Tuesday, 17 October 2017

Blog

“Ron Paul, opponent of the Fed and fan of the gold standard, a lone wolf no more” – WP

Posted by
February 15, 2011
in Blog

“Rep. Ron Paul’s feelings about America’s central bank are a matter of public record. An extensive public record: In dozens of congressional hearings over the past four decades, he has ribbed, cajoled, harassed or annoyed any representative or defender of the Federal Reserve brave or unlucky enough to appear before him. ¶ Normally, his interrogations concern America’s profligate money printing, Congress’s unnecessary spending, the Fed’s secrecy and, especially, gold, which he believes should underpin the currency to render it sound. But his distrust runs wide and deep. Consider this comment from a 2007 hearing: “This whole notion that a central bank somehow has the wisdom to know what interest rates should be is, to me, rather bizarre. And also the source of so much mischief.” ¶ That first sentence is a neat encapsulation of his economic worldview. And the second could well apply to Paul himself. His career in and out of public office has been devoted to two propositions: 1) The Fed is bad. 2) The gold standard is good. His consistency has been impressive-which is not to say he has been influential. He rarely gets satisfactory answers in hearings, and he’ll probably never get satisfaction in his long crusade to radically alter America’s monetary policy.” Read more

“Ron Paul, opponent of the Fed and fan of the gold standard, a lone wolf no more” 
Annie Lowrey 
Washington Post, February 12, 2011. 

Image by renjith krishnan / FreeDigitalPhotos.net.