It’s no secret that former U.S. Rep. Ron Paul has issues with the U.S. Federal Reserve; his “Audit the Fed” push has been one of the issues that’s been able to attract support from the far left and far right of the political spectrum alike.
In his weekly column, titled “Bernanke’s Farewell Tour,” the Texas Republican argues that Federal Reserve Chairman Ben Bernanke’s “conflicting” testimony before Congress recently belies a much worse economic situation than officials would have the American public believe.
“One thing Bernanke inadvertently made clear was that the needs of Wall Street trump Main street, the economy, and sound money,” Mr. Paul wrote.
Mr. Paul continued his criticism of the Fed’s current program to purchase government debt, also known as quantitative easing.
“The only way out of this tailspin of monetary favoritism is to restore sound money, which would end the Fed’s ability to manipulate currency and put Wall Street first,” Mr. Paul wrote.
“The Fed has proven over and over again that it has no respect for the real money that preserves the value of people’s labor, their wealth, and their ability to live free and prosperous lives,” he wrote. “It is beyond time for the Fed, Wall Street, and the federal government to stop manipulating money and stealing from the American people under the false guise of paper prosperity.”