Will Ron Paul 'End the Fed'?
The Congressman who once wrote a book about scrapping the Federal Reserve is now in charge of the House subcommittee overseeing the bank. Should Ben Bernanke be worried?
Congressman Ron Paul of Texas, a fierce critic of the Federal Reserve, has been appointed chair of the House subcommittee that oversees the bank. In the past, the outspoken libertarian (and author of a book called "End the Fed") has introduced legislation to abolish the Fed, and he made the issue a cornerstone of his 2008 run for president. Is the future of the Fed in jeopardy? (Watch Ron Paul discuss a Fed audit)
Yes — Paul has the people on his side: "Populist (especially conservative populist) backlash against the Fed is ascendant," says Adam Sorensen at Time, and the Fed's most ardent critic "now has a platform from which to challenge Bernanke et al. on the transparency, autonomy and, yes, existence of the institution."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Bernanke faces a tough time, but the Fed will survive: Paul will "attack" the Fed's latest monetary policy, says Joshua Green at The Atlantic, and use his position to promote free-market capitalism over the existence of the Federal Reserve system. "I have my doubts over how successful Paul will be," but Bernanke and the Fed ought to prepare for yet more "national anger [directed] at the central bank."
"Look out Ben Bernanke, Ron Paul is gunning for you!"
At least Paul's new job rules out a 2012 run: "The anti-Paul side of the GOP" will be aghast at this big Tea Party victory, says David Weigel at Slate. But they should find comfort in the notion that his new appointment "makes it less likely that Paul will run for president in 2012." If Paul had been denied this post, which he's long been "gunning for," he might have looked for "another way to spread his message" and pursued a second run for the nation's top job.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
Marjorie Taylor Greene fails in bid to oust Johnson
Speed Read The House swiftly killed Greene's effort
By Peter Weber, The Week US Published
-
Kim Kardashian's Met Gala corset: designed for drama but a step too far?
In The Spotlight Reality TV star shocks with 'impossibly tiny waist' at this year's fashion event, echoing controversies from previous outfits
By Harriet Marsden, The Week UK Published
-
The Buddha of Suburbia: an 'orgiastic odyssey'
The Week Recommends Emma Rice brings Hanif Kureishi's 1990 novel to the stage
By The Week UK Published