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... welcome to the big interview from the Wall Street all I'm Simon Constable joined today by tea party favorite the man whose name kids coming up when it comes to a potential presidential run until the posts of up to one full ... full full thanks for joining us ... you ... would you be running for president ... I have no idea I'm still very undecided on this lady so ... I think about and I consider it and ... was in Iowa recently abandoned him to China feel my way back ... it's a it's a major decision for me there once before anyone is the difficult task of ... it'll take a month or two before finally make a lot of money key elements into citing lax ... you know it's interesting a couple years ago I was talking about what might really motivate me to do it ... in the last campaign I talk a lot about the financial bubble the housing bubble ... and I was concerned about that ... and I said if the Next's concern I have comes in to fruition that is my concern about the dollar ... I have a hard time resisting wanting to talk about it he and ... I think the colors in trouble I think there are some signs that people are getting concerned about the ... dollar's people talk about monetary reform you know internationally and domestically ... in it that the that is very much on the minds the American people on prior one of the kids to play in the discussion ... now what what is on the minds of along ... the oneness that the deficit in this doesn't relate to so that all ... of this and all that that line at the end of next week on that for the US ... come and watch it on what what what do you think is going to take to get an agreement before then ... I don't think we're will get a real agree ... which is limp along and eventually next afternoon ... after the Xers have to deal with the ... human race and the ... debt limit ... and then have to deal with a that's this year's budget is the finished thing to do with next year's budget ... and there's no stymied ... they have to either very serious ... if the Republicans who are more serious than his uneven on urea serious they should be or should they can ... if they mention and we want to cut six billion dollars or one of the CR Z mean that ... the Democrats are hysterical about six billion dollars it's not like ... to me which I'm not ... National Deadly ambition to try and I was in it together and with a double billion here a couple The in their ... double the year double the than that of typical Chilean ... so did you think come but ... putting a capital raising the debt ceiling would would help everyone ... to get religion on this issue ... yet with that and I will vote I've never voted the standings on ever vote to raise the ... Dow ... may it ... it would be chaotic ... I think it would be disruptive and ... if so if people could be held ... into this ... I you know they would probably have to quit ... but to say what happened the last crisis ... that the Congress came to rescue the heck are ... to be an a to B lead in the billions of dollars ... go but down ... the Fed's that what they wanted on around so doesn't matter so if Congress ... has is limited ... and if it is still out there in the eyes of anyone any Corporation Devang a foreign bank ... for whatever ... two dollars totally out of control it's a much bigger problem ... I hate anybody around here under Stephenson and the people who are getting no I ... don't think they quite interesting in India because sometimes ... people who want ... to straighten this out then I say yes to this that don't touch Medicare don't touch Social Security don't touch the military ... does go on and I don't believe they're sincere about coming back so what's the Woolwich you cop it if you could decide what the president and ... um and you need to make decisions bought one of the tough decisions you well I'm not my it my role when I have the option to vote on House floor vote for all cuts ... I never vote decreasing the head of a free but has been doing that ... since I first ran for Congress in the seventies because I ... I believe it because the monetary system you would read ... the type of phenomenon that we're experiencing now that with its Amla spending ... the ability to pantomime priced at just encourages ... Congress to stay on ... I would go and you know if we're serious and figured we you know ... on the breakdown of the monetary system so that we have to ... get our house in order one and had everything equal ... this stalemate and I ... the so-called you go through it all the appropriations ... and don't have Discretionary nondiscretionary ... India say well we're ten percent over the counter or ten percent ... if you're thirty percent or maybe ten percent a year for three years ... the the the and cancer ... the idea that they're going to do in this and if they're serious about it ... he could do it over a three-year period ... the odds of that happening ... even on think it's logical ... odds are about ... the zero percent or one tenth of one percent ... it's not going to happen the momentum is too great to finance the government did did you think that this is in the wake of course but divisions within the Republican Party to think of the House Republicans ... who will want to count ... on them though the device will probably get some extra ... thought it would help their more together than they used to be they are doing better now that are doing better now because ... they don't have a Republican president Ellen to spend money ... at least now they can be seen as standing up to Obama ... but there is some divisions