Ron Paul leads a 1.5 hour House Financial Services Committee hearing on March 26, 2012. The hearing examines the past and future Federal Reserve bailouts of the Eurozone. In his opening statement, Congressman Paul addresses the debt crisis around the world and the effects upon the U.S. national debt and how it affects the U.S. taxpayer. He covers all of the angles of debt and how to liquidating debt, and how currency has been devalued to get rid of debt, which is something Ron Paul is against, because of who gets penalized when debt is liquidated in such a fraudulent way. Congressman Paul notes that those in the Eurozone have better balance sheets than the U.S., however, everyone looks to the U.S. to use the dollar to bail the Eurozone out. He thinks this is the beginning of a much larger crisis and it's much bigger than most will admit and it's going to get worst. He talks about the cost and how the dollar will be devalued and that some think that will be good, but only for some in the business of trade, with many others taking a big hard hit. He emphasizes the moral hazard of who actually pays for such bailouts. He points out that economic laws are much stronger than the manipulations and trickery and that we all need to face up to the facts. Then the hearing begins. - GC
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