On Wednesday, October 9, President Obama nominated Janet Yellen to succeed Ben Bernanke as chairman of the board of the Federal Reserve.
"Janet is renowned for her good judgment,” the president said at the White House ceremony announcing his selection of Yellen to head the Fed. “She sounded the alarm early about the housing bubble, about excesses in the financial sector, and about the risks of a major recession. She doesn’t have a crystal ball, but what she does have is a keen understanding about how markets and the economy work — not just in theory but also in the real world. And she calls it like she sees it,” he added.
Another person known for calling ‘em like he sees ‘em is Ron Paul (shown in photo). Just hours after Yellen’s introduction as Fed chairman nominee, the former Texas congressman weighed in, publishing a statement on the Campaign for Liberty website.
“Many will make a big deal about the nomination of Janet Yellen to be the next Fed Chair, but the reality is, as long as we tolerate the Federal Reserve System and its flawed monetary policy, there will be no policy change at the Federal Reserve,” said Dr. Paul.
“Notably absent from the discussion surrounding the debt ceiling and the government shutdown is the fact that the federal government would not be able to borrow the money it needs to finance its wars, bailouts, and entitlement programs if the Federal Reserve did not continue to buy government debt,” he continued.
“Until the issue of the Federal Reserve is addressed, I am not optimistic we will see any true spending reform in Washington. Thankfully, the American people are waking up to what the Federal Reserve has been doing to our money and our economy,” he said.
A poll conducted last year reveals that Paul’s take on the opinion of Americans regarding the Federal Reserve is right.
In September 2012, a Reason-Rupe survey asked Americans if they would “favor or oppose a law that would allow Congress to conduct an annual internal review of the Federal Reserve.” Seventy percent of respondents favored such an audit.
When it comes to fighting to drag the policies and procedures of the Federal Reserve into the sunshine of congressional oversight, Ron Paul has been the tip of the spear.
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Photo of Ron Paul: AP Images