someone account more than others ... but ... even if the Republican Party under the circumstances did a much better job ... he still have to deal with the Senate you still have to deal with the conference's you still have to deal with the president still have to deal with off budget items ... any always have to deal with emergencies nobody votes against emergency spending ... more as always emergency there's always a flood and hurricane in everything up always an emergency ... and semi gets hungry ... that'll be an emergency to ... some as is everything intimate it seem as activity at prices that the act of spending cap was in the state will ... use the Woodie so that some people are actually signed yet but Cowell said actively everything's emergency at Minnesota ... where working in the atmosphere of ... the breakdown of the financial system two years ago that our bond attitude ... and that sort of car I carries over because ... if I ... if you want to cut medical spending it so we'll cut Job into medical spending some Ailsa say one pm medical staff here for a net ... increase spending to ... know everything ... and everything is urgent ... and now we hear ... that somebody is that somebody has ... an interest in the spending ... that's why we pondered here we can we just don't ... get anything done a lot of the American public to ... refocus on chokes on and on a potential Supreme Court and it is the lack of creation of showcasing some encouraging signs but there are any signs of weak ... but sustainable job ... creation in the private sector ... um don't easing was to focus on the backs of war among Cox leave the cuts to we've actually gone will people working back to work well ... that is you would do that if he thinks spending money actually is beneficial that was spending money in the deficits and inflation ... on the other day which is ... was it was the problem so ... I think doing the same thing the crease ... you don't want to cross get worse because the problems ... if spending and deficit and borrowing ... and in inflation in regulations causes ... that's what they're still doing what you need it is I correction ... the market is correct in one hour of kilter ... with too much and too much spending and too much Marijn too much taxes in too much regulation ... you have to have a correction ... and I'm nobody accepts an economically speaking ... they think best economic IRDM it ... in the government's push to spend more money and create jobs what governments can create jobs all we can do ... is provide an environment where ... where business people have an incentive or confidence that they I can make an investment makes the money ... they don't have that now people you know ... if it has done everything possible I mean there for the speedy is that that is creating as much money into the system ... people are confident ... the banks were willing to take a interned and a new arbitragers and ... a lot of money ... but no jobs came out of it so ... doing the same thing over and over again would not create the jobs when the market can do that ... now mind you in a position to oversee what the defense did doing what changes she wants to happen to how the Fed operate ... to remove ... cover the complete liar we don't need to pay out but of course that's ... at this moment hypothetical ... buddy them and our prices ... where the world rejects dollars worse in nineteen seventy nine ... we know Sears we need the IMF to bail us out ... indeed the other reason that doesn't happen is the other world currencies are much better than ours ... bought ... the dollar in the world currencies will be rejected ... commodity prices will soar interest rates will go up ... in the and the fee and will have to do something ... no I think Oversight is the most important thing now under today's circumstances ... we know what they're doing ... like it and want to get away with this ... Congress doesn't even have a story that we're spending the money who could Alia ... makes no sense ... to say see QT things one what's been going on is the Fed's problem when Don t you think that rising commodity prices as something to do with the fat in the key retail and to ... me you would have this happening with ... all that money churning out there just starting ... I mean even ... unit think given that the first easing to two trillion dollars an hour another six hundred billion of do more ... I if they need it and that money is starting to circulate ... and it's not creating jobs like Ifat ... is pretty prices go up ... if we can evolve in education ... and say we gotta get more people educated ... we'll get higher calling in more people educate we higher prices ... in the US ... we spend twice as much as it may help on medical care ... in most every comes from the government ... but we'll get better medical care ... will we get higher prices ... and in that that's what we're seeing now right now there's less in the stock market last that are still on the bonds the bonds ... are way overpriced and people still value the dollar ... and ... that they ... if they can they continue to do the same things the bubbles are out there ... this deal and will still have a problem hitting the send button before that we couldn't get to abortion the Fattah we can get a position in the two with not quite says choosing a crisis until prices would be good for America ... because it would result in ... the Fed ... the big Kitao went well with with as risky you know we have the people understood ... economics from the free market viewpoint yes they would they say that then it is all their fault this can read of the