Libertarian Republican leader Ron Paul said the American system under President Donald Trump was ‘’coming apart’’ and called the idea of a booming economy this year ‘’a bit of an illusion,’’ Newsweek reported on Friday.
‘’We’re on the verge of something like what happened in ’89 when the Soviet system just collapsed. I’m just hoping our system comes apart as gracefully as the Soviet system,’’ the former Texas congressional representative said.
Paul added that the possible collapse of the U.S. system as a result of debt, inflation and inequality could bring about a new monetary policy.
“The country’s feeling a lot better, but it’s all on borrowed money,” he said, adding that the country’s ‘’bubble economy is going to come unglued.’’
In comparing the U.S. to the Soviet Union he went on to say that it had ‘’ownership’’ of other countries, though unlike that of the Soviets. He stated that the country’s footprint abroad will likely change.
“I think our stature in the world and our empire will end, and that’s when, hopefully, the doors will be open and (people will) say, ‘Hey, maybe these libertarians have some answers to this.”
Paul said that a collapse of the U.S. system would work in favor of a “hardcore nucleus” of libertarians pointing out that Trump could be up against a strong challenger in the 2020 Republican presidential primary if the economy is “really much worse.”
However, despite his criticism of President Trump, Paul agreed with his pushes for tax cuts and scaling back on government regulations.
“He’s a cheerleader for Wall Street, and I keep my fingers crossed, maybe lowering some of the taxes will help, certainly lowering the regulations. But I think the problems are so deep and structural,” he concluded.