u.today
Ex-presidential candidate Ron Paul, who’s considered to be one of the most influential libertarian voices in the United States, has once again bashed the U.S. Federal Reserve for its ‘reckless money-printing’ in a recent Twitter thread.
Paul is concerned about the double-whammy of an ensuing economic debacle caused by the Fed and ‘tremendous’ lockdown-driven problems.
Unprecedented money-printing
Even though Paul has been a long-time critic of the world’s biggest central bank, he says that it’s been increasing fiat supply like never before.
The Fed fired up its money-printing presses back in March to address the shortage of greenbacks when the uncertainty surrounding the pandemic tanked all markets.
On March 23, it made an unprecedented move, announcing unlimited quantitive easing (QE) after cutting interest rates to virtually zero.
Paul notes that the wall of cash that the Fed built in 2008 to cushion the blow from the 2008 financial crisis cannot hold a candle to its most recent ‘counterfeiting effort.’
Warming up to crypto
Paul’s recent tweets echo the concerns of many prominent members of the cryptocurrency industry.
Galaxy Digital CEO Mike Novogratz claimed that ‘money growing on trees’ was a strong bull case for Bitcoin.
After dismissing Bitcoin as a ‘big bubble’ in December 2017, he eventually said that he was ‘all for cryptocurrencies’ and called them a ‘great idea’ during an interview with CNBC’s Squawk Alley back in July 2019.
Back in November, Paul received his first Bitcoin from cryptocurrency veteran Bobby Lee during the Litecoin summit 2019 where the 84-year-old libertarian was a keynote speaker.