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Ron Paul And The Implications For Monetary Policy

If Ron Paul becomes chair of the monetary policy committe it will mean serious issues for conducting good monetary policy

By Joel Ross | Updated on December 06, 2010

The biggest risk to us all may be the leading certifiable nut in Congress, Ron Paul. He is potentially going to be appointed head of the banking committee panel on monetary policy. Ron Paul, you are probably aware, believes that the Fed should be eliminated entirely, that we should be back on the gold standard, and he contends that the Fed financed Saddam. That he is even strongly contending for the subcommittee chairmanship should tell you everything you need to know about why Congress is so inept and so damaging to the economic recovery. There are no qualifications for these powerful committee chairs. Just they somehow managed to get reelected more times than others. The really scary part is his son is now a senator and there are other tea party representatives now in Congress who actually support this insanity.

If Paul becomes chair of this committee, Barnanke will be spending his time being grilled and the subject of bizarre charges and questions about everything. Congress actually passed a Fed audit requirement in Dodd-Frank. How is the Fed to function as a central bank if they have to always look over their shoulder wondering when the next TV spectacular will be staged by Ron Paul and his panel demanding to know why they raised rates, or did whatever on monetary policy.

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