Ministry of sound money this look to the Constitution ... but ... then many individuals ... that are more in Charge By Hamdi International people the IMF and World Bank they tell what's coming ... their discussions over time ... about a worldwide fee at currency using the STRS ... they wanted to chart ... so yes if it might be undermining the dollar may be undermined ... but if we go that way it'll be a lot worse we lose our sovereignty we lose political control ... and OBR few people in the world that will be total control of the Currency ... and Navitaire that instead of going the direction of what the market determined ... currency ... in s with gold and silver is that's determined by the market is is it due to attend to in a Colts ... is the reason I would certainly make a Wellesley its legal under the constitution we should legalize and while that to happen ... want to see what the market would pick I would mind that my it my argument ... for now is ... legalizing competition with the Fayette ... use in that same clothes and then is the gold standard ... mom stages legalize the Constitution or the silver's legal tender change the legal tender laws ... take taxes on gold and silver ... and while goes over to circulate in parallel to and on and I'm and I believe that the huge government out one of the houses that have something to your favorite back with the whole country is that when you sign and what did happen the whole country ... in although I do I love with the states are doing you know ... the Constitution say you can now ... issue currency ... but they've also been instructed to use illegal Russo as legal tender ... suggests resolving that I'm very technical point ... they're absolutely right because if they took hold silver dollars an old gold dollars ... against them ... they would be correct ... and I knew with the Constitution of the one that suggests the new target is as ... I think ... as well as a whole ... I'm so gold coins that U S coins ... the car wants to my day in Venice with their values I've done what it seems that was when ELN vary but I didn't look of the entire deal but any time there's various states now have a different proposal ... that would be a good way of doing it and avoid controversy none of the gold standard in the past is causing problems for instance in the UK on on on a three-month winning was still ... you know that that that the head of a pervert began my my my home country ... um let's just try to keep the iam that the pound on the call center too high ... it ended up causing a lot label problems on ... things one flexible that the key when he said was he kept it too high ... they went off gold for World War one pm and church hillbilly was in nineteen twenty three ... everybody knew you go back to the gold standard ... I you Rob the people through printing money during war and we get to ... we had our Depression nineteen twenty one ... that the British had their same crawler they knew they had to go back to gold ... but I don't know the numbers in the pound in the dollar ... you know it if it today we went back to gold would we go back to thirty eight overs amount you'd be crazy ... you have to adjust and since ... there were more powers in circulation may win back to the regional ratio of pounds to gold ... it was unworkable and it was a failure ... so you have to allow the market to adjust to see the market is saying ... you go back to post and has to be at least fourteen hundred dollars an hour so today it was a difficult time for the orientation and all the problems of the ninety cent to win a single failed ... there was always the abuse of the gold standard ... for various reasons are Civil War period ... they pass legal tender laws greenbacks ... and and and and boarded the gold standard for twenty years ... become one of the switch to ... the Libya situation in Libya on how to Vafi ... on stood still in power as we speak ... on one dissenting should we be intervening to help safe ... the the the the rebels are trying to oust Colonel Ghadafi who took the stand by ... stand by staying out of that it's in their fight and ... I don't really be good for the people if your sympathetic hike I am to lose people who would like to get rid of him ... if you we shows that were part of them and hear them cry with this ... that could backfire on him I don't think we have the authority to do it ... I that's getting involved in a civil war ... andDow we'll have the money to do we have to go on borrowed money to do is that no I would stay on the eve of the money aside though don't you think the other dictators in the region might see it is like open season on on on on any dissenting groups within the net ... result was that we don't get it all but what's good what's the right now it's open season on those dictators that we support the ... unity that like that oh yes and said it did well by weak whiff that gave him ... the seventy billion dollars in the people rose up and ... so far that will ... prove better than living at the wheel in and how that's going to mount ... I think the worst thing for us to do ... is get involved now and picking and choosing whose to take over but the worst the very worst thing was getting involved in propping up a dictator ... and we've done that and on the various country the British used to do and how weak approaches were work and we do and we have a different type of colonialism but ... he eventually Cola NeoStem's alibi this is the end of American Tyco on licence when I say this is the and ... because that ... that that they're my ... Libya and less so but others were always receiving money that was ... it was a token support ... for ... Ghadafi because unified years ago we started doing business with them ... and that meant we would buy his oil and wheat crop them up and ... that's not as bad as the ice Neten billions of dollars in foreign aid but ... but in the way ... wherein we are in charge over there and ... and even the SANTA course in Libya ... had to be suppressed nobody wants to retire ... or are confident that ... it is a country we just took over and rebuild sacrificed thousands of wines both buyers and there's an and eighty s and they wanted to purchase a pay is saying we don't think we're getting a fair shake with our new government ... they were arrested for this so ... we talk on both sides are now when we encourage a these uprising and we can do to support someone else ... we've been trying to do than Iraq and Afghanistan it's a total failure from my viewpoint ... so unless which it is they can teach us some ground ... from pull this is the sunset now own also watch for the book the tea party this to Washington ... you you must be very proud father with him in the Senate ... on shore I mean that it's the it's still pretty amazing to me you know and ... and you mention that you've been up to the New Hampshire ... region helping your CEO ... and he came to a rally there and introduced me ... in all the family came and I ... I keep thinking back to that and then ... threw in an audience with up to within two years he has Santander ... arriving it was pretty amazing ... so what was the best quality that you keep him and knew for them up on the stump for well look what successful people you ... could be inquisitive ... and three study in China are staying on how the market works what people ask me what what kind of books to buy ... shopping again and every ... he really didn't have the EMU y Redbook said he would grab um off the shelf he and Rita ... but he probably has ... actually ... bought more books and given to me because he found fascinating ... over the you know the last decade or so though he he became inquisitive and typing out what makes the world work and ... he of course ... I guess logically came to many in the same conclusions that the market works better in freedom is better and totalitarianism is good stuff ... all those things are very pleased when ... will we say is that ... the West or the Bank of ... Israel was willing ... to think the parents I know I did my mind my family ... the worst ... was thing he's picked up from the army now ... boy I know ... I know I don't know because I think he does make things better than I did ... you know he does real well and public speaking in these little less Bramble who has ... not ... sought on though ... or ... maybe just ... maybe just giving up a medical practice going into politics he and I advise I said you know what you do it ... buys it ... in ice and ... this is you know when on a logical thing to do the tour is ... threatening a sentence and the ... wayside but he said I have nothing to ... add a right to say anything ... so yes he had made a choice that was to murder minded to ... either the best price to pay for that ... the price to pay me for coming into into the I mean to me he's already had seen the price to pay some time to get a view to putting ... people who ... want to praise you for various reasons and that ... of course there's a sacrifice I know is will be the same as mine ... when you leave your medical practitioner here with your family more you ... don't have a medical practice and I always ... was sorry I couldn't practice medicine that's why I was here for four terms I went back for twelve years ... United won a given up ... two after enjoy it by using a fine artists until they left the company is on ... he I think you it and I think he should because he's been trained and he can get people cite backing and butter are moving to Iraq I would think that would be tremendous satisfaction ... not mean much legally wanted to see how precious metals points of July I have a couple of interesting ones on ... the scene you may recognize that the chaplain on it's it's it's it's one all ... um did you recognize these are the sea teens who oversaw ... the lion's share going out and I've always said ... and uneasy with ... the bottom picture pulling ... on them and big big big this'll be the sort of thing would open Simon Esmond forty assigned but that sort of thing having points to go and spend my precious metals ... I guess the net effect when Semi tried to circulate those McGovern came down ... very very hard on them because they call him and all remained one of them to circulate ... and I was livid utility of the yen's office yes yes ... yet in a free country ought to be overdue that may bent ... there's a monopoly Hana Card Tallow called the Federal Reserve banking system ... that makes it illegal to be used as money ... so that's why earlier we were talking about ... using gold silver dollars return ... us to ... Eagles building on Silver Eagles ... that that really ... puts them on the opposition the ... the Reserve and Treasury on the on the defense ... because ... they're us to be a legal tender ... and have ... it here ... governments have always this is not now that ... thousands of years governments always ... viciously protect their power to mint money ... and they don't like competition made to submit a market that time on one last question and thus began ... a run for president ... Intel's is just awesome ... that way when there were ... high carrying one thing is ... that I can honestly say on Monday cited I'm fifty fifty I might do in my mind on and time will