Ron Paul Announces Presidential Run, Says Youth Will Abandon Obama

CBSNews.com:

Rep. Ron Paul, the Texas Republican known for his staunch libertarian views, announced today he's forming a presidential exploratory committee.


This marks Paul's third bid for the presidency. He first ran in 1988 and again in 2008, winning a small but enthusiastic group of supporters among the GOP electorate.


Part of Paul's fervent support in 2008 was grounded in college-aged voters, a constituency that also largely favored Barack Obama. In this campaign, the 75-year-old Paul said today, Mr. Obama won't be able to hang on to the youth vote.


"I think that Obama will not be able to hang on to that enthusiasm of the young people because of what's happened in the last couple years," Paul said in Des Moines, Iowa, after his exploratory committee was announced.


The financial crisis, the bloated deficit and the ongoing wars make the libertarian views Paul is known for -- such as his anti-interventionist foreign policy and his antipathy toward the Federal Reserve -- even more relevant than in 2008, Paul suggested.


"I believe there are literally millions of more people now concerned about the very things I talked about four years ago," he said, such as "the excessive spending, the entitlement system, the foreign policy, as well as the monetary system."


"If you want to curtail spending... you can't do it without addressing the inflationary system," continued Paul, who chairs a House subcommittee on domestic monetary policy. "Congress does not have to act responsibly... they've resorted to printing out money."