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Paul: US has run out of money
Press TVMonday January 28, 2008
Republican presidential hopeful Ron Paul has criticized a US economic stimulus package based on tax-refunds, calling for 'fiscal caution'.
When asked where the money for the tax refunds - the basis of the Bush administration's stimulus package - was coming from, he told Fox News, "Where is the money coming from? We don't have any money over here in Washington."
"We have consumed everything we have gotten. So, we either have to borrow it from China or we print the money, which is inflationary. So, I'm opposed to that," he added.
Press TVMonday January 28, 2008
Republican presidential hopeful Ron Paul has criticized a US economic stimulus package based on tax-refunds, calling for 'fiscal caution'.
When asked where the money for the tax refunds - the basis of the Bush administration's stimulus package - was coming from, he told Fox News, "Where is the money coming from? We don't have any money over here in Washington."
"We have consumed everything we have gotten. So, we either have to borrow it from China or we print the money, which is inflationary. So, I'm opposed to that," he added.
Paul said the Federal Reserve moves to cut interest rates would further hurt the US dollar.
The Texas Congressman also warned that the world is losing its confidence in the US dollar as a reserve currency and called for reforms of the Federal Reserve and long-term changes.
The Texas Congressman also warned that the world is losing its confidence in the US dollar as a reserve currency and called for reforms of the Federal Reserve and long-term changes.
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