By Adam Taxin
Sunday, August 7, 2011
During this past Thursday night's episode of The Savage Nation, Michael Savage, the nation's largest-audience Jewish radio host, featured an interview of approximately 16 minutes with libertarian (technically Republican) Texas Congressman and Presidential candidate Ron Paul. (The Savage Nation is broadcast, on delay, in the Philadelphia area on WNTP 990 AM from 3 AM until 5 AM.)
The timing of Paul's appearance, which mostly discussed the weakness of the American economy was apt, given the Dow Jones Industrial Average's plunge of over 500 points earlier in the day.
Early in the interview, Congressman Paul says, "The big charade in Washington is these trillions and trillions of dollars that we're cutting ... they're not cuts at all. They're always just cuts in the proposed increases."
About six minutes into the interview, Congressman Paul explains that the problem is bigger than people think "because the system is built in on this whole monetary system where the Fed creates money out of thin air. And you have to stop doing that because that is what causes the debt and the deficits to pile on. It also causes the malinvestment; it causes the bubble."
He continues: "So you cannot address this unless you understand how the financial bubble occurs and then allow the mistakes to be corrected. And they won't allow that to happen. All the people who were making a lot of money and went into bankrupcy, we bailed them out. So you have to allow bankruptcy to occur ... we did everything wrong in 2008 by bailing out the banks, and then we went out and created a new bubble, and that's why these financial companies now are in so much trouble..."
The interview can be heard online, via this link.
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