Paul vs. Fed, USA Today
January 11, 2012 by Sam Rolley
On Tuesday, as voters in New Hampshire were getting ready to make their choice for the Republican Presidential nominee, candidate Ron Paul set his sights on a familiar foe.
In a USA Today op-ed, Paul showed that the constant campaigning has not taken his mind off of one issue he has spoken about for years: the Federal Reserve’s manipulation of financial markets.
“Throughout its nearly 100-year history, the Federal Reserve has presided over the near-complete destruction of the United States dollar. Since 1913, the dollar has lost over 95% of its purchasing power, aided and abetted by the Fed’s loose monetary policy,” Paul writes.
Along with Paul’s piece the newspaper ran an editorial calling the candidate’s wishes to audit and end the Fed “19th century economic ideas.”
The editorial calls the Federal Reserve vital to the U.S. economy:
“The value of a politically independent central bank has been proven repeatedly since then. When Lehman Bros. failed in September 2008, it was Fed Chairman Ben Bernanke who played a key role in preventing the other investment banks from collapsing like a row of dominoes. By late 2008 and early 2009, banks had become so averse to lending that even blue-chip industrial companies such as General Electric, Caterpillar, Verizon and Harley Davidson relied on the Fed to finance their day-to-day operations.”
But Paul, in his writing, disagrees: “To say that auditing or ending the Federal Reserve reflects ‘19th century thinking’ is to propose that economic responsibility and transparency in government are ideas whose time has passed.”