Ron Paul on Fed Interest Rate Cut

by | Aug 2, 2019

Ron Paul on Fed Interest Rate Cut

by | Aug 2, 2019

Campaign for Liberty Chairman Ron Paul issued the following statement regarding the Federal Reserve’s announcement that it will be reducing interest rates for the first time in a decade:

“The Federal Reserve’s reduction of its benchmark interest rate from 2.25% to 2% is a textbook illustration of a popular definition of insanity: taking the same actions over and over again and expecting different results. Since the stock market meltdown of 2008, the Fed has unsuccessfully tried to pump up the economy via historic low interest rates and Quantitative Easing. As anyone except those who believe the government’s manipulated statistics knows, these policies failed to revive the economy. Instead of acknowledging its mistakes, the Fed is resorting to another rate cut in a desperate—and what will prove futile—attempt to forestall another central bank-created recession, albeit one exacerbated by President Trump’s destructive trade war.

The bright side of the Fed’s failure is that it will increase public interest in Austrian Economics and alternatives to the Fed, such as precious metals and crypto currencies, and auditing and ending the Fed. My Campaign for Liberty organization will continue to mobilize pro-liberty Americans to pass Audit the Fed legislation at the federal level and increase the number of states that have restored gold and silver as legal tender.”

Republished from campaignforliberty.org.

About Norman Singleton

Norman Singleton worked for Congressman Ron Paul from 1997-2012. Mr. Singleton served as Legislative Aide on Education and Workforce issues for Congressman Paul from 1997-2001, when he became Congressman Paul’s Legislative Director, a position he held until Congressman Paul left Congress in 2013. Mr. Singleton is currently a Senior Fellow at the Market Institute. Mr. Singleton also served as volunteer policy director for the Ron Paul 2012 Presidential Campaign. Prior to working for Ron Paul, Mr. Singleton worked for the National Right to Work Committee. Mr. Singleton graduated Cum Laude from Washington and Jefferson College with a degree in economics and is a 1991 graduate of the University Of Pittsburgh School Of Law. He is also a founding member of the Republican Liberty Caucus.

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