This "Special Issue on Racial Terrorism" was hardly the first time one of Paul's publications had raised these topics. As early as December 1989, a section of his Investment Letter, titled "What To Expect for the 1990s," predicted that "Racial Violence Will Fill Our Cities" because "mostly black welfare recipients will feel justified in stealing from mostly white 'haves.'" Two months later, a newsletter warned of "The Coming Race War," and, in November 1990, an item advised readers, "If you live in a major city, and can leave, do so. If not, but you can have a rural retreat, for investment and refuge, buy it." In June 1991, an entry on racial disturbances in Washington, DC's Adams Morgan neighborhood was titled, "Animals Take Over the D.C. Zoo." "This is only the first skirmish in the race war of the 1990s," the newsletter predicted. In an October 1992 item about urban crime, the newsletter's author—presumably Paul—wrote, "I've urged everyone in my family to know how to use a gun in self defense. For the animals are coming." That same year, a newsletter described the aftermath of a basketball game in which "blacks poured into the streets of Chicago in celebration. How to celebrate? How else? They broke the windows of stores to loot." The newsletter inveighed against liberals who "want to keep white America from taking action against black crime and welfare," adding, "Jury verdicts, basketball games, and even music are enough to set off black rage, it seems."

Such views on race also inflected the newsletters' commentary on foreign affairs. South Africa's transition to multiracial democracy was portrayed as a "destruction of civilization" that was "the most tragic [to] ever occur on that continent, at least below the Sahara"; and, in March 1994, a month before Nelson Mandela was elected president, one item warned of an impending "South African Holocaust."

Martin Luther King Jr. earned special ire from Paul's newsletters, which attacked the civil rights leader frequently, often to justify opposition to the federal holiday named after him. ("What an infamy Ronald Reagan approved it!" one newsletter complained in 1990. "We can thank him for our annual Hate Whitey Day.") In the early 1990s, a newsletter attacked the "X-Rated Martin Luther King" as a "world-class philanderer who beat up his paramours," "seduced underage girls and boys," and "made a pass at" fellow civil rights leader Ralph Abernathy. One newsletter ridiculed black activists who wanted to rename New York City after King, suggesting that "Welfaria," "Zooville," "Rapetown," "Dirtburg," and "Lazyopolis" were better alternatives. The same year, King was described as "a comsymp, if not an actual party member, and the man who replaced the evil of forced segregation with the evil of forced integration."

When I asked Jesse Benton, Paul's campaign spokesman, about the newsletters, he said that, over the years, Paul had granted "various levels of approval" to what appeared in his publications—ranging from "no approval" to instances where he "actually wrote it himself." After I read Benton some of the more offensive passages, he said, "A lot of [the newsletters] he did not see. Most of the incendiary stuff, no." He added that he was surprised to hear about the insults hurled at Martin Luther King, because "Ron thinks Martin Luther King is a hero."

"When you bring this question up, you're really saying, 'You're a racist' or 'Are you a racist?' And the answer is, 'No, I'm not a racist,'" he said.

Paul said he had never even read the articles with the racist comments.

"I do repudiate everything that is written along those lines," he said, adding he wanted to "make sure everybody knew where I stood on this position because it's obviously wrong."