Congressman Ron Paul: Its Time to Ditch The Federal Reserve, Honor “Tax-Free” Cryptocurrencies

There was a time when retired congressman Ron Paul was skeptical of cryptocurrencies, however, he eventually turned in favor of the technology.

Now, he trusts it so much so that he is propagating the abolishment of Federal Reserve and adopt cryptocurrencies as an alternative. This reportedly comes after the reserve increases the baseline interest rate quarter of a percentage more, from 2.2% to 2.5%.

Paul served several terms as a Republican in a Houston, Texas-area congressional district, but also ran for president on the Libertarian Party ticket in 1988, as well as making a bid for the Republican nomination in 2008 and 2012. Now retired from public office, Paul continues to speak out on economic issues.

His biggest problem is the “quantitative easing” policy the Federal Reserve adopted in the aftermath of the 2008 financial meltdown, which Paul contends created the

“biggest bubble in the history of mankind. It’s also important to understand the original cause of the problem, and that is the Federal Reserve running up the debt and letting politicians spend money.”

The Federal Reserve pumped about $4.5 trillion into the economy after the 2008 financial crisis.

Essentially, what Ron Paul is trying to say is that the Federal Reserve should let the free market dictate the interest rates instead of artificially manipulating it. On the same issue, he tweeted:

He has been continuously saying that the Federal Reserve’s forced manipulation of interest rates creates an artificial economic which he compares to as an illusion.

“This can create an illusion of prosperity. Eventually, reality catches up to the Federal Reserve-created fantasies. When that happens, there is a recession or worse, leading the Fed to start the whole boom-and-bust cycle over again.”

As Ron Paul is a liberatarian, he obviously opposes government intervention in the free market. Libertarian.

The same philosophy has led him to believe in Bitcoin. Earlier, in 2017, he had a few words about the digital asset:

“Bitcoin is very exciting…but [bitcoin investors] don’t have a long-term perspective. What’s it going to be like in 10 years? Nobody knows. But we have a pretty good idea of where gold will be, in a general sense.”

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,511FansLike
2,795FollowersFollow
4,272FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today