From: Lew Rockwell
Ron Paul is not a fan of Janet Yellen, the newly confirmed Chair of
the Federal Reserve, but he told The Daily Caller Monday she is nowhere
near as flawed as the system she is about to take over.
“She’s worse than average,” the former Texas congressman told The Daily Caller in a phone interview shortly after the Senate voted 56-26 to confirm Yellen’s nomination, “but I don’t dwell on that at all.”
“It was never the chairman himself, herself that’s the problem,” Paul said. “It’s the whole system.”
Paul has been criticizing the central bank for years, calling both
for an audit of the Fed and for its total abolition. Paul a long-serving
Republican member of Congress and 1988 presidential candidate on the
Libertarian Party ticket, is a proponent of Austrian Economics, which
focuses on the relativity of value and the impossibility of centrally
planning a complex and dynamic economy.
“I put a lot of blame on the problems that we have, the booms and the
busts and the unemployment and this recession that we can’t get out of
–– it’s all due to the monetary system,” Paul said, saying they were
“living in this dream world” to assume that one body could set interest
rates. “And the head of the Federal Reserve just is the symbolic head of
a deeply flawed system that should’ve never been created.”
“I think they’re living a pipe dream and it’s going to soon be very apparent what terrible shape our economy is in,” he said.
Yellen will hasten that revelation, Paul said, explaining that the
reason he sees her as “a little bit worse than average” is “because she
is probably going to be more excessive in creating money.”
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