Ron Paul to Newsmax: Fed Policy Destroying Middle Class

Sunday, 22 Jul 2012 07:38 PM

By Todd Beamon and John Bachman

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The American people are “waking up” to the idea that the Federal Reserve “is very biased against the middle class,” Republican presidential candidate Ron Paul tells Newsmax.TV.

“The American people are waking up,” the Texas congressman declared in an exclusive interview with Newsmax. “They know that the Fed is very important – and a lot more people are looking at it.

“A larger crisis is going to come, and I think the American people will be very attuned to looking at the Federal Reserve and why they always want to do things in secret.”

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It goes without saying that the central bank has made the nation’s middle class “much poorer,” he said. “Real wealth isn’t going up. Good jobs are going away.

"It’s the policy of the fed, the destruction of money, the intervention. It’s a system that is very biased against the middle class. It’s been well known that if you destroy a currency, there is a natural transfer of wealth from the middle class to the very wealthy.”

Paul’s bill to audit the Federal Reserve comes up for a vote this week in the U.S. House of Representatives. It has 250 co-sponsors, including a number of Democrats, which reflects greater interest in the Fed since the financial crisis of 2007 and 2008.

“A lot of transactions occurred in the bailout – and this is why we’re getting more attention now,” Paul said of his legislation. “Because so much activity occurred when the financial crisis hit, and the Fed was very, very much involved and they were dealing with more money than even the Congress deals with.

“They’re very much involved with what’s going on in Europe right now.”

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Noting that Fed Chairman Ben Bernanke has pledged assistance to Europe if necessary, Paul added: “Being ready to help means using U.S. dollars, which means it’s a penalty to the American taxpayer and to the value of our currency, to stand ready to bail out the system, if necessary.”

This is even more reason for greater transparency at the Fed, Paul said.

“These transactions are kept very, very secret. They don’t want us to know who does what and who gets the benefit – and they always use the argument that they need independent, but what they’re really arguing is secrecy in all their dealings.”

The American people, Paul said, are growing more astute about the Fed, too.

“We’re making tremendous progress, because a lot of people have been involved in spreading this message, especially since the crisis hit people want to understand it – and there’s a large group of people, especially the younger people, who are inheriting the mess, and they are very, very interested in this subject.

“So outside of Washington, they’re very open-minded, they understand it, they want something done.

“The American people want to audit the Fed. Congress is starting to respond, but there’s a lot of special interests that put pressure on Congress – those who want the spending continued.”

Turning to his campaign for the presidential nomination, Paul is holding a rally for his supporters on Aug. 26, the day before the Republican National Convention starts in Tampa, Fla. The Paul rally also will be held in Tampa.

“Well it’s a little early to say exactly how things will turn out in the actual convention itself. That’s sort of up in the air. “

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As for the convention itself, “I don’t expect that they’ll be giving me any special speaking time at the convention,” Paul added. He has not won the five states necessary to be introduced on the floor of the Tampa Bay Times Forum, “so the details are yet to be worked out.”

Despite that reality, Paul declined to say whether he would support presumptive GOP presidential nominee Mitt Romney.

“Right now, I have not decided who I’m going to vote for,” Paul said.

When asked if not the former Massachusetts governor, then who, Paul responded, “I haven’t decided yet.”

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