01/06/2011 03:03 pm ET | Updated May 25, 2011

Ron Paul Talks Gold, 'The Lepriconomy' On 'Colbert Report'

On the Colbert Report Tuesday night, Rep. Ron Paul and NYT reporter David Leonhardt went mano-a-mano over the value of gold (or, the "lepriconomy," as Colbert put it). Paul -- a long time opponent of the Federal Reserve and frequent advocate of returning to a gold-based economy -- was predictably down on paper money.

"Paper is always destroyed; there's been no example of paper money lasting for long, long periods of time," he announced to the group.

Colbert nodded: "I think it's time we return to an economy that's based on trading cattle or the value of our daughter for dowry."

Paul is not alone in his belief that gold is the solution to hedging against a collapsing American economy, the dangers of inflation, etc -- Glenn Beck is in favor too -- but the logic can be confounding. As Leonhardt put it: "The problem we've had recently is not inflation, it's not too strong an economy. It is too weak an economy."

As Colbert said, by way of a conclusion: "Would you rather worship a calf made of paper or a calf made of gold?"


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