Des Moines Register
October 22, 2011
Ron Paul warned of looming widespread economic collapse caused by reckless financial practices and abetted by government guarantees during an interview on Des Moines radio this morning.
“The country is in chaos and if we don’t do something, it’s going to get much, much worse,” the presidential candidate said.
In a conversation with radio host Jan Mickelson that ventured deeply into subjects like financial derivatives, sovereign debt and government intervention, Paul warned that banks and corporations have succeeded in making outrageous gambles and ensuring that any losses are picked up by the taxpayers.
Such entitites must be allowed to go bankrupt, Paul said.