Republican Says U.S. Dollar Doomed
This is very scary.
According to former Texas Representative Ron Paul, while the U.S. government is concerned about the budget, lawmakers may not share the same worry as they possess the ability to print money endlessly through their printing press.
In transcript provided by Newsmax, “We have to change a whole bunch of attitudes and one attitude is that governments are different than we as individuals,” Paul stated.
Paul added, “There’s a lot of things we’re not allowed to do: lie, cheat, and steal, and defraud people. Government shouldn’t be allowed to do it, so the people should be claiming that we demand a refund. But they don’t allow us to do this, and it’s amazing.”
Former Texas Representative Ron Paul opined that the U.S. government is presently preoccupied with the budget; however, they need not be anxious as they can print more money through their printing press. He further stated that the citizens deserve a refund as it is all a waste, and in a free society or a society governed by the Constitution, such wasteful expenditure would not occur.
Ron Paul believes that people have become too complacent during the COVID lockdown, and while there is now some awakening, there needs to be more. Even though there is a heated debate on the budget, Ron Paul is skeptical that much will be accomplished as the government frequently defaults on its debts by dispensing money with reduced value. In summary, he argues that the government gets away with political murder.
If the legal borrowing limit of $31.4 trillion for the US government is not raised or suspended in the coming weeks, it could lead to severe financial consequences. The government would be unable to borrow funds to pay its bills for an extended period, potentially resulting in millions of job losses, numerous business bankruptcies, and a significant crash in financial markets, causing long-lasting economic damage.
While the damage would be financial in nature, the root cause would be political, reflecting a breakdown in communication between Republicans and Democrats, rather than any fundamental issue with the US economy’s health.
Republican lawmakers are seeking spending cuts as a prerequisite for increasing the debt limit, citing the current budget’s unsustainable trajectory. On the other hand, President Biden and the congressional Democrats are in favor of raising the debt limit without any preconditions, stating that spending decisions should be discussed separately and not be used as a justification for holding the government “hostage.”
President Biden has affirmed that he will not engage in negotiations concerning the debt limit. Nonetheless, he is open to discussing government spending with House Minority Leader McCarthy. White House officials have indicated that the President intends to emphasize the imperative of avoiding a historic default during the upcoming meeting with congressional leaders. Simultaneously, he plans to commence the process of developing a fiscal 2024 budget separately.
