Ron Paul, a former congressman from Texas and former U.S. presidential candidate, has reflected on how the U.S. government is handling inflation and how it has been deceitful on the issue. Paul believes that if the U.S. government were to really point to the root of the inflation problem, it would have to refer to the action of the Federal Reserve.
Ron Paul Calls Out U.S. Government ‘Deceptions’ on Inflation
Ron Paul, former Congressman from Texas and former U.S. presidential candidate has called out the U.S. government for the way it presents information about inflation. In the latest episode of “The Ron Paul Liberty Report” webcast, Paul criticizes the ‘deceptions’ of the U.S. government in presenting the real causes- and effects – of the inflationary process.
For Paul, the government is not interested in people seeing the true meaning of inflation and its roots. About this, he stated:
Inflation in Austrian economics is the increase in the supply of money and credit and the secondary effect of this is a rise in prices. That’s the last thing the government wants you to concentrate on, because if the people knew it would eventually have to deal with the printing of money.
At the same time, Paul stated that the current debate on raising the debt ceiling was a “political gangsmanship” game that politicians are playing, but that the debt ceiling will be eventually lifted.
Inflation Victims and Federal Reserve Involvement
Paul remarked that the difficult thing about the inflationary process is that the government doesn’t know who the real victims are, adding that the middle class and the poor are the ones that get hit with higher prices. About the obscuring tactics of the government on inflation, Paul explained:
There has to be a lot of distortion, and there has to be a lot of gimmicks, taxes being manipulated; but there is always directed to deceiving the people so they will go along with it until it gets so bad that the people revolt against it.
Finally, Paul also criticized the role of the Federal Reserve in the growth of inflation, and how the government was unable to mention it as one of the main culprits of the inflationary escalade. About how the creation of the Federal Reserve goes against the U.S. Constitution, Paul declared:
They cannot lay the blame on the Federal Reserve – even though there’s talk about it -but really putting the blame on the Federal Reserve and wanting to do something about it, they would have had the challenge of what the founders had… they put into the constitution: ‘No central bank, and only gold and silver can be legal tender.’
What do you think about Ron Paul’s thoughts on inflation and its causes? Tell us in the comment section below.
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