I reluctantly watched Ron Paul’s interview on Porter Stansberry’s site. For years I’ve mistakenly hit on links to Stansberry’s site with some irresistible teaser just to be terribly disappointed when it became clear that whatever information was promised would never be delivered. Rather, I’d have to watch some long video (which was advertised as short) or read copious amounts of drivel only to be left empty-handed. I know a few folks who subscribe to his newsletter and swear by it but I just can’t buy into something that utilizes such chinchy tactics. (And if his stuff was even half as good as he sez, he surely wouldn’t be selling it in a newsletter. FYI, Stansberry is not an registered investment adviser or broker of any type - he just writes a newsletter).
Unfortunately, the Ron Paul interview is no different. I have long been a fan of Dr. Paul for his courage, his Austrian economic views and his honesty. I don’t always agree with his views and/or his policies but I have quite a bit of respect for his service to his country and his service to his fellow man (and woman). But this video was just terribly disappointing. And awkward. And long. And just painful.
For starters, we are promised a “short video” which it is not. I didn’t time it and the ill-mannered folks at The Crux don’t put a timer on the video. After all, if you could see how long it is, you’re more likely to click away. Second, we are promised specific financial steps we should take and there are none. The only “recommendation” is to buy Stansberry’s book "America 2020 - The Survival Blueprint". Throughout the video, which is nothing more than just a really, really long commercial, RP makes several overt plugs for the book. And I’ve read a few reviews on the book which basically amounts to buyers getting scammed for $99/month after buying it.
So if you want to save considerable time watching the video, here is a basic summary of points and highlights made by Dr. Paul:
- The USD is set to collapse when foreign investors lose confidence in it which is gradually taking place as 10 countries have already agreed to trade exclusively outside the USD.
- When the USD collapses, the US government will not be able to fund the US welfare state or our military endeavors which currently have our soldiers based in over 140 countries.
- There are currently two unsustainable ideologies dominating US fiscal and Federal Reserve policies. 1) We cannot be a debtor forever and 2) Printing money will never lead to prosperity. (These statements are the correct views however those in DC have come to believe the opposite.)
- We are not back to normal – normal is not having 50% of American children being born today destined to accept foodstamps nor is it normal to have the “too big to fail banks” that caused the 2008 Financial Crisis to grow 37% larger than before the crisis.
I very much agree with Dr. Paul's view that the USD is deeply compromised and when investors lose confidence in it, it will spell disaster for USD denominated assets such as treasuries and domestic stocks. And I’ve posted quite a bit of content on this site about the USD. Recently, I've updated the technical outlook for the USD.
With all due respect to Dr. Paul, I do take issue with this video and a tendency I see woven throughout most of his dialogues. He tends to be long on problems and short on solutions. In the video, he doesn’t offer a single helpful tip which again we are promised when we click through on Stansberry's site (unless you count buying Stansberry’s book as a tip).