Libertarian icon Ron Paul is bashing the Fed again. Although he is no longer a member of the U.S. House of Representatives, Ron Paul remains politically active and does not shy away from controversial topics. He was interviewed on CNBC today following the Senate vote approving Janet Yellen to replace Ben Bernanke as Fed chair, and wasted little time before beginning his litany of criticisms against the Fed.
Yellen confirmation vote “not convincing”
Ron Paul’s main point in the interview seemed to be that the 56-26 vote in the Senate to confirm Yellen as Fed chair was unconvincing and augured looming economic problems caused by constant Fed intervention and easy money policies.
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As a Libertarian, Paul is philosophically opposed to the existence of the Fed, never mind a Fed that has become actively interventionist as an national economic czar over the last few decades. Paul has long railed against the Fed, saying Fed policies have destroyed “97 percent of the dollar, along with millions of jobs” since its creation. He was also a fierce critic of the “crony bailouts” in the auto industry and banking sector during the 2008-2009 financial crisis.
Ron Paul: The Fed’s the problem, not Yellen
Although Ron Paul had publicly urged the members of the Senate to vote against Yellen’s conformation, Ron Paul made a point to say his criticism of the confirmation vote and the Fed was nothing against Yellen personally. Ron Paul said while he felt that Yellen’s promise to basically continue Bernanke’s easy money policies would be a disaster for the country, his criticisms related to the problems created by the institution itself. He also commented how ridiculous it is how the whole world holds its breath to listen to anything said by the Fed chair and the obvious dangers inherent in this situation.
Ron Paul elaborated on his position and thoughts about the future toward the end of the interview. “I think everybody’s going to be a little bit worried about what will come in the future, and I think they should have more concern about the system and the Federal Reserve policies themselves rather than one individual.”