This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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 coordinated efforts with foreign central banks to increase liquidity to "ease strains in financial markets."

Paul said in a statement that the arrangements indicated how "frightened" foreign governments are about a European financial crisis and that the Fed's move would harm American consumers.

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 the Fed keep propping up the debt -- that's why economic growth is not likely to come for a long, long time.

Paul has strongly opposed the existence of the Federal Reserve for most of his political life, and, as part of his presidential platform has promised to end the "dishonest, immoral and unconstitutional" Federal Reserve.

"Fiat money caused this European crisis and the financial crisis before it. More fiat money is not the cure," Paul said in his statement.

-- Written by Joe Deaux in New York.

>Contact me here: Joe Deaux.

>Follow me on Twitter:

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
AAPL $134.68 3.40%
FB $81.81 0.34%
GOOG $555.39 -1.70%
TSLA $231.69 6.10%
YHOO $44.37 -0.34%


DOW 18,037.97 -42.17 -0.23%
S&P 500 2,108.92 -8.77 -0.41%
NASDAQ 5,060.2460 -31.8390 -0.63%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs