Ron Paul takes End the Fed campaign to Washington

Republican presidential candidate Ron Paul brought his proposal to do away with the Federal Reserve to a friendly audience at the libertarian Cato Institute's annual monetary policy conference, calling on like-minded voters to resist the government's "fear tactics" on Election Day.

Paul, who is enjoying a bump in recent polls in Iowa, said, "There's no reason to fully trust everything our government tells us, especially when things are going badly, whether it's on foreign policy or monetary policy, because they use the fear tactics to frighten people into 'Boy, the whole world is going to collapse unless we bail out the big banks and the big corporations.' "

The Republican House member from Texas decried "the endless fearmongering to scare the people and the Congress into spending money. If you didn't have the Federal Reserve, it would come to a halt. It wouldn't happen.... This has been such a grand deception."

Paul has argued that the crisis in the money markets in Europe and elsewhere can be resolved only when currency is sound and "when it is recognized and accepted as such by individuals, through the actions of the market, without coercion." He has pushed for a return to the gold standard.

"Confidence in the dollar is plummeting, confidence in the euro has been shattered by the European bond crisis, and beleaguered consumers and investors are slowly but surely awakening to the fact that government-issued currencies do not hold their value," Paul wrote in a recent op-ed. " … Throughout history, gold and silver have been the two commodities that have most fully satisfied the requirements of sound money. This is why people around the world are flocking once again to gold and silver as a store of value to replace their rapidly depreciating paper currencies."

After his speech, Paul told reporters that he thinks he got only 90 seconds in the last candidate debate on Saturday "because I go after the status quo, and I'm afraid that they don't like to hear about it. Because I challenge the welfare state as well as the banking system as well as our foreign policy.

"I mean, the bailouts. Look at who they bail out. They bail out the wealthy and that's how the monetary system works. The Federal Reserve serves the interest of these very wealthy people."

Stay up-to-date with federal news alerts and analysis — Sign up for GovExec's email newsletters.
Close [ x ] More from GovExec

Thank you for subscribing to newsletters from
We think these reports might interest you:

  • Sponsored by Brocade

    Best of 2016 Federal Forum eBook

    Earlier this summer, Federal and tech industry leaders convened to talk security, machine learning, network modernization, DevOps, and much more at the 2016 Federal Forum. This eBook includes a useful summary highlighting the best content shared at the 2016 Federal Forum to help agencies modernize their network infrastructure.

  • Sponsored by CDW-G

    GBC Flash Poll Series: Merger & Acquisitions

    Download this GBC Flash Poll to learn more about federal perspectives on the impact of industry consolidation.

  • Sponsored by One Identity

    One Nation Under Guard: Securing User Identities Across State and Local Government

    In 2016, the government can expect even more sophisticated threats on the horizon, making it all the more imperative that agencies enforce proper identity and access management (IAM) practices. In order to better measure the current state of IAM at the state and local level, Government Business Council (GBC) conducted an in-depth research study of state and local employees.

  • Sponsored by Aquilent

    The Next Federal Evolution of Cloud

    This GBC report explains the evolution of cloud computing in federal government, and provides an outlook for the future of the cloud in government IT.

  • Sponsored by Aquilent

    A DevOps Roadmap for the Federal Government

    This GBC Report discusses how DevOps is steadily gaining traction among some of government's leading IT developers and agencies.

  • Sponsored by LTC Partners, administrators of the Federal Long Term Care Insurance Program

    Approaching the Brink of Federal Retirement

    Approximately 10,000 baby boomers are reaching retirement age per day, and a growing number of federal employees are preparing themselves for the next chapter of their lives. Learn how to tackle the challenges that today's workforce faces in laying the groundwork for a smooth and secure retirement.

  • Sponsored by Hewlett Packard Enterprise

    Cyber Defense 101: Arming the Next Generation of Government Employees

    Read this issue brief to learn about the sector's most potent challenges in the new cyber landscape and how government organizations are building a robust, threat-aware infrastructure

  • Sponsored by Aquilent

    GBC Issue Brief: Cultivating Digital Services in the Federal Landscape

    Read this GBC issue brief to learn more about the current state of digital services in the government, and how key players are pushing enhancements towards a user-centric approach.

  • Sponsored by CDW-G

    Joint Enterprise Licensing Agreements

    Read this eBook to learn how defense agencies can achieve savings and efficiencies with an Enterprise Software Agreement.

  • Sponsored by Cloudera

    Government Forum Content Library

    Get all the essential resources needed for effective technology strategies in the federal landscape.


When you download a report, your information may be shared with the underwriters of that document.