Bitcoin Advocate Ron Paul: The Fed Is A Total Failure Played Its Part In Making America Broke Again
Pro-Bitcoin Ron Paul Affirms That The Fed Is A Total Failure That Broke America
There are not a lot of political figures which are very cherished in the crypto world. However, some figures do stand out on several occasions. Ron Paul, twelve times elected as a U. S. Congressman and three times a presential hopeful, is one of these figures.
He has recently talked about the crypto market and central banks during Consensus 2019, which happened in New York last week. He affirmed that “central banks” are not something that has been with us since the dawn of civilization but that governments are and that they are always trying to get the control because this is where the power really is.
Paul affirmed that governments always want to have the monopoly of money in history. They want to control this means of exchange and centralize it so nobody can really do it without them, which is a form to seize the power and subjugate people to them.
This, he believes, shows how the governments of the world will simply not give cryptos a “free ride”. They will try to destroy them or at least get in their way and regulate them.
He believes that an alternative to central banks is necessary for the future of society as this monopoly is not really good for anyone at all. The system, he affirmed, is worse off today than it was before. A government could not be expanded, which he sees as something that is not really positive, without a system like the Federal Reserve bank.
Mind that this is far from the first time in which Ron Paul has called for the abolition of the central banks. He has already done it in the past, especially as the FED hiked the interest rates last year.
According to him, the free market should be the one deciding the interest rates, not the government. However, the main problem now is how to determine that the government will not prevent the people from being able to create their own financial system because they control the power and will want to keep it.
He also affirmed that the idea started by Ron Paul, the U. S. Congressman Brad Sherman to ban cryptos in the U. S. is basically very symbolic of how authoritarian governments work. Washington, in his opinion, is completely driven by power and this is why they are obsessed with banning everything that they do not like.
Authoritarian Societies Are Controlled By Rich
Paul also affirmed that the wealthy tend to suppress the poor in authoritarian and autocratic societies which are run by the most powerful people. They pretend to be there for the poor but the truth is that the rich will command the society. In any kind of system like this, in his view, it is the people who control the wealth that actually run the country.
Systems like this, he affirmed, are clearly not sustainable in the long term. However, it is hard to challenge the status quo of the world and the debt that the U. S. has definitely has increased over the years, which is also something that could be considered dangerous in the long term.
The Fed, in his view, is a complete failure when it comes to finances because they do not do anything very well and the country is basically broke right now. The market is so rocky now, as he affirmed, because the pillars of the system are shaky and because the economy is not as good as people believe it is.
He believes that the market could solve this situation without the government, though, and that this would let people live in a freer society than they do today. The answer is not to simply modify the Federal Reserve, but most likely to abolish it.
Ron Paul And Bitcoin
Ron Paul is known as a libertarian, so it is natural that he may have some interest in something like Bitcoin. He first commented about cryptos in 2013 and said that he was very enthusiastic about it, especially about how it competes with the government-backed fiat cash.
To him, the main challenge that mankind has to face now is to achieve freedom of choice in a free market. They do not have the means of doing that right now but it is never too early to start finding the ways to achieve this goal.
He also compared BTC to gold during the conference. To him, it is all about competition and it is clearly imperative that people will have monetary freedom, so they need competition that is fair and clear. Because of this, BTC and gold will certainly be competitors and, overall, this will be good for society in his opinion.
Paul ended his speech by affirming that the Fed distorts the economy and that it manipulates interest rates putting the whole world at the risk of a recession. Because of this, he affirmed that it is likely that we will see the next recession being caused by the Fed and this will happen very soon.
This could become a huge catastrophe is nothing is done to avoid it, though, which is why he affirmed that creating an illusion of prosperity is not enough. The world has to really be able to prevent this from happening and that comes with the decentralization of the economy.