CHARLES: WELL, PRESIDENT TRUMP
NOT LETTING UP ON HIS ATTACKS ON
THE FEDERAL RESERVE.
PRESIDENT TRUMP ALSO CALLED FOR
THE FED TO CUT RATES, TO BRING
DOWN THE VALUE OF THE DOLLAR, SO
IT WOULD HELP OUR GREAT AMERICAN
COMPANIES COMPETE AROUND THE
WORLD.
FOR MORE ON THIS I WANT TO BRING
IN FORMER TEXAS CONGRESSMAN, A
MAN WHO MADE IT HIS MISSION TO
END THE FED, RON PAUL.
RON PAUL, THANK YOU FOR JOINING
US.
>> GOOD TO BE WITH YOU, CHARLES.
CHARLES: FIRST OF ALL, THE IDEA
THAT THE FED IS IN THE NEWS ALL
THE TIME, I REMEMBER A DECADE
AGO ONE PERSON FIGHTING THIS
CRUSADE.
YOU MAY HAVE A FEW MORE
BELIEVERS ON BOARD.
>> THAT'S TRUE.
THAT MAY BE A BAD SIGN, IF OTHER
PEOPLE ARE GETTING WORRIED, THEY
KNOW ABOUT WHAT I THINK, YOU
TALK ABOUT THE POWER OF THE FED,
THEY HAVE HAD TOO MUCH POWER
SINCE 1913.
THAT REASON WHY I GET WORRIED
ABOUT THIS, THE POWER THAT THEY
HAVE, THEY DON'T HAVE A
CORRESPONDING AMOUNT OF
KNOWLEDGE.
THERE IS WARNING ABOUT THE
PRETENSE OF KNOWLEDGE, THEY JUST
DON'T KNOW THESE ANSWERS.
THIS WHOLE IDEA THEY KNOW WHAT
INTEREST RATES SHOULD BE, THEN
THEY LOSE CONTROL, THEY SAY
MAYBE WE OUGHT TO BE NEGATIVE OR
DOWN TO ONE.
THEN WE COMPLAIN ABOUT OTHER
PEOPLE HAVING RIGGING THEIR
CURRENCY AND LOWERING THE VALUE,
I DON'T THINK THERE IS ANY
CONTROL UNDER THE SITUATION.
I DON'T THINK SOMETHING THAT IS
SOMETHING THEY CAN'T KNOW.
YOU DON'T KNOW WHAT INTEREST
RATES SHOULD BE.
THEN THERE IS A LOT OF
RAMIFICATIONS FROM THIS.
THE BIG THING THAT ANNOYS ME, IS
HOW THEY FACILITATE BORROWING
MONEY.
CAN YOU IMAGINE, CHARLES, IF
THEY COULDN'T GO TO THE FED, THE
FED WASN'T THERE, THEY COULDN'T
WORK ON INTEREST RATES, YOU HAVE
A TRILLION DOLLARS DEFICIT?
THE WHOLE THING WOULD BE OVER.
IT IS ALL ARTIFICIAL AND
MALINVESTMENT GOES ON.
CHARLES: RIGHT.
>> THE PUBLIC WE HAD IN '08 AND
'09 IS TYPICAL.
I DON'T THINK WE REALLY
RECOVERED.
WE HAVE TO FACE UP TO THE FACT
THAT THEY ARE GOING TO COME
BACK.
CHARLES: TO YOUR POINT 1913 WE
WERE PROMISED AN END TO THE
VICIOUS BUSINESS CYCLE, THE WILD
GYRATIONS.
SINCE THEN I HAVE LOST TRACK HOW
MANY RECESSIONS WE'VE HAD.
WE HAD A GREAT DEPRESSION AND
GREAT RECESSION MORE RECENTLY.
THE FED HAS TAKEN ON MORE POWER
SINCE THE GREAT RECESSION,
CONSUME PROTECTION AND WANT A
PAYMENT SYSTEM.
