For Greenspan, Gold Once Glittered

The Federal Reserve's fiercest critic on Capitol Hill is again tapping into rising angst over inflation, loose monetary policy and the central bank's alleged role in pumping up the housing bubble.

Rep. Ron Paul's controversial views on the U.S. dollar have been largely dismissed as the populist rhetoric of a libertarian outsider during his 2008 presidential run, but his views actually match those once held by the man many blame for the expansion of the credit bubble: former Fed Chairman Alan Greenspan.

In a new book to be released this week, Paul (R., Texas) again takes aim at the central bank -- a familiar target -- and in doing so accuses Greenspan of doublespeak on his views about the dollar. The accusation comes as Greenspan vigorously defends his low interest rate policy in the early years of the housing bubble, which many point to as a root cause of the credit crisis that is currently roiling financial markets.

It also comes at a time when inflation expectations are rising as the Fed on Wednesday is poised to continue lowering interest rates in hopes of stimulating a weakening economy and of reviving shell-shocked credit markets. Meanwhile, the dollar has plunged while government deficits are spiraling and the costs of fuel and food, among other things, are soaring.

Ron Paul: Gold Is the Answer

It's a scenario that Paul has been warning about for years in Congress, though his views have long languished outside the mainstream of American political discourse. That said, Paul enjoyed surprising success for a libertarian outsider in online fund-raising for his failed bid for the 2008 Republican presidential nomination.

His new book, The Revolution: A Manifesto, is aimed at galvanizing his sizable and devoted band of eclectic followers, which has become increasingly vocal on Google's (GOOG Quote) YouTube and elsewhere on the Web.