On Wednesday, Ron Paul discussed the moral hazard caused by government interference in the market during his opening statement in the Financial Services Committee hearing on “Monetary Policy and the State of the Economy.”
In this follow up to his 2008 speech predicting the economic crisis, Congressman Paul argues that we are by no means free of the crisis, and he examines what lies ahead for our nation if we do not abandon the establishment’s failed way of thinking and pursue liberty.
For three decades, Texas congressman and former presidential candidate Ron Paul’s extreme brand of libertarian economics consigned him to the far fringes even among conservatives. Not a few times, his views put him on the losing end of 434-1 votes on Capitol Hill.
No longer. With the economy still struggling and political divisions deepening, Paul’s ideas are not only gaining a wider audience but also are helping to shape a potentially historic battle over economic policy — a struggle that will affect everything including jobs, growth and the nation’s place in the global economy.
Already, Paul’s long-derided proposal to give Congress supervisory power over the traditionally independent Federal Reserve appears to be on its way to becoming law. His warnings on deficits and inflation are now Republican mantras.