Are we facing a depression even worse than our ancestors? Even with today's technology? According to former presidential candidate and libertarian firebrand Ron Paul, we are.
“[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," Paul explained.
He added, “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.”
History does repeat itself afterall...