Why Ron Paul Should Not Be Allowed to Run Around With Sharp Objects

by Pejman Yousefzadeh on February 11, 2011

This read, written in advance of Paul’s recent hearing on the Federal Reserve and job creation, is as enjoyable to go through as it is accurate. And it is very enjoyable to go through:

No excerpt. Read it all. And yes, Ron Paul is a comical figure. He should not be entrusted with leadership responsibilities. It is time for other House Republicans to rise up and put a stop to the nonsensical spectacles Paul seems to revel in.

  • Anonymous

    I agree with your assessment of Paul. It strikes me that Paul Ryan seems almost as much of a crank (http://www.economist.com/blogs/democracyinamerica/2011/02/reaganomics_debased). He apparently wants money to be backed by a basket of commodities, which seems even more insane than goldbug-ism given the recent volatility of commodity prices. Yet he seems to retain much more credibility and cache with movement conservatives. Thoughts?

    • Pejman Yousefzadeh

      There is, of course, no comparison between Ryan and Paul. The former is better by orders of magnitude, and is attacked mainly because he is the Budget Committee Chairman. And there is nothing in the story to indicate that he supports having money backed by “a basket of commodities.”

      • Anonymous

        I think he is mainly attacked for his dodgy ideas about fiscal and monetary policy.

        And he has explicitly stated his support for a price level tied to a basket of commodities:

        “[My] bill, called the Price Stability Act of 2008, allows the Fed to choose how it will put this single mandate into practice (my preference would be an explicit price rule anchored to a basket of commodities), as long as its overriding policy goal is to control inflation.”

        and “I believe the best way to guarantee sound money is to use an explicit, market-based price guide, such as a basket of commodities, in setting monetary policy. A more politically realistic path to price stability would be for the Fed to explicitly embrace inflation targeting.”


        • Pejman Yousefzadeh

          He wouldn’t be attacked if he weren’t the Budget Committee Chairman. As for his bill, I disagree with it; I am in favor of the Fed’s dual mandate, and support QEII. But I don’t expect to agree with everything Ryan–or any other politician–advocates, and apart from the deficit commission, his Roadmap is the most serious plan put forward (at considerable political cost to his person) to deal with the deficit. The Obama Administration pretty much admitted the same, before it remembered that it has to attack him since he is a Republican.

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