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Congressman Ron Paul says that the bailout bill is likely to pass, heralding a 10-year plus economic depression for America and the potential for martial law should civil unrest arise as the financial meltdown worsens.

Speaking on The Alex Jones Show, Paul said of the bailout, “They want dictatorship, they want to pass all the penalties and suffering on to the average person on Main Street,” adding, “We will have a depression or recession, it’s locked in place due to previous Federal Reserve actions.”

“When they say that if we don’t do exactly as they say and turn over more of our money and more of our liberties and exempt themselves from any court in the whole nation, they’re trying to intimidate us and lead us into doing the wrong thing,” said Paul.

The Congressman added that serious problems would arise if nothing was done to address the problem, but that more serious consequences would follow should the bailout be passed.

Paul warned that the only question was whether the meltdown would last one year or ten years and how much liberty would be lost in that time frame.

“It looks like from I see in Congress, that they’re opting for a decade plus of depression rather than saying let’s correct our ways, let’s balance the budget, let’s bring our troops home,” said Paul, adding that the same course of printing money would continue – prolonging the agony and preventing a necessary correction.

Asked if civil unrest was a possibility in the midst of an economic depression, referencing a recent Army Times report concerning the use of active duty military being brought back from Iraq for “Homeland patrols” and “crowd control,” Paul questioned, “Are we going to have martial law or are we going to have more freedoms? The more problems that we have, the more likely it is that we’re going to have martial law, so I do think they anticipate and they plan for these things.”

Asked if criminal investigations and prosecutions of individuals on Wall Street should commence, Paul agreed but said that the main target of criminal inquiry should be the Federal Reserve board itself because, “That’s where the fraud is.”

“They want to be lawless, they don’t want to be held accountable,” he added.

Paul said that grand juries should be convened to take on prosecutions rather than the FBI becoming involved, stating, “We have proper authority with that and experience with it and the Enron case is a good example.”

The Congressman said that Greenspan and Bernanke should be criminally charged but that such an effort would be largely symbolic. “Morally speaking, they’re the culprits,” said Paul.

Asked what his solution to the crisis would be, Paul said, “I think the most important thing to do is to send the message that we’re going to quit living beyond our means and the president can set the standard for that and he has the most control under the Constitution on foreign policy – he can say no more wars, we’re done with the wars, we’re not going to take on the Russians, we’re not going to take on people in Venezuela, we’re going to start talking to the Cubans and bring our troops home and save hundreds of billions of dollars – that would send a powerful message that the dollar would respond to and oil prices would come down.”

Paul said that Americans had to accept a new idea of government that harked back to what the founders envisaged and that the welfare state would have to unravel along with aspirations of building a geopolitical empire.

“In the meantime the policy ought to be – shrink the size of government, decrease regulation, work towards sound money, remove the authority of the Fed to create money out of thin air and get tax reduction,” stated the Congressman. Paul added that eliminating the income tax would mean everybody becoming a lot richer and more money would be ploughed into the economy.

“It will not solve the problem, it just delays the inevitable,” said Paul of the bailout, adding that he expects the bill to pass in a move that would, “Defy the American people.”