Ron Paul upped his rhetoric against the Federal Reserve on Wednesday, calling it the facilitator of big government and overspending.
Paul traced many of the budget issues plaguing the federal government to the Fed’s determination to pump money into system. That oversupply of money creates what he calls a growing bureaucracy that is unsustainable, he said, adding that he believes the additional money also dilutes the value of the dollar.
During a speech to the CATO Institute’s Monetary Policy Conference in Washington, D.C., Paul saved special rebuke for the Congressional Super Committee, calling the committee’s $1.2 trillion in mandated cuts “puny.”
He said Congressional Republicans are obsessed with wars and Democrats spend recklessly, and predicted that in the end, the committee will fail to reduce significant spending.
“Politicians are fiddling around the edges as the country burns,” said Paul.
Although he expressed no hope that Congressional leaders will reduce spending and control the fed, Paul said he’s encouraged by all the young people who show up at his campaign stops. As further proof that his rhetoric is gaining traction, Paul pointed to Fed Chairman Ben Bernanke’s quarterly press conferences., which Paul said he now feels compelled to hold.