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Ron Paul to Newsmax: Fed Policy Destroying Middle Class

The American people are “waking up” to the idea that the Federal Reserve “is very biased against the middle class,” Republican presidential candidate Ron Paul tells Newsmax.TV.

“The American people are waking up,” the Texas congressman declared in an exclusive interview with Newsmax. “They know that the Fed is very important – and a lot more people are looking at it.

“A larger crisis is going to come, and I think the American people will be very attuned to looking at the Federal Reserve and why they always want to do things in secret.”

It goes without saying that the central bank has made the nation’s middle class “much poorer,” he said. “Real wealth isn’t going up. Good jobs are going away.

"It’s the policy of the fed, the destruction of money, the intervention. It’s a system that is very biased against the middle“ class. It’s been well known that if you destroy a currency, there is a natural transfer of wealth from the middle class to the very wealthy.”

Paul’s bill to audit the Federal Reserve comes up for a vote next week in the U.S. House of Representatives. It has 250 co-sponsors, including a number of Democrats, which reflects greater interest in the Fed since the financial crisis of 2007 and 2008.

“A lot of transactions occurred in the bailout – and this is why we’re getting more attention now,” Paul said of his legislation. “Because so much activity occurred when the financial crisis hit, and the Fed was very, very much involved and they were dealing with more money than even the Congress deals with.

“They’re very much involved with what’s going on in Europe right now.”

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