Ron Paul: Fed Is Not a 'Workable' System, Things About to Get Ugly

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(Kitco News) - The current monetary system is broken, and the economy may be worse before it gets better, said former congressman Ron Paul.

"It's a system that isn't workable, and this is the reason why getting out of this recession hasn't been so good. We got into it because there was too much spending, too much regulation, too much printing money and too much alteration of interest rates," Paul told Kitco News.

Instead of focusing on true monetary policy, the Fed is distracted by regulating large corporations.

Crypto Competition

On cryptocurrencies, Paul said that he likes competing digital coins.

"I think the cryptocurrencies offer some competition," but the former congressman added he's not so sure who's behind it.

He added that the dollar, by comparison, is to "controlled."

"When you look at some of the social networks and the governments involved in everything, they're certainly in control of the monopoly of the dollar. I even believe the dollar should be denationalized. Let the market decide this because you can't have the Federal Reserve designing and interfering with interest rates on a daily or hourly basis,"

Watch more on Kitco News.

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This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.