Ron Paul warns the US can't 'print money and lie' to Americans forever. Protect yourself and your nest egg now

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It's been much than 5 decades since President Richard Nixon took the U.S. dollar disconnected the golden standard. Yet erstwhile U.S. Congressman Ron Paul says helium remembers that infinitesimal vividly — and is present issuing a caller warning.

"I tin retrieve it precisely," Paul said successful a caller interrogation with Tucker Carlson, referring to August 15, 1971 (1). "One Sunday nighttime I was sitting successful beforehand of the tv watching the quality travel successful and oh, a peculiar quality clip. And they enactment up President Nixon and each of a sudden, boy, did my eyes open."

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In that televised address, Nixon announced helium had directed then-Treasury Secretary John Connally to suspend the dollar's convertibility into golden — a determination that efficaciously ended the Bretton Woods system.

"And I said, 'This is simply a large woody ... It mightiness beryllium 1 of the biggest things that ever happened successful monetary history,'" Paul recalled.

In hindsight, the determination marked a turning point. Since 1971, the U.S. dollar has operated arsenic a fiat currency, meaning it is not backed by a carnal commodity similar gold. And due to the fact that the Federal Reserve tin fundamentally people wealth successful unlimited quantities, Paul believes the strategy is fundamentally flawed and warns that superior consequences present prevarication ahead.

"We're approaching that clip erstwhile atrocious worldly volition truly beryllium happening to america due to the fact that you conscionable can't people wealth and prevarication to the radical forever. It's each based connected a prevarication and it's fraud, it's counterfeit money," helium said.

Paul argued that erstwhile a cardinal slope creates excessive amounts of currency, the worth of that currency inevitably declines — a dynamic economists subordinate with inflation. Americans person already felt that interaction firsthand; according to the Federal Reserve Bank of Minneapolis, $100 successful 2025 has the aforesaid purchasing powerfulness arsenic conscionable $12.58 did successful 1971 (2).

The bully news? Throughout history, savvy investors person agelong recovered ways to support their wealth from inflation's bite.

A harmless haven shines again

When it comes to preserving wealthiness and warring inflation, fewer assets person stood the trial of clip similar gold.