Ron Paul: The Future Of The Federal Reserve

U.S. News & World Report
June 24, 2009 | by Matt Bandyk

I talked to Congressman Paul about his unique perspective and why the Fed is controversial again.

Matt: Do you think the Fed is the main culprit behind the current economic crisis?

Paul: I don't believe you can have financial bubbles without artificially expanding the supply of money and credit, and only the Fed can do that in collusion with the banks, who can operate under fractional reserve banking. So that's where the financial bubbles come from, whether it's housing or the stock market or the bond market. That's the source of the bubble, and that's what has to be addressed, and yet the Fed has been able to operate in secrecy on exactly how they allocate credit and what they do with international markets. So yes, the Fed is the number one culprit... Digg http://tinyurl.com/lqclnv

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