Ron Paul accused the Federal Reserve of “destroying the purchasing power of the dollar” in his latest discussion on economics and U.S. monetary policy.
In an interview with CNBC this morning, Congressman Paul – who recently announced his candidacy for President in the 2012 election – reiterated his support for a sound monetary system that includes gold, as well as the need for a more limited role for the federal government and for the protection of individuals’ civil liberties.
Dr. Paul also focused on the significant inflationary consequences of the money printing implemented by the Fed and Chairman Ben Bernanke, and the damaging effects these policies have had on the value of the U.S. dollar.
When asked about the policy response of the Fed during the financial crisis in 2008, Ron Paul provided further criticism of the U.S. central bank.
As opposed to saving the financial system – as the Fed claimed was its goal with the bailouts – Dr. Paul argued that instead the Fed only saved the shareholders and bondholders of many financial institutions.
Meanwhile, the large majority of U.S. citizens were not beneficiaries of the financial bailouts, and to this day continue to suffer from significant problems in the labor and housing markets that the Fed has failed to properly address.
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