In his latest appearance on CNBC, Ron Paul explains to “In Fed We Trust” author and Bernanke apologist David Wessel why we should end the Federal Reserve’s power to set interest rates and engage in central economic planning. Wessel concedes that the Fed has been too secretive for its own good and has become the victim of public anger against bank bailouts. He goes on to perpetuate the myth that we live in a “capitalist democracy” and that such an organization needs an “independent” central bank. Ron Paul counters that the system is already thoroughly politicized and that we don’t have true capitalism, but crony capitalism and economic interventionism.
Ron Paul on CNBC: Faith in the Fed? Yeah, Right! 2/19/10
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