Ron Paul: “Our economic system is designed to fail”


The current economic system is designed to fail, but so was socialism. That’s according to former GOP Congressman Ron Paul, who told RT’s Boom Bust show that we need to go toward a system of property ownership, voluntary contracts and individual liberty, while getting rid of central banks.

A new Harvard University poll shows that 51 per cent of young adults aged 18-29 oppose capitalism in its current form.

RT: Do you think this poll is just politics, or do you agree that there is something wrong with the US economic system as it operates today?

Ron Paul: I think the problem is all in semantics. When they say they oppose today’s capitalism, I oppose today’s so-called capitalism. I don’t even like the world “capitalism,” I like “free markets.” But if you say “free markets” and“capitalism” together, we don’t have that. We have interventionism. We have a planned economy, we have a welfare state, we have inflationism, we have central economic planning  by a central bank, we have a belief in deficit financing. It is so far removed from free-market capitalism that it’s foolish for people to label it free market and capitalize on this and say: “We know it’s so bad. What we need is socialism.” That is a problem.

That is a problem in definitions and understanding of what kind of policies we have. I am a champion of free markets, but not of the current system that we have today. I am highly critical of it, because it is designed to fail. It is designed to reward the rich; it is designed inevitably to destroy the middle class, and also to finance some of the worst things in government: all the deficits with the welfare state and for the warfare state. So yes, it’s failing. People should reject what we have, but they shouldn’t reject liberty and freedom and sound economic policies, because that is not the problem. The problem is we don’t have enough free markets.

RT: In the same poll it is said that Senator Bernie Sanders, a self-described democratic socialist, has been the most popular candidate for America’s 18-29 year olds. Despite the fact that he is now losing steam, as we’ve seen on the campaign trail, what does it really say to you about what’s driving this voting pattern?

RP: He’s tapped into something, something that I’ve talked about for years and tapped into when I was a candidate. And that is to describe the frustrations, the evil, and the nonsense of what we have. The problem with Bernie and myself is that he sees it quite differently. He thinks that it’s too much freedom and too much capitalism. And I see it as too much government; it’s too much of interventionist planned economy, which leans itself to fascism. But the young people might not understand the economics and what free markets are really all about, and they don’t understand central banking. And Bernie doesn’t understand that we have to get rid of central planning – from the Central Bank – if we want to help these people.

The current economic system is designed to fail, but so was socialism. What we need to go toward is property ownership, voluntary contracts and individual liberty in getting rid of the central bank.

But yes, I am not a bit surprised – it is a good sign that they are upset and they ought to be. What I have in mind is to show them the difference between what we have and what we should have. And believe me, it is not going toward this ancient tradition of government and socialism. We’ve tested socialism. Socialism has been a complete failure. That is what the 20th century was all about, whether it was a fascist system in Germany, or the Soviet system of communism – this all has been a failure. So you don’t want to go toward socialism, you have to go toward property ownership, volunteer contracts and individual liberty in getting rid of the central bank. Then you might talk about a real alternative. But the young people have a justification; they are justified in detesting what we have, because it has served the rich and has really hurt the poor and the middle class.


ron is correct in a perverse way..governments pretend to fail..they do it all the there is no reason the economic system isnt the same..create bubble..ride bubble..pop bubble..start again..

“The current economic system is designed to fail, but so was socialism. What we need to go toward is property ownership, voluntary contracts and individual liberty in getting rid of the central bank.”

get rid of the central bank..bang..


~ by seeker401 on May 6, 2016.

12 Responses to “Ron Paul: “Our economic system is designed to fail””

  1. The Collapse of the Western Fiat Monetary System may have Begun. China, Russia and the Reemergence of Gold-Backed Currencies

  2. RonPaul is back 🙂 hooray! rumors are that trumpet is going to name RP secretary ofState hooray the World be peaceful
    trumpet is get rid of they” one by one

  3. Ron Paul should be put in charge of the Fed, so he can expose all the corruption and violations there.
    But he is absolutely right, every country, all over the globe, needs to eliminate their private central banking & replace it with a simple treasury dept., which all of them already have. Thomas Jefferson stated thet the issuance of currency should remain in the hands of the people, not farmed out to some private company, and he was completely correct.
    Ron Paul is a Libertarian, and while I agree with him on many things, I also disagree with him on a lot, too.
    But when he states that our current economic system is a mess of interference by an unholy alliance of private banks and the government, he couldn’t be more right.
    And private ownership of property is necessary to freedom, it’s true…but that really needs to be limited in some fashion, otherwise you would eventually see a handful of the very wealthy owning ALL the property there is to own, and individual freedom would take another hit.
    But when it comes to ending the central banking cartel, I am 100% in favor.

  4. Ron Paul’s End the Fed campaign is an illusion .. the nwo beast system is a reality .. ending the Fed won’t change anything .. we are caught in an engineered transition, we would be better served understanding how to survive what we can’t change.

    The Trump Mandate – Unwinding the Bretton Woods Monetary Experiment

    China Just Ended the Dollar Peg

  5. is almost allHere … … …

  6. ron paul is nothing but a talking head now. people who think he’s going to be appointed to anything under trump are fooling themselves.

    trump just named yet another “ex” goldman, “ex” soros employee as his finance man – i.e. his primary advisor on economic issues. all but one of trump’s military advisors are neocons.

    • Yes, but it’s only for the general election period, this is not a cabinet appointment like the head of the state department is.

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