Rep. Ron Paul, a Republican who wants the federal government "out of Americans' lives and wallets," spoke to more than 1,000 people in the McKimmon Center Monday night.
The Texas congressman orated to applause and cheers throughout his speech, which covered topics ranging from U.S. offensive action on Libya to the causes of and cures for the current U.S. financial crisis. Paul, who ran for president in 2008, said he is considering running for president in 2012, a decision that will be based on the value of the dollar.
Paul supports the abolition of the Federal Reserve, an institution that stands alone from the U.S. government, which has no say over its actions and decisions. Event attendees chanted "End the Fed" at the beginning of Paul's speech.
Evidenced by rising food prices at the grocery store, the purchasing power of the dollar is currently in decline. Economists call the decline in purchasing power inflation. Paul said the Federal Reserve, which is responsible for the stable purchasing power of the dollar, wants inflation to hover somewhere around 2 percent.
Paul disagreed with Ben Bernanke, the chairman of the Federal Reserve, and the Fed's goal of 2 percent inflation.
"The monetary crisis is still yet to come, and it will get worse," Paul said. "The only thing that can restore stability is sound money."
The U.S. tied the value of its money to the value of gold until Richard Nixon fully abolished the "gold standard" during his presidency. The U.S. currently employs the system of fiat money, in which the credibility and value of the U.S. dollar lies only the holders' confidence in the currency. Paul wants the U.S. to return to the gold standard.
Higher prices worldwide are due to the international belief in fiat currencies, according to Paul.
"Your dollar is going to go down in purchasing power," Paul said. "All empires [such as the U.S.] end for financial reasons."
Continue reading - Ron Paul seeks return to 'Golden Age'
Dr. Ron Paul at North Carolina State McKimmon Center
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