Sunday, 16 December 2007

Ron Paul on Jim Cramer's Mad Money

Republican presidential candidate Ron Paul doesn’t have much confidence in the Federal Reserve, he told Cramer Friday. Especially when it comes to setting interest rates.

In fact, the biggest complaint Paul gets on the campaign trail is from people claiming the Fed cut too much or not enough. But according the Texas congressman, this shouldn’t be the central bank’s job anyway.

“If you believe in free enterprise and capitalism,” Paul said, “you should have the market forces determining interest rates.”

It’s the distortion of interest rates by manipulating the money supply that causes bubbles, like the one in housing, to form, he said, and rarely does the Fed take responsibility when these bubbles burst. “They’re not held accountable,” even after the “total chaos” of the past year.

Don't forget to donate to Candidate Ron Paul's campaign this Sunday 16th December. It's the 2007 Boston Tea Party !

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