Ron Paul: "Republican Candidates Just Represent The Status Quo"
Republican candidate for president Rep. Ron Paul (R-TX) appeared on CNBC to discuss the Federal Reserve and a worldwide quantitative easing, the 2012 field and an independent run for office.
"That doesn't mean a whole lot. That's what they're in the business of doing, and that is to inflate the currency to tide people over and to provide liquidity. And providing liquidity in a situation like this just means they're buying up bad debt that nobody else wants and they do this by creating credit. But I think it's sort of a reflection of a panicky type of reaction to get everybody doing this. Including China. They must really be worried to get together like this," Ron Paul said about the Fed's decision, 9 to 1, to not change the monetary policy, which means more printing.
Opining on the Republican field, Ron Paul says they all "just represent the status quo."
"Yeah, I think it's because it's more of the status quo. I think all the other Republican candidates just represent the status quo," Paul told CNBC. "More of the same. No change in the foreign policy. No change in the federal reserve. No cut in spending. I'm the one that's offering a trillion dollars in cuts because I believe the government is so big and so out of control that you have to have real cuts. But all this other talk about cuts, whether it's Romney or anybody else, the cuts in proposed increases, that's why the American people don't believe that they have a solution."
"We just keep doing exactly what we've been doing for the 40 years. Spending excessively, running up debt, printing up money, and manipulating interest rates. And we're up against the wall now, it doesn't work anymore. Lowering interest rates is essentially impossible. That's what they're desperately trying to do today. But, you know, when our interest rates to the banks are down to zero, What are they going to do? Used to be that Congress would just spend more money and that would help. How can they spend more money when there's no more money in the Treasury. So, no, Romney and the rest aren't offering anything new," he said.
Ron Paul also warns the Federal Reserve in the interview. He says the Fed shouldn't bailout Europe on the backs of the American taxpayers.
Paul once again wouldn't rule out a third party run if he does not get the Republican nomination. However, Paul said it was very unlikely, describing the chances as 1 in 20 million.