Political ReporterRon Paul is not a fan of Janet Yellen, the newly confirmed Chair of the Federal Reserve, but he told The Daily Caller Monday she is nowhere near as flawed as the system she is about to take over.
“She’s worse than average,” the former Texas congressman told The Daily Caller in a phone interview shortly after the Senate voted 56-26 to confirm Yellen’s nomination, “but I don’t dwell on that at all.”
“It was never the chairman himself, herself that’s the problem,” Paul said. “It’s the whole system.”
Paul has been criticizing the central bank for years, calling both for an audit of the Fed and for its total abolition. Paul a long-serving Republican member of Congress and 1988 presidential candidate on the Libertarian Party ticket, is a proponent of Austrian Economics, which focuses on the relativity of value and the impossibility of centrally planning a complex and dynamic economy.
“I put a lot of blame on the problems that we have, the booms and the busts and the unemployment and this recession that we can’t get out of –– it’s all due to the monetary system,” Paul said, saying they were “living in this dream world” to assume that one body could set interest rates. “And the head of the Federal Reserve just is the symbolic head of a deeply flawed system that should’ve never been created.”
“I think they’re living a pipe dream and it’s going to soon be very apparent what terrible shape our economy is in,” he said.
Yellen will hasten that revelation, Paul said, explaining that the reason he sees her as “a little bit worse than average” is “because she is probably going to be more excessive in creating money.”
“But what can she do?” Paul said. “They’ve taken the interest rates down to zero, the only tool they have is printing money, creating money out of thin air, so there’s nothing left. And she believes in even doing more of it.”
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