Ron Paul: Fed to Blame for Faltering Economy

Friday, 21 Oct 2011 08:32 AM
By Julie Crawshaw

Republican Congressman and presidential candidate Ron Paul says that the Federal Reserve is to blame for our faltering economy.

"In many respects the governors of the Federal Reserve System and the members of the Federal Open Market Committee are like all other high-ranking powerful officials," Paul writes in The Wall Street Journal.

"Because they make decisions that profoundly affect the workings of the economy and because they have hundreds of bright economists working for them doing research and collecting data, they buy into the pretense of knowledge — the illusion that because they have all these resources at their fingertips they therefore have the ability to guide the economy as they see fit," the Texas lawmaker wrote.

"Nothing could be further from the truth. No attitude could be more destructive," Paul wrote.

The Federal Reserve, says Paul, has caused every single boom and bust that has occurred in this country since the bank's creation in 1913.

“It pumps new money into the financial system to lower interest rates and spur the economy,â€