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Bernanke's worst nightmare: Ron Paul
Key Excerpts from Article on Website of CNN
Posted: November 22nd, 2010
http://money.cnn.com/2010/11/12/news/economy/Bernanke_Paul/i...
Ben Bernanke has had his hands full since his first day on the job as Federal Reserve chairman nearly five years ago. It's about to get even tougher. His harshest critic on Capitol Hill, Rep. Ron Paul of Texas, is about to become one of his overseers. Paul, who would like to abolish the Fed and the nation's current monetary system, will become the chairman of the House Subcommittee on Domestic Monetary Policy. Paul doesn't think he'll be able to move his proposal to eliminate the Fed. But he said he does intend to use his new position as "a mini-bully pulpit" to criticize Fed policy and call more attention to what he sees as its negative consequences. And Paul vows to try again to authorize Congressional audits of the Fed's decisions on the economy, a proposal that passed the House last year but was essentially gutted from the final version of the financial regulatory overhaul legislation. Paul argues the Fed is making a serious mistake by pumping more money into the economy to try to spur more spending and growth. He predicts it will only lead to further declines in value of the dollar, inflation and higher interest rates rather than the lower rates the Fed is shooting for. Paul thinks that will bring about another economic crisis.
Note: To understand why Congressman Ron Paul wants to eliminate the Federal Reserve, click here.
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