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Paul to Bernanke: Our time has come for serious discussion on monetary reform

The Hill:

Rep. Ron Paul (R-Texas) took a break from his presidential bid to pursue one of his favorite pastimes — criticizing the Federal Reserve.

Paul returned to Capitol Hill on Wednesday to question Fed Chairman Ben Bernanke, who was appearing before the House Financial Services Committee to deliver his semiannual testimony.

The longtime central bank critic and author of End the Fed opened with a lengthy critique of the central banking system, which he maintained is a wrongheaded experiment that has fueled bubbles and bursts in the financial system.

"Nobody's smart enough to have central economic planning," he said. "Our time has come for serious discussion on monetary reform."

"The Fed's going to self-destruct eventually anyways," Paul added later.

He went on to criticize the Fed for its monetary policy, reiterating his longstanding desire for currency backed by hard assets like silver and gold. He pressed Bernanke on why existing fiat currency couldn't coexist with hard currency like silver. ...

 

" The fabric of American empire ought to rest on the solid basis of THE CONSENT OF THE PEOPLE. The streams of national power ought to flow from that pure, original fountain of all legitimate authority. "

-- Alexander Hamilton (Federalist No. 22, 14 December 1787)

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