Predicted Ron Paul victory

European banks predicting Ron Paul victory in 2008.

Press TV: "Denmark-based Saxo Bank predicts Ron Paul presidency in 2008, saying US economy will plunge into a depression prior to the election."

The Bank predicted that Ron Paul, US congressman and Republican presidential candidate, will win the US 2008 presidential election.

Saxo Bank says the US economy will shrink by 25% and the Chinese economy will decrease by 40%. The economic downturn will come about as a result of the housing crash.

Ron Paul has been critical of the Federal Reserve and has blamed the Federal Reserve for causing the real estate bubble and crash. Paul has said that the loose monetary policy of the Fed had artificially inflated real estate prices which lead to the collapse.

Paul supports 'Sound Money' and opposes the Federal Reserve's 'Inflation Tax' and says that he wants to prevent a dollar collapse.

Saxo Bank also predicts $175 a barrel for oil and the price of grain will double. Some have predicted that oil will climb to $250 a barrel if the US attacks Iran. The bank also predicts that 30% of large building companies will go bankrupt.