Rep. Paul slams Fed for steps risking US dollar’s reserve status

By Pete Kasperowicz – 08/10/11 09:03 AM ET

The Federal Reserve has taken another step to end the dollar’s reign as a global reserve currency, Rep. Ron Paul said Wednesday.

Paul, the GOP presidential candidate and frequent Fed critic, criticized the central bank’s Tuesday announcement that it would keep a key interest rate at or near zero percent for another two years.

“I think what we’re dealing with is the end of the dollar reserve standard, and that’s a world-wide phenomenon,” Paul (R-Texas) said on CNBC.

The Fed on Tuesday did not announce a third round of quantitative easing as some were hoping, which could have led to more Fed purchases of Treasury debt and a flood of new money, something Paul has criticized in the past. Still, Paul implied that the Fed’s decision to keep interest rates low through mid-2013 is a supplemental strategy that will push the dollar down, and said the recent surge in gold prices is a sign of that.

 

http://thehill.com/blogs/floor-action/house/176229-rep-paul-says-fed-move-step-toward-end-of-dollars-reserve-status

Ron and Rand Paul say downgrade is fault of Washington, not Tea Party

U.S. Sen. Rand Paul (R-KY) (L) talks to his father Rep. Ron Paul (R-TX) (R) during a news conference June 22, 2011 on Capitol Hill in Washington, DC.

(Credit: Photo by Alex Wong/Getty Images)

Rep. Ron Paul, R-Tex., and his son, Sen. Rand Paul, R-Ky., both blasted Tea Party critics on Monday for suggesting that the conservative movement with which they’re both linked may have had something to do with America’s recent credit downgrade by the ratings agency Standard & Poor’s.

The elder Paul, a longtime lawmaker, staunch libertarian, and presidential candidate, decried the allegations as an “attempt to scapegoat” Tea Party lawmakers. He pinned the downgrade on the Washington establishment.

More: http://www.cbsnews.com/8301-503544_162-20089744-503544.html

Ron Paul Issues Statement on S&P Downgrading of U.S. Credit Rating

LAKE JACKSON, Texas — Today, 2012 Republican presidential candidate Ron Paul issued a statement in response to the credit rating agency Standard and Poor’s decision to downgrade the United States’ credit rating from AAA for the first time in history. The ratings agency has removed the United States government from its list of risk-free borrowers, citing concern about the rising burden of long-term federal debt. See comments below.

“We have just learned that for the first time in our history, the United States’ top credit rating has been downgraded by credit rating agency S&P.

“We were told by proponents of increasing the debt ceiling that a credit downgrade would come if we didn’t raise the limit, but the opposite was true.

Read more: http://www.sunherald.com/2011/08/05/3329637/ron-paul-issues-statement-on-sp.html#ixzz1UPVz7UyD