Abolish the Fed, argues Texas Congressman Ron Paul in his new book, “End the Fed.”
The Fed is corrupt, unconstitutional, and promotes inflation that will lead to $100 bills becoming worthless, argues Paul, a long-time Fed critic.
The Republican representative wants to replace the current fiat currency system with a monetary system backed by gold. Without the gold standard, the economy is fragile and prone to collapse, as recent experience has shown, Paul maintains.
"Nothing good can come from the Federal Reserve," he writes in his book.
It's "immoral, unconstitutional, impractical, promotes bad economics, and undermines liberty."
His proposal to audit the Fed is gaining steam in Congress, especially when many are critical of its market interventions and bailouts. Paul and his supporters see the audit as a step to abolishing the Fed.
"The Fed will self-destruct," Paul told The Wall Street Journal.
"This economy is going to get worse and this dollar is going to get a lot worse."
Paul has supporters. Activists backing his ideas have already held protests at the Fed offices in New York. Some of them burned $1 dollar bills in symbolic protests against the Fed’s inflationary policies.
He also has critics.
His proposals “showcase a suspicion of moderate market intervention that even his ardent acolytes may not share. Remember, they burned $1 bills — not $100 bills,” Justin Moyer writes in a review of Paul’s book in The Washington Post.
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