Former Congressman and presidential candidate Ron Paul weighs in on a former member of the Federal Reserve Board calling for the Fed to consider how its actions will impact the 2020 election.
"The Founders, having lived through hyperinflation themselves, understood that government should never have a printing press at its disposal, but from the very beginning of American history the desire for a crony central bank was strong," Paul explained. "The Federal Reserve is the printing press that financed the creation of the largest government to ever exist. Endless welfare and endless military spending are both made possible by the Federal Reserve. The fed can print the money for whatever the U.S. establishment wants."
"Despite all the propaganda claiming 'independence,' the Fed has always been a deeply political institution, because the Fed is a government-created monopoly with key government-appointed employees, its so-called independence is a mere fiction. However, the U.S. Congress created the Fed with legislation -- it can also abolish the Fed with legislation."
"Last week the facade of Federal Reserve independence was dealt a severe blow. Ironically, the person who broadcast to the world that the Fed was anything but independent was ex-New York Fed President Bill Dudley. Dudley wrote that, 'Trump’s reelection arguably presents a threat to the U.S. and global economy... If the goal of monetary policy is to achieve the best long-term economic outcome, then Fed officials should consider how their decisions will affect the political outcome in 2020.' The timing of Dudley's threat to use Fed monetary policy to affect the outcome of a U.S. election couldn't come at a more striking time," Paul continued. "Afterall, for more than two solid years, Americans have been bombarded with fabricated stories about Russians rigging our elections."
"Yet here it is, a Federal Reserve official threatening to do the same exact thing, but this time for real."