THE CONWAY DAILY SUN, Thursday, July 7, 2011— Page 11
RIDE from page 8
CDS: What kind of inflation do you expect? Paul: We are having a lot more price inflation than the government admits to. John Williams' Shadow Stats (website) measures the Consumer Price Index with the old measurement and it's over 6 percent. People (making lots of money on) Wall Street don't care about the price of oil. But if you are working on a very, very limited budget when food and energy prices go up, that's a big deal. So they spend their money on maybe 15 percent inflation. I expect it to go up. Even the government's numbers will go up next year. It will be two or three points higher than what the government admits to now. One lady was complaining why don't we get any cost of living increases, and I said because the government lies to you. CDS: Is America obsolete? Paul: If we continue to do what we're doing, this will be a third world nation. It might take 10, 20 or 30 years to sink because we're still wealthy in many ways and we have a strong military, which conveys confidence to the world. The dollar holds up better than it deserves. If we continue to do this and don't go back to work again we're going to get poorer and poorer. Other countries, and the Far East are introducing gold to their currency. They are buying gold. India buys a lot of gold. We will be so poor we will have to stop all this militarism. It won't be all that bad. Maybe it will make us go back to work. Maybe we have to go through that so people realize you just can't keep borrowing. CDS: What do you mean when you say go back to work? A lot of Americans work very hard. Paul: I'm thinking about good full-time jobs. We have a million less than we did 10 years ago. We have a 30 million increase in the population. There is something awfully wrong with that. When I talk about going back to work, I'm talking about getting three or four million more full-time jobs. The conditions aren't right for that because of the tax code, our inflation and spending our money on things that aren't good like militarism. We will have to do it because you have to be productive. We have to be able to sell stuff and compete in the world. We sell less, we have an account deficit. It's huge; it's the biggest in the world. Our debt to foreigners is $3 trillion — bigger than any country. It won't last. We don't know if it will last six months or six years. CDS: People seem focused on Obama’s health care plan, the wars, and the Paul Ryan budget plan. Do the Fed and Wall Street get a pass? Paul: The attitude is shifting because people are becoming more aware the inflation is a big problem.
The thing I fear is they will say, "It's a big problem and we have to tax the corporations because they are making too much money and oil prices are high because the oil companies are making too much." CDS: What about student loan debt? Paul: It's a mess because people were enticed into it and then they protected the banks that made these loans. It was a bad system. It sounded like it was wonderful. Everyone was going to get an education and they can borrow this money. But it caused a mis-allocation of funds. It's very difficult to get out of these as compared to other debts. The individuals who took them need to do their best to pay them off. I don't believe the answer is to continue the process, to say prop it up and bail out more people. That just won't solve the problem. CDS: We had Bush and then Obama. Everyone thought Obama would do the opposite of
Bush but yet we have detention without end, more wars. Every president seems like the president before him. Paul: Generally, those individuals that set you down, set you down before the election. Then they give you the support and are very influential with money. That's why the challenge for someone like me is very great. I have to do it without getting the special interest. You have to get the country ready for someone who is going to challenge the status quo. Nobody would set me down. They are setting their own people down already and they will work very hard to keep me from winning. CDS: What about using cash for simple doctor visits rather than using insurance? Paul: We should pursue this whole idea of being see RIDE page 12
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