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The first time I heard Paul talk about monetary policy, I'd felt like a hostage, the only person in the room who didn't buy into the program. Then, slowly, like so many hostages, I started to open my mind and listen. By the time we got to Reno, unfamiliar thoughts were beginning to occur: Why shouldn't we worry about the soundness of the currency? What exactly is the dollar backed by anyway? And, if the gold standard is crazy, is it really any crazier than hedge funds? I'd become Patty Hearst, ready to take up arms for the cause, or at least call my accountant and tell him to buy Krugerrands.

Ron Paul#146

PolicyEconomicsFinanceMonetary policy

About this quote

What does it mean?
The speaker describes a shift from skepticism to curiosity about monetary policy after hearing Paul
In plain terms
He went from doubting to wanting to learn about currency.
What can you take from it?
Exposure to new ideas can change financial perspectives.

Where it applies

  • investment decisions
  • economic debate

Putting it to work

  • researching gold standard
  • consulting financial advisors

Questions to consider

  • What drives people to reconsider their financial beliefs?
  • How reliable are anecdotal shifts in opinion?

Another view

Personal anecdotes may not reflect broader economic validity.

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