Dr. Ron Paul says: The Fed Will 'Self Destruct,' Policy 'Deeply Flawed'Submitted by bobbyw24 on Tue, 11/09/2010 - 08:22
The Federal Reserve is “self-destructing” through of its efforts to jump-start the US economy with more monetary easing, Rep. Ron Paul, (R-Texas), told CNBC Monday.
Paul said the Fed’s decision last Wednesday to spend an additional $600 billion in quantitative easing—buying Treasurys to lower interest rates—won't work and will destroy the dollar's value around the world.
“They (the Fed) can’t manage a dollar like this,” said Paul. “People are going to desert the dollar. I think the Chinese are hinting that already: They’re not wanting our dollars as much as they want raw materials and other things."