2023 saw a 50% increase in credit card delinquencies and consumer debt reaching $17.5 trillion, with Ron Paul blaming the Federal Reserve and US's fiat money system.
Ron Paul argues that the Federal Reserve is responsible for the consumer and government debt crises, as credit card delinquencies increased by 50% in 2023 and consumer debt reached $17.5 trillion. He attributes this to the US's fiat money system, which severs the dollar's link to gold, causing its value to decline. The overreliance on credit cards and the resulting increase in consumer debt are consequences of this decline in currency value.
March 04, 2024
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