“A Lot Worse” than the Depression: Ron Paul Sounds Off on the Major Economic Danger America Faces [WATCH]

Morgan Stanley, for example, released a report claiming “The chances of a recession ticked higher last week, driven by the Federal Reserve’s latest rate hike and hawkish forward guidance.”

Forbes, similarly, noted that “Real GDP declined in the first quarter of 2022, and it looks like it will drop in the second quarter as well. That does not mean for certain that the economy is in recession as this article is written (July 2022), but it raises serious concerns. The evidence is that we are not in recession, but certainly close enough to be worried.”

Even left-leaning CNBC joined in and started ringing the alarm bells about the future of the Biden economy, saying “Many of the world’s leading economies will fall into a recession within the next 12 months as central banks move to aggressively tighten monetary policy to fight surging inflation, according to the chief economist at brokerage firm Nomura holdings.”

However, while many are warning that a recession could be incoming, few have gone so far as to say that what’s coming next could be a major, devastating recession that takes a wrecking ball to an over-leveraged and overly complex and interconnected global economy.

Former presidential candidate and libertarian firebrand Ron Paul, however, was willing to make that point and argue that the upcoming recession will be far worse than most expect, as you can watch here:

As you can hear in the video, Ron Paul noted the problem posed by inflation, fiat currency, and the massive amount of government spending, particularly on the welfare state, pointing out that all those factors could lead to an economic recession even worse than the decade-long Great Depression. In his words:

“[T]he founders understood exactly what we’re talking about. They had the runaway inflation with the Continental Dollar. So they put in the Constitution that only gold and silver could be legal tender. And if we had followed that, we wouldn’t have had the welfare-warfare state with these huge deficits and what we’re facing because I think what we’re facing today is a lot worse than what we’ve had in the past, whether it was the Depression or whether it was the downturns we’ve had in recent years.

“I think the bubble is bigger. I think the debt is bigger. The demands are bigger, and people are way overconfident even though they’re getting worried — way overconfident that you can take your debt at $10 trillion and, in a few years, switch it to $30 trillion, and nothing changes.”