- Age: 75
- Claim to Fame: Nearly 15 years in Congress, often railing against the Fed
- Economic Expertise: Nearly 15 years in Congress, often railing against the Fed
Ron Paul is perhaps the best known Fed critic in America and a sharp opponent of government regulation and federal excess. He was even critical of Ronald Reagan because of high deficits at the time of his presidency.
For years, the Texas congressman has been an outsider on the libertarian fringe of the Republican Party. In the boom times, the idea of abolishing the Federal Reserve and returning to the gold standard seemed a quaintly eccentric idea. But as financial turmoil descended on the world in the wake of the sub-prime crisis, more folks began to take a serious look at Paul’s ideas. (Find out 5 myths and 5 ugly truths about the Fed).
If Congressman Paul was in the White House, you can bet there would be some serious changes. To hear him tell it, ending the Fed would eliminate inflation and squash the old boom-and-bust cycle we’ve become used to. Income inequality and trade imbalances will work themselves out faster, and the growth of government will screech to a halt.
Of course, there are many prestigious policymakers and economists who argue that such an effort would amount to economic chaos and that Paul’s “cure” is worse than the sickness. But make no bones about it — Ron Paul would be a sharp change from both George W. Bush and Barack Obama.
Some voters may think that would be a good thing.