Bitcoin skeptic turned bull, Ron Paul is calling for the end of the Federal Reserve.
Former Texas Congressman Paul has long been a critic of the existence of the Federal Reserve and the tax policy. And this time as well, he took a shot at the Fed.
Ron Paul tweeted,
The Federal Reserve should not exist.
By creating money out-of-thin-air, it destroys the value of our earnings and purchasing power.
By manipulating interest rates, it creates manic booms and bubbles in the economy, which must (without exception) become painful economic busts.
— Ron Paul (@RonPaul) August 29, 2019
Central planning he said is an “absolute failure,” and it is time to “End the Fed,” and sound money — that isn’t monopolized by the government — to make its return.
And could the decentralized and deflationary Bitcoin and other cryptocurrencies be that sound money?
Paul doesn’t elaborate on that but he is in favor of cryptocurrencies and blockchain technology as just last month, he said that they are a “great idea,” and governments should step in with “least amount of regulation” and that too to prevent fraud.
But he hasn’t been all pro-crypto. Back in 2017, he said cryptocurrencies are just another bubble like stocks that has “more threatening” curve.
However, if we look even further, in 2014, though he expressed concern about the backing of crypto, he has been all about an alternative method to fiat money.
Paul also has been bearish on fiat money as he said,
“I just don’t think the dollar is going to last. I don’t think any fiat currency lasts forever. They all self-destruct.”