At the recent Conservative Political Action Conference (CPAC) conference, Rep. Ron Paul (R-Texas) has once again called for a return to the gold standard and abolishing the Fed, and his message seems to be resonating with many conservatives. However, Paul’s growing popularity has many GOP insiders worried.
After the speech, in which he called national debt "the monster" that is keeping the economy close to the brink, the traditional CPAC presidential straw poll showed Paul winning over other potential candidates. In total, the Texas congressman garnered 31 percent of the vote, leaving former Massachusetts Governor Mitt Romney at a distant second with 22 percent, according to media reports.
However, even though The National Inflation Association said it was "thrilled" with Paul’s anti-inflation stance, many conservatives have been wary of his growing influence within the GOP.
Politicians such as former Arkansas Governor Mike Huckabee said it makes the party lean too much into the libertarian direction, while conservative commentator David Frum called Paul’s financial proposals "far from golden."
Writing for CNN, Frum suggested that the recession of 1929 turned into the Great Depression because political decision-makers at the time were "trapped" by the rules of the gold standard. Those rules forced them to cut spending and raise taxes during a downturn, thus "capsizing" the economy into depression.