Video - Dr. Ron Paul with Stephen Colbert - Jan. 4, 2011

Quotes transcribed inside plus I added the clips from Dr. Paul's 2007 & 2008 appearances on the Colbert Report.

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Quotes

Ron Paul: Paper is always destroyed; there's been no example of paper money lasting for long, long periods of time. Money has always evolved out of the marketplace of something of real value.

David Leonhardt: The problem is not inflation, the problem is too weak an economy...If given the choice would you rather take my gold wedding ring or a million dollars in paper money?

Ron Paul: The question is would you rather put $10,000 in a box for 20 years or a few gold coins...The Fed Reserve has destroyed 98% of the purchasing power of the dollar since 1913 an in the meantime they have financed every war they couldn't have financed if they were on the gold standard.

Colbert: Dave, do you want some ice for that burn?

Colbert: The gold standard will create jobs...we'll need to hire tailors to reinforce our pockets.

To counter Paul's position, Colbert turned to David Leonhardt, a business columnist for The New York Times. Leonhardt dismissed as overblown the primary concern of "gold proponents," runaway inflation.

"They've been saying the big worry is that our economy is going to overheat, that we are going to spend so much money, prices are going to go out of control," Leonhardt said. "Does it feel to you like the economy is too strong right now, that it's overheating?" he asked Colbert.

The comedian's deadpan response: "No. But it's waiting for us to let our guard down."

As for the gold vs. paper debate, Colbert left Paul, Leonhardt and the viewers at home with this thought: "Would you rather worship a calf made of paper or a calf made of gold?"

Ron Paul: The Federal Reserve has destroyed 98 percent of the value of the purchasing power of the dollar since 1913.

PolitiFact Virginia fact-checked that Federal Reserve statement in November after the Virginia Tea Party Patriot Federation included it in a letter to the state's congressional delegation calling for an audit of the Federal Reserve System. The letter states: "The Fed, which was created and initially funded with taxpayer gold and monies by an Act of Congress, is opaque and operates in secrecy. It has done so since its inception in 1913. Since that time, the U.S. Dollar has lost 98% of its purchasing power."

After talking to several economists, PolitiFact Virginia rated the statement Half True: "The Tea Party says the buck has dropped by 98 percent, but its use of the gold standard to measure the greenback is not a relevant gauge. Using the Consumer Price index, as many economists recommend, we find the dollar fell by 95 percent since 1913."

Source - Politifact

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Video - Ron Paul with Stephen Colbert - Sep. 4, 2008

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Video - June 13, 2007

Ron Paul is a constitutionalist and claims Stephen is confused because he hasn't seen one in a while.