, Rep. Ron Paul, R-Texas, has warned that our fiat currency will collapse around us, leaving everyone in economic shambles. Gold, he says, is the surest path back to sound money.
In a CNBC interview earlier this month(during which host Joe Kernen misidentified Paul as not being a gold investor), Paul extolled the virtues of gold as protection against the continuing ripples of the global financial crash. "I think what we're dealing with is the end of the dollar reserve standard," Paul said. "This is probably a bigger problem than the world has ever faced before." But, fittingly, Paul has invested in gold--heavily. He owns millions of dollars in gold mining interests, Barron's Jim McTague recently reported, calling Paul's portfolio a successful bet against the U.S. economy:
In his most recent financial disclosure, which covers the year 2010, Paul had $1.6 million to $3.5 million in gold-mining stocks. He also has a stake in three bear-market funds--and has for many years.
In all, Ron Paul's portfolio amounts to a super-bearish bet against the U.S. economy. If the country had defaulted on its debt earlier this month, he likely would have made a bundle. The congressman voted against House Speaker John Boehner's [R-Ohio] plan to lift the nation's $14.3 trillion spending cap.
(Excerpt) Read more at nationaljournal.com ...
So you think voting _against_ raising the debt limit, is a selfish attempt to drive down the value of the dollar?
Sorry, not really following that logic.
Seriously. Can you please explain?
How is there a double standard? He walks his talk. If you want an analogy, it’s like a Christian who both leads a virtuous life and advises that others do so as well. Nothing wrong there. He thinks “cash is trash,” tells others, and puts his own money where he thinks it will be safe.
“A gold coin in every pot!”
Campaign slogan.
$2.00 per gallon gas.
Winning slogans.
I bet it was the early bird special AT the geriatric titty bar!.
Well duh.
He knows where Obama is taking us.
Since when is betting against the Fed the same as betting against America?
“(Portfolio amounts to huge bet against the US economy)”
Huh? Guess everyone on FR better sell their gold fast, so they won’t be betting against the US economy.
Ron Paul has been warning about this for years - so I don’t blame him for taking action himself with his own money.
bump.
Paul is clearly, out front and fearlessly advocating for fiscal responsibility.
Almost all alone.
He’s the one trying to prevent financial collapse. Not advance it.
At least he puts his money where his mouth is. Can’t fault him. Unusual for a politician.
At least he puts his money where his mouth is. Can’t fault him, unusual for a politician.
“(during which host Joe Kernen misidentified Paul as not being a gold investor),”
Paul allowed that mistake to go without clarifying that he was in fact a gold investor. What was he afraid of, that his shameless promotion of Gold would be less effective. Frankly I’m tired of pols being a little to cute with ethics.
Ofcourse Paul would say I don’t have to correct the statement.
In true libertarian style, he would claim the mistake was the questioners so he should correct it. Tired of Paul, reminds me of Ross Perot. All for self enrichment. He is a Libertarian after all. Screw everyone else.
You’re the “retard” if you believe that Ron Paul thinks Bush was “personally involved in 9-11.” Either than or you being intentionally dishonest. That later is probably true since you didn’t provide a shred of evidence for your libel.
So now investing in gold is betting against the US economy?
Keep defending the lunatic.
It is my opinion based on what the nutjob has said over the last nine years.
Sue me for libel boy or kiss my ass Paulbot.
Smart guy. Mining stocks represent one of the most obvious great values of the entire stock market. While gold has gone up tremendously, gold stocks have badly lagged behind as dumb investors sold them off along other equities. These companies’ revenues are totally based on the price of gold, not on any of the factors that got the other equities down. Every quarter they report at this high gold prices will make these companies more and more undervalued until they catch up to the price of gold. Fellow freepers, chart the GLD (moves with the price of gold) vs the GDX (miners’ ETF) for the past 2 years, and notice the huge gap that developed only in the last few months. You might want to take advantage (especially if you can select miners with low costs and increasing production) before that gap closes.
“(Portfolio amounts to huge bet against the US economy)”
It is actually the reverse. The folks running the US economy are hell-bent on waging war against any private accumulation of new wealth. Gold only goes “up” in dollar terms when the wealth represented by the dollar goes down in real terms.
None other than previous Fed Head, Alan Greenspan told people exactly why they should hold their personal wealth in the form of gold instead of in dollars when he wrote his famous essay, Gold and Economic Freedom. Here are the last two paragraphs:
“In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves.
“This is the shabby secret of the welfare statists’ tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.”
see:
http://www.constitution.org/mon/greenspan_gold.htm
I do not recommend you try this on you home printer...
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