WHO IN WASHINGTON, D.C., WILL
REAL THEM IN?
THEY SEEM LIKE UNACCOUNTABLE
BODY, BUT THE MOST POWERFUL
UNACCOUNTABLE BODY ON THE
PLANET?
>> I THINK A LOT OF PEOPLE I MET
IN CONGRESS WEREN'T TOO
INTERESTED.
I HOPE I GOT THEIR INTEREST
PERKED UP A LITTLE BIT BUT THEY
DON'T UNDERSTAND IT, EXCEPT FOR
THE FACT THAT THE LEADERSHIP
UNDERSTANDS IT, BECAUSE
CONSERVATIVES AND LIBERALS GET
TOGETHER AND THEY HAVE TO SPEND
MONEY, GET THAT BUDGET THING.
THIS IS TYPICAL EXAMPLE.
PELOSI, TRUMP GET TOGETHER, YOU
RAISE THE MILITARY, WE'LL RAISE
THE WELFARE.
DON'T WORRY ABOUT THE DEFICIT.
SPEND MORE AND MORE MONEY.
AND COMPLAIN ABOUT THE FED,
BECAUSE THEY'RE NOT SOLVING THE
PROBLEM.
CHARLES: TO THAT POINT I WANT TO
JUMP IN FOR ONE SECOND BECAUSE I
HAVE GOT TO ASK YOU.
WE HIT ON THE POINT, THE MODERN
MONETARY THEORY.
WE HAVE BOTH SIDES OF THE AISLE
SAYING DEFICITS DON'T MATTER.
FEELS TO ME WHAT THEY'RE SETTING
UP, IS SOME SORT OF A WAY FOR
THE FEDERAL GOVERNMENT TO
DICTATE MONETARY POLICY TO PAY
FOR "MEDICARE FOR ALL."
SO THEY CAN PAY FOR UNLIMITED
MILITARY BUDGETS.
FEELS LIKE BOTH SIDES WOULD LIKE
TO FIND A WAY TO TAP INTO THE
ABILITY, THE FED'S ABILITY TO
PRINT MONEY OUT OF THIN AIR.
>> THEY DO A LOT OF THAT NOW
ALREADY AND THEY ARE GOING TO
ESTABLISH IT EVEN MORE SO I
THINK THAT IS BASED ON WISHFUL
THINKING BECAUSE A LOT OF TIMES,
EVERYTHING THAT WE'VE DONE IS A
NEGATIVE.
I THINK LAST WEEK WAS SO
SIGNIFICANT ABOUT THE END OF ALL
THIS PRINTING MONEY AND MODERN
MON TERRY THEORY -- MONETARY
THEORY, WHEN THE INTEREST RATES
WERE LOWERED A QUARTER OF A
POINT, IT WAS SUPPOSED TO BE
HALF A POINT, HYSTERIA BROKE
OUT.
WHAT IS GOING ON THERE?
I THINK THAT IS A SIGNIFICANT
EVENT.
IT TELLS HOW BAD IT IS.
AND I THINK THIS, IDEA THAT YOU
CAN HAVE ENDLESS SPENDING, THERE
IS A LIMIT.
IT IS JUST AMAZING THAT THE
WORLD NEEDS DOLLARS, THEY WANT
US TO DO THAT.
WE BAIL THEM OUT.
WE HAVE A MILITARY POWER, WE
HAVE TO PROTECT EVERYBODY.
IT IS NOT GOING TO QUIT.
IT IS AN ADDICTION.
THE ADDICT ALWAYS NEEDS MORE AND
MORE.
THE POLITICIAN IS NOT GOING TO
ALLOW IT TO BECOME READILY
APPARENT THAT THE ECONOMY IS IN
BIG TROUBLE AND AT THE DIDN'T
SOMETHING.
EVERYBODY HAS TO DO SOMETHING.
CHARLES: CONGRESSMAN PAUL, GOT
TO TELL YOU, WHEREVER THE CLIFF
IS WE'LL GET THERE ONE DAY, TO