This just in. Someone who thinks we should be on the gold standard is going to be overseeing our financial reserve.
Paul will the new chairman of the domestic monetary policy subcommittee of the House Financial Services Committee.
This will weaken our already tenuous financial system. I can perceive run away inflation as the FED is directed to follow the gold prices as it fluctuates constantly.
Republicans in the U.S. House of Representatives on Thursday picked Ron Paul, an inveterate critic of the Federal Reserve, to head a panel that oversees the central bank, paving the way for challenges to the Fed's authority and secrecy.
Paul has written a book called "End the Fed" and believes the dollar should be backed by gold or silver. The United States stopped linking the dollar to gold in 1971.
This is not good.
Here is a quote:
Of course I've already taken a very modest position on the monetary system, I do take the position that we should just end the Fed.
Another quote attributed to him:
"What else do we need to know about the political establishment than that it refuses to discuss the crimes that terrify Americans on grounds that doing so is racist? Why isn't that true of complex embezzling, which is 100 percent white and Asian?" - Ron Paul, 1992