Ron Paul: A $220 Billion dollar deficit last year by "conservatives?" I mean, there's something wrong going on here.
Ron Paul: That's why they need the federal reserve system - in order to monetize all of this debt as well.
William F. Buckley: Well, you don't have to monetize the debt as long as you have foreign capital willing to to take it up.
Ron Paul: They do monetize a bit of it too, but what happens when Japan quits buying our debt, which they probably will soon, and then there is going to be a monetary crisis on top of a stock market crisis?
William F. Buckley: When that happens, you can run for office and be elected.