For decades, Rep. Ron Paul (R-Texas) has warned that our fiat currency will collapse around us, leaving everyone in economic shambles. Gold, he says, is the surest path back to sound money.
In a CNBC interview earlier this month (during which host Joe Kernen misidentified Paul as not being a gold investor), Paul extolled the virtues of gold investment as protection against the continuing ripples of the global financial crash. "I think what we're dealing with is the end of the dollar reserve standard," Paul said. "This is probably a bigger problem than the world has ever faced before."
But, fittingly, Paul has invested in gold -- heavily. He owns millions in gold mining interests, Barron's Jim McTague recently reported, calling Paul's portfolio a successful bet against the U.S. economy:
In his most recent financial disclosure, which covers the year 2010, Paul had $1.6 million to $3.5 million in gold- mining stocks. He also has a stake in three bear-market funds--and has for many years.
In all, Ron Paul's portfolio amounts to a super bearish bet against the U.S. economy. If the country had defaulted on its debt earlier this month, he likely would have made a bundle. The congressman voted against House Speaker John Boehner's plan to lift the nation's $14.3 trillion spending cap. ...
When a politician has a financial stake in one of his pet causes, it always seems a bit fishy on its face. But what are we to expect? If Paul is right about the global economy, Ayn Rand would probably say he deserves to get rich.