American empire is teetering on the edge of collapse: Ron Paul

Former Republican congressman and presidential candidate Ron Paul has said that the American empire is teetering on the edge of collapse.

In his latest Ron Paul Liberty Report broadcast, the founder of the Ron Paul Institute for Peace and Prosperity, said that the  signs of the collapse of the Empire are already there: Aggressive US foreign policy, self-destructive monetary policy that debases the currency and hides inflation, a monstrous national and individual debt load.

“Today I want to talk about – there’s been a couple of articles that have not  talked about the subject for a long time. ‘How long will the American Empire end?’ and right now there’s a lot more talk about it and recognition that it is unsustainable. And there are economic statistics that verify this. And there are certainly foreign policy problems that we are facing that indicate that we are not the powerhouse that we used to be,” he said.

“And I know that we heard a lot of propaganda how great the economy is and there are statistics that are you know at least they are better than what they could be but there is no indication that there is real growth. If you look at the growth in this country compared to the debt, guess what, that is going up five or six times faster than manufacturing,” he noted.

“So what we have right now is everything is based on debt and that’s self-limiting, and that’s one of the reasons that I have stuck to my argument that you’ll see the disappearance of it (the Empire) because we have become soft, we don’t emphasize the work ethics, the socialists are on the attack and everybody thinks that they can get something for free, and the deficit is exploding. And there is really not much attention paid to this if you look at the current administration and the current Congress, the Republicans and Democrats, there is not much concern about deficit,” the veteran commentator noted.   

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“So if we are right on this argument that debt can be very, very harmful eventually, that more likely to be slower and has been slow because we have the reserve currency of the world. But I think it is cracking. I think the Jackson Hole meeting [the Federal Reserve's annual economic symposium] recently indicated that the internationalists, the financiers that were there are getting concerned about our economy collapsing. But… I think that there may hopefully be some good news on the foreign policy because it might have to force us to change our policy,” he stated.

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