A system of capitalism presumes sound money, not fiat money manipulated by a central bank. Capitalism cherishes voluntary contracts and interest rates that are determined by savings, not credit creation by a central bank.
Ron Paul (Rep., Texas), who is taking over a key House panel with oversight over the Federal Reserve, criticizes regulators in different interviews.
“I don’t think we need regulators. We need law and order. We need people to fulfill their contracts,” Paul said.
The congressman said that the market should play the main role in regulation. “The market is a great regulator, and we’ve lost understanding and confidence that the market is probably a much stricter regulator,” he said.
Separately, Paul, author of “End the Fed,” said of his new role overseeing the central bank: “I will continue to do exactly what I have been doing” but with a “better platform.”
Ron Paul (Rep., Texas), who is taking over a key House panel with oversight over the Federal Reserve, criticizes regulators in different interviews.
ReplyDelete“I don’t think we need regulators. We need law and order. We need people to fulfill their contracts,” Paul said.
The congressman said that the market should play the main role in regulation. “The market is a great regulator, and we’ve lost understanding and confidence that the market is probably a much stricter regulator,” he said.
Separately, Paul, author of “End the Fed,” said of his new role overseeing the central bank: “I will continue to do exactly what I have been doing” but with a “better platform.”