Ron Paul: Federal Reserve is Like Drug AddictionSubmitted by bobbyw24 on Thu, 11/17/2011 - 07:44
By Mallie Jane Kim
November 16, 2011
It's no secret that Rep. Ron Paul is no fan of the Federal Reserve, but today he likened the system to drug addiction—something that feels good at the time but will end in destruction.
"It's a deception," he said of the central banking system this morning at an event sponsored by the libertarian CATO Institute.
"It's sort of like a drug. You get some benefits if you keep using it—you know, run up debt, run up inflation, monetize the debt, make a bigger bubble," he explained. "Just like a drug addiction, the drug addict feels better when he keeps getting drugs."
But the high can't last forever, and like so many cases of drug addicts, "if you don't do something about it, you kill the patient," Paul said. "And right now the patient is very, very big, and that's the worldwide economy."