Former US Congressman, Ron Paul, has been bashing the Federal Reserve again after raising interest rates by a quarter of a point. The famous Bitcoin fans, called the Fed's abolition, say the free market should dictate interest rates.
End The Fed
Paul, who has a long history of opposition to the Federal Reserve, including a 2009 book, End The Fed, took to Twitter and said: [1
This is the fourth time US interest rates have risen this year, kicking off a potential recession. The blame that should be put right at the door of the Federal Reserve, according to Paul.
"It's likely that the next Fed-created recession will come soon rather than later," he warns in October.
He also suggested that such a major disaster could lead to the end of the fiat currency.
Tax-free Crypto Can Save Us
Fortunately, Paul has a potential solution to navigate through the next recession; abolition of cryptocurrency taxes. Paul:
The only way to avoid crisis is to force the congress to end our monetary madness. The first steps pass the Fed bill audit so people can use alternate currencies, avoiding all precious metals and cryptographic curves from capital gains and other charges.
Paul's attitude towards crypto has changed, as he was previously a strong advocate of the gold standard, and critical of Bitcoin. However, he has since become something of a crypto master, believing that Bitcoin and a golden currency can exist.
Ron Paul: Markets are more powerful
Paul also came on Fox News, artificially discussed the effect of the interest rate change on the market. He argues that a free market would not be affected by a quarter-on-quarter interest rate increase. But the market's fragility and expectation embedded in it must correct, even if no one wants to tackle this politically.
Finally, he says that even though he criticizes the Fed, the markets are finally stronger.
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