Ron Paul Decries 'Frightened' Fed
NEW YORK (
TheStreet) -- Everybody's favorite vocal Fed-basher, Rep. Ron Paul (R., Texas), expressed on Wednesday Congress' need for enhanced power to audit the
Federal Reserve after it
|Rep. Ron Paul (R., Texas)|
"Central banks are grasping at straws, hoping that flooding the world with money created out of thin air will somehow resolve a crisis caused by uncontrolled government spending and irresponsible debt issuance," Paul said.
Paul said Wednesday on CNBC that the Fed's action provided a temporary reprieve to the financial markets, but that it created a form of worldwide quantitative easing.Paul also said that the responsibility of failed European financial institutions shouldn't be dumped on American taxpayers. "Greece should have defaulted two years ago; they should have gone into bankruptcy," Paul said on CNBC. "They
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