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http://money.cnn.com/2010/11/12/news...Paul/index.htm
The first highlighted part is off course a little jab at Paul. Its written in a way that makes it seem that Paul wants everyone to be using cold coins instead of paper money (which is not what a gold backed currency would be).
The second and third highlighted comments are just laughable. What exactly has the fed done to fix the economy? and what does it need to do, they've done enough already!
NEW YORK (CNNMoney.com) -- Ben Bernanke has had his hands full since his first day on the job as Federal Reserve chairman nearly five years ago. It's about to get even tougher.
His harshest critic on Capitol Hill, Rep. Ron Paul of Texas, is about to become one of his overseers.
With the Republicans coming to power, Paul, who would like to abolish the Fed and the nation's current monetary system, will become the chairman of the House Subcommittee on Domestic Monetary Policy.
If you've never heard of the committee before, you're not alone. But Paul promises you'll be hearing a lot more from it.
"It's basically been a committee that's dealt with commemorative coins. I'm going to deal with monetary policy," he said.
Paul doesn't think he'll be able to move his proposal to eliminate the Fed, or to allow Americans to use gold instead of paper money as currency. But he said he does intend to use his new position as "a mini-bully pulpit" to criticize Fed policy and call more attention to what he sees as its negative consequences. And he's confident that American voters are ready to delve into those monetary policy questions.
"Five years ago they wouldn't have listened. Now they will," he said. "We've gained a lot of credibility in making the Federal Reserve an issue since the market collapse."
And Paul vows to try again to authorize Congressional audits of the Fed's decisions on the economy, a proposal that passed the House last year but was essentially gutted from the final version of the financial regulatory overhaul legislation.
"It will never be easy; the Fed has a lot of influence," he said of the audit legislation. "But there's a lot of life to it. We got further along than I ever expected."
One way that Paul will bring pressure on Bernanke and his Fed allies is to hold hearings to give greater voice to Fed members -- like Kansas City Fed President Thomas Hoenig -- who disagree with the current monetary policy.
"Just getting someone there willing to discuss their viewpoint and why they might dissent, I think that would be interesting," Paul said.
A Fed spokesman did not respond to a request for comment for this story.
Some economists worry that Paul having that kind of pulpit will hurt the Fed, and diminish its ability to fix an economy that still needs help.
"From Ron Paul's standpoint, the Fed can't do anything right," said Lyle Gramley, a former Fed governor who is now senior economic advisor to the Potomac Research Group. "He can cause the Fed to lose a lot of public support. But it needs public support to do what it needs to do."
His harshest critic on Capitol Hill, Rep. Ron Paul of Texas, is about to become one of his overseers.
With the Republicans coming to power, Paul, who would like to abolish the Fed and the nation's current monetary system, will become the chairman of the House Subcommittee on Domestic Monetary Policy.
If you've never heard of the committee before, you're not alone. But Paul promises you'll be hearing a lot more from it.
"It's basically been a committee that's dealt with commemorative coins. I'm going to deal with monetary policy," he said.
Paul doesn't think he'll be able to move his proposal to eliminate the Fed, or to allow Americans to use gold instead of paper money as currency. But he said he does intend to use his new position as "a mini-bully pulpit" to criticize Fed policy and call more attention to what he sees as its negative consequences. And he's confident that American voters are ready to delve into those monetary policy questions.
"Five years ago they wouldn't have listened. Now they will," he said. "We've gained a lot of credibility in making the Federal Reserve an issue since the market collapse."
And Paul vows to try again to authorize Congressional audits of the Fed's decisions on the economy, a proposal that passed the House last year but was essentially gutted from the final version of the financial regulatory overhaul legislation.
"It will never be easy; the Fed has a lot of influence," he said of the audit legislation. "But there's a lot of life to it. We got further along than I ever expected."
One way that Paul will bring pressure on Bernanke and his Fed allies is to hold hearings to give greater voice to Fed members -- like Kansas City Fed President Thomas Hoenig -- who disagree with the current monetary policy.
"Just getting someone there willing to discuss their viewpoint and why they might dissent, I think that would be interesting," Paul said.
A Fed spokesman did not respond to a request for comment for this story.
Some economists worry that Paul having that kind of pulpit will hurt the Fed, and diminish its ability to fix an economy that still needs help.
"From Ron Paul's standpoint, the Fed can't do anything right," said Lyle Gramley, a former Fed governor who is now senior economic advisor to the Potomac Research Group. "He can cause the Fed to lose a lot of public support. But it needs public support to do what it needs to do."
The second and third highlighted comments are just laughable. What exactly has the fed done to fix the economy? and what does it need to do, they've done enough already!
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