Ron Paul vs. the Federal Reserve

By
Photo: Jason Merritt/Getty Images

Having recently been named head of the House subcommittee on domestic monetary policy, Ron Paul is looking forward to the chance to butt heads with the Federal Reserve, a longtime object of his scorn. The Texas congressman, who last year wrote the book End the Fed, fundamentally disagrees with the power that the system has over the value of paper money. "What I'm really asking for is competition, to get rid of the monopoly power of the Fed, because they don't have legitimate power to do what they do," he told NPR. He also favors abolishing legal tender laws, paving the way for people to use gold and silver as currency. While most economists scoff at the idea, Paul sees it as the only way to control inflation. Of course, Paul doesn't think he'll have to do much to end the Fed. "I believe that the Fed will eventually end itself, because they're working on a monetary system that is not viable." [NPR]