Conversation With Ron Paul: The Future Of The Federal Reserve

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by Matthew Bandyk
June 24, 2009 10:21 AM ET

President Obama’s financial regulatory plan has created controversy over the role of the Federal Reserve in our economy like rarely before. The person in Congress with perhaps the most unconventional point of view on these issues in American politics is Congressman and former presidential candidate Ron Paul R-TX, a longtime critic of the very institution of the Fed and fractional reserve banking. He has recently sponsored a bill that would audit the Fed, which has attracted cosponsors such as Dennis Kucinich D-OH.

I talked to Congressman Paul about his unique perspective and why the Fed is controversial again.

Me: Do you think the Fed is the main culprit behind the current economic crisis?

Paul: I don’t believe you can have financial bubbles without artificially expanding the supply of money and credit, and only the Fed can do that in collusion with the banks, who can operate under fractional reserve banking. So that’s where the financial bubbles come from, whether it’s housing or the stock market or the bond market. That’s the source of the bubble, and that’s what has to be addressed, and yet the Fed has been able to operate in secrecy on exactly how they allocate credit and what they do with international markets. So yes, the Fed is the number one culprit.


via Exclusive Conversation With Ron Paul: The Future Of The Federal Reserve – Capital Commerce


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3 thoughts on “Conversation With Ron Paul: The Future Of The Federal Reserve

  1. Pingback: What the Big Banks Have Won by Mike Whitney « Dandelion Salad

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  3. The one bank, the Federal Reserve Bank, is a private entity just like other corporations in this country. Many people are under the belief that because the name starts with Federal that it is part of the Federal government. Nothing can be further from the truth.

    How this Bank came to its “importance” within America is for the historians to evaluate; we, however, feel the crunch and live in the aftermath of its power.

    Personally I feel that it, like any other corporation, should be held accountable. Further, there should be an audit of its records.

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