Ron Paul: US Should Declare Bankruptcy

[bobbyw24]

Presidential candidate Ron Paul believes the answer to the U.S. financial crisis is simple – the country should just walk away from its debt and declare itself bankrupt.

And if the Obama administration is unwilling to take that drastic step, it should disband the Federal Reserve, so it doesn’t have to pay back $1.6 trillion it owes it, The Republican presidential hopeful said.

Paul made the comments during a radio interview in Des Moines, Iowa on Monday, the day Obama met GOP and Democratic Senate leaders in a bid to find common ground on the ceiling.

Paul told WHO radio’s Jan Mickelson that bankruptcy would be the ideal answer to the debt crisis facing Greece.

Mickelson followed up by asking the Texan Representative "Are you predicting, in essence, if bankruptcy is the cure for Greece, is it also the cure for the United States?”

"Absolutely," Paul responded.

Read more

http://www.newsmax.com/InsideCover/ron-paul-debt-ceiling/2011/06/29/id/401947

[sailingaway]

I'm really not sure this should be on the front page; Ron didn't choose those words, he just sort of agreed with the announcer then explained what he meant, which is NOT what most people think when they say 'declare bankruptcy'. This spin is already all over the web, and people are demonizing Ron saying he is saying we should walk away from rightful obligations we incurred for value given by others. That is nowhere near the truth. He suggested we not pay the FED the trillion we 'owe' them in interest for money they printed out of thin air which has already been paid for in inflation, and for which paying interest would be ludicrous.

He is not saying 'discharge all debts' and we need to make that clear when this comes up. Obviously,this 'Ron Paul says the US should declare bankruptcy' spin is viral on the internet, at this point.

The key interview is the talk radio interview in Iowa with WHO.