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The truth is we are broke.

Ron Paul interview Thursday on Bloomberg. This is a must watch.

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Partial Transcript

The truth is that we are broke. How do you compromise? They only way you are going to compromise if you agree on what to cut. Instead they're trying to find out how they will agree on what they will protect. I do not think I have heard the answer. They talk about this fiscal cliff, but in my mind I work with the assumption we are already over the cliff, we're just wondering how we're going to land…it is unsolvable because you have to cut spending.

As long as they move in the direction of less government. Maybe taking their oath of office seriously…That is long gone. We're so far gone. We're over the cliff. We cannot get enough people in congress in the next 5-10 years who will do the wise things. We have to prepare for having already fallen off the fiscal cliff.

It is like what is going on in Greece. Every day you hear of a solution and things pop up, but they are in debt and spend too much money and then the people go out in the street and demonstrate. Romney was hit because one issue he was correct on, he was opposed the bailouts, and the people in the Midwest voted against him. Oh, we have to be taken care of!

So that vote was sort of like what we are laughing at in Greece. Those 80,000 people do not want anything cut, they will not compromise. It is the people that are that way. That is why our revolution is significant. We're trying to change people's minds. That is why changing the minds of young people is so important.

The majority dictates against the minority. Right now the majority are receiving a check. That is why people were sort of surprised with these conditions that the president could get reelected. That is a bad sign in that there are more on the receiving end.

People do not want anything cut. They want all the bailouts to come. They want the Fed to keep printing money. They do not believe we of gone off the cliff or are close to going off the cliff. They think we can patch it over, that we can somehow come up with a magic solution. You cannot have a budgetary solution if you do not change what the role of government should be. As long as you think we have to please the world and run this welfare state, all we will argue about is who will get the loot.

Why He Quit Congress

I think people had enough of me. I do not have much confidence in the political system and never did. My goal has always been to change people's minds because as long as people demand more government, they will get it. Government reflects the people.

That is why I am excited to go to college campuses and I will continue to do that. That's where I will get a lot of support and they are saying, I agree with you, we do not need more government, we want more freedom and we want to be able to keep our own money. We want sound money. If you have sound money coming in you do not have deficits because you cannot print more money.

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