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Daniela Cambone: You recently wrote a commentary agreeing with President Trump's comments that the fed doesn't know what they're doing and it could only get worse. Now, I was not surprised to read that since I know you don't believe in having a Federal Reserve, but why specifically do you think things will, will only get worse?

Ron Paul: Well, because it's a system that isn't workable. This is the reason why, you know, getting out of this recession hasn't been so good because we got into because we had too much spending. Too much regulation, too much printing press money and too much alteration of interest rates. So what are they doing now, since the evidence is clear, it's not working. Well, print more money, spend more money, regulate more money, break up the companies. So they're not approaching it the right way. They should be talking about true monetary policy and what a free market is actually like, and they're not talking about it.

Daniela Cambone: Also, you recently commented on the cryptocurrencies and how you like the cryptos and competing cryptos. But what do you make of this constant comparison of gold to the crypto space? Do you see the need for such a debate?

Ron Paul: Well, I don't think it hurts anything. I think it's fine, but I've addressed this many times, its mainly being from advising that we have competition and I think the cryptocurrencies offer some competition, but there are two, I'm not so sure who's all behind that competition becausewhen you look at some of this social network and the governments involved in everything, they're certainly controlling the monopoly of the dollar. And I even believe the dollar should be, de-nationalized and 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. And that is not beneficial to us. Because I think it's the interest rates that is really the problem that we face. Because when you regulate interest rates and they're lower than the market, you build bubbles and then you have to have corrections. And right now, as the corrections are trying to come about and fix what we have done, it's not politically popular. So what do they do? They keep printing more money. Going, talking about negative interest rates. It makes no sense.

(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.

Ron Paul: Social Media Companies Are Big For Wrong Reasons

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