Ron Paul Takes Campaign Break to Bash Bernanke
The Wall Street Journal
By Jon Hilsenrath
Texas Republican Rep. Ron Paul took a break from the campaign trail today — fresh off Michigan and Arizona primaries — to turn to favorite issue in Washington: Calling for the end of the Federal Reserve.
Mr. Paul is on hand at Fed Chairman Ben Bernanke’s semiannual testimony to Congress to challenge Mr. Bernanke. He wasted no time in his opening statement. “What we are witnessing today is the end stages of a grand experiment,” he said. The Fed’s control of the nation’s money supply, he said, has bred economic bubbles and a drop in the purchasing power of the dollar. It will soon end, Mr. Paul said, because the nation is taking on too much debt which the Fed has facilitated.
“I’m anxiously waiting for this day,” Mr. Paul said. “Reform has to come.” Mr. Bernanke listened stoicly, his finger to his chin.
Mr. Bernanke has sparred with Texas Congressman Mr. Paul in the past over Fed policies, the role of gold in the economy and the Fed’s transparency. He didn’t take the Republican presidential candidate’s bait today at his semiannual testimony to Congress.
Mr. Paul asked Mr. Bernanke if he did his own grocery shopping, and Mr. Bernanke responded that he did.
Mr. Paul then held up an ounce of silver at the hearing and said the U.S. should consider using a hard asset like silver as a parallel currency and alternative to the dollar. Mr. Bernanke lightly said he was happy to see his antagonist, Mr. Paul, again. Then the Fed chairman said he’d be happy to talk to Mr. Paul about the idea of a parallel currency. After the brief exchange, in which Mr. Paul did most of the talking, the Fed chairman moved on to the next questioner and Mr. Paul left.
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