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Ron Paul expected to announce White House run Friday

Call it the gold bug and Ron Paul fever. It’s out there, but time will tell if it’s contagious.

Texas congressman Paul — who is set to announce his third White House bid on “Good Morning America” Friday morning, according to Politico, citing a “Paul source” — is often portrayed as an old school thinker … really old school, as in Adam Smith or Thomas Jefferson.

However, if you believe Steve Forbes, Paul’s way ahead of the curve on one of his signature issues, not drug legalization, but a return to the gold standard for U.S. currency.

According to Human Events, Forbes predicts the U.S. will go back to the gold standard within the next five years.

“What seems astonishing today could become conventional wisdom in a short period of time,” Forbes said.

According to the article:

“The only probable 2012 U.S. presidential candidate who has championed a return to the gold standard so far is Rep. Ron Paul (R.-Tex.). But the idea “makes too much sense” not to gain popularity as the U.S. economy struggles to create jobs, recover from a housing bubble induced by the Federal Reserve’s easy-money policies, stop rising gasoline prices, and restore fiscal responsibility to U.S. government’s budget, Forbes insisted.”

Forbes is no stranger to the gold standard, saying in an earlier interview (reposted on the Daily Reckoning)

“Should we be back on the gold standard in terms of having a pile of gold? No. All you need to do is look at the price of gold and base your monetary policy based on the price of gold. In short, I’ll pick a number, 400 dollars an ounce. If it goes above 400 dollars an ounce, you’re printing too much money, mop it up like you spill something in the kitchen, you mop it up. If it goes well below 400 for a period of time, you know, you’re not creating enough credit for the needs of the economy, so you print a little more. You let the markets, the economy tell you what to do. You don’t try to second guess what’s needed like setting interest rates and hoping you targeted it right. Markets will tell you.”

In January 2010, Forbes interviewed Paul about returning to the gold standard.

Paul, who has since gained the chairmanship of the House subcommittee overseeing his longtime nemesis the Federal Reserve, said in that interview, “You would certainly not need a Federal Reserve if you have a gold standard.”

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