In 2007, Dr. Ron Paul had predicted that the US was already in a recession. On the presidential campaign trail at the time, Paul’s colleagues, Sens. Mitt Romney (R-UT) and John McCain (R-AZ), laughed at the assertion. About a year later, the US slipped into one of the worst recessions on record. But it was not some magical guess, notes Paul. It is about understanding what the government and the Federal Reserve were doing at the time: intervention, printing, manipulating, and spending. Today, it is the same type of circumstance: the US central bank created money out of thin air ($9 trillion), and the federal government approved deficit-financed spending (several trillion), effectively distorting and destroying the economic landscape with malinvestment and inflation.
“I know there’s inflation because they’ve had QE [quantitative easing], they put all the money in the economy,” Dr. Paul told Liberty Nation. “So now you’re just looking at the results. When you manipulate the currency, you do have prices going up. But you also have the downturn. So, the downturn is in place.”
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