Ron Paul the former presidential candidate of the United States Central bank and the current CEO of Global Macro Investor has become the latest critic of the United States past and present economic policy.
Recently, the United States balance sheet recorded a high of $ 6.6 trillion as a result of economic bailout measures and money printing. This has brought up public dismissal from various experts.
On the 25th of April 2020, Ron Paul tweeted that the United States Federal Government could not hide the stock damages even with modest growth. According to the pro-Bitcoin retired politician, the Federal government actions could not be hidden by either the impact of coronavirus or the uptick of stock. In addition to that, he stated that he was against the Keynesian ideas which advocate for market interventions and money printing, according to him, these ideas are “un-American”.
The Fed's fake economy has burst. The stock market, even if it rises, cannot hide the damage that has been done.
The virus, now known to be less deadly than the seasonal flu, cannot act as a legitimate excuse either.
— Ron Paul (@RonPaul) April 24, 2020
According to the pro-Bitcoin retired politician, the Federal Government could not hide the economic damage that had already occurred under coronavirus; the virus is less deadly than the seasonal flu and it cannot act as an excuse. He further tweeted that the un-American ideas that the government is using to micromanage and The Fed Central planning has failed and will fail further as long as the governments clings to them. The government ought to rebuild the American idea of liberty and sound money in order to rebuild its economy.
Raoul Paul also released a 120 paged report that explains the extent of the economic damage caused by the government’s reaction to Covid 19. In short, the report summarises that the Baby Boomers are in great economic trouble due to the choices made by the United States Federal Government.
Peter Brandt, another critic of the Fed’s move, has taken to comparing the stock market of the 1930 Great Depression to the current situation in 2020 using the Dow Jones Charts. He reports that the current stock rise from last month are reflections of the behavior after the Wall Street Crash in 1929.
Henry Hazlitt, the author of the “Economics in One Lesson” is also a critic of the idea of money printing. In his book, Economics in One Lesson, which was written after the Second World War, he says that the Government says that it can spend without taxing but in essence, it is simply sending the message that it can continue pilling up debts without paying.
Image source: Flickr.com
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