The internet can be a wonderful vehicle for communication. It can also be used in negative ways to quickly send out propaganda for millions to read.
Dr. Ron Paul, former U.S. representative from Texas and the self-proclaimed leader of liberty, prosperity and peace, has recently made the rounds on internet to inform everyone that America is financially doomed. The next financial crisis, he predicts, will be worse than 1929 and 2008 combined. The Dow Jones will drop by 50%, businesses and friendships will be destroyed, and a dime won’t be worth a nickel any more, as Yogi Berra would say. (Dr. Paul actually refers to the U.S. dollar as being worthless). The list of financial tragedies goes on and on.
Many marketers are using these same scare tactics to attempt to create financial havoc in the nation, but in the end, their motives are all the same. Each one is promoting something. In Dr. Paul’s instance, it is a book written by Porter Stansberry of Stansberry and Associates.
Dr. Paul was in Congress for 22 years, which means he’s at least had a hand in creating an $18 trillion dollar debt in the nation. The latest interview available on internet and hosted by Stansberry and Associates, (which he just happens to represent), makes a big deal about the fact that he is DOCTOR Paul. This at first may sound impressive, until you realize that he was an obstetrician and gynecologist, and not a finance specialist. This simply means that if you want to get financial advice and have your first baby delivered in the same office, he’s the man.
Porter Stansberry writes a newsletter (he was sued by the SEC for false information) that creates information supporting the fact that the financial U.S.A is going down the tubes. In reading this information, it’s easy to be drawn in to predictions and concerns until you realize the sole motivation of the articles all leads back to one thing- buying his book. If you have subscribed to his newsletters in the past, you no doubt have seen just how inaccurate his predictions have been. And Ron Paul is following in his footsteps.
No doubt the government has not been successful in taking care of their fiscal responsibility to Americans. And this will probably not change as most representatives are more concerned with votes than creating a debt free America, or looking out for our financial best interest. The $4 trillion U.S. dollars printed and the doubling of our nation’s debt over the last 6 years should be some indication that an improvement is not in the near future. But to talk about the government taking over your 401(k), losing your lifetime savings in an hour, massive inflation, substantially increased taxes, and the complete financial downfall of America, in order to sell a book or push a product is unethical, in my view. This does nothing but create a worrisome society- which is exactly their motive.
In his latest interview with a script probably written by Porter Stansberry, Dr. Paul states how concerned he is for people in our nation. So after spending 59 minutes (supposedly in Washington D.C.) talking about the doom and gloom in America, he explains the solution in one minute- BUY THE BOOK! And not to give the entire theme away, but the book tells you to load up on gold and silver. It’s possible that some precious metals may be appropriate for a fraction of your own portfolio, but to use these tactics to promote it is simply not right.
Let’s say you purchase the gold bullion Dr. Paul recommends, because he is successful in scaring you to death. Understand you cannot take this gold bullion to the counter at Wal-Mart to pay for your goods. It will have to be converted back into this worthless dollar bill that Dr. Paul talks about. So now you’re right back where you started. Is there a solution to this? Probably not, but to find out for sure, you have to buy the book! Mission accomplished, Dr. Paul.
Tim Schumacher is a representative of Strategic Financial Partners in Hays. [email protected]