Daily Bell: You
stated you see an overarching economic crash coming, so where do you see the
Federal Reserve in that overall collapse?
Ron Paul: One
thing is for sure, the Federal Reserve and those who benefit – everything from
the military-industrial complex to all welfarists – they will not take it
easily. Although we’ve made great progress in the last eight years and have
actually had the bill in the House passed that would audit the Federal Reserve,
the people who benefit from it are very, very determined not to allow that to
happen. So I think we have to keep doing it. I keep working with that to make
sure everybody knows what it is, because when we repeal it we don’t want
another Federal Reserve System; we want constitutional money and we want
commodity money and we want freedom of choices in it. And that is the important
thing.
But I don’t think we’ll legislate the Fed out of existence. Even
I don’t say it would be wise to take the key and lock the door and close down
the Federal Reserve System tomorrow. It would be rather chaotic. But I do
believe the system will self-destruct because, although we’ve benefited tremendously
by being able to issue the reserve currency of the world, that is coming to an
end. It will come to an end. It’s a nonviable system. And we just have to fight
bad ideas with good ideas and, as far as I’m concerned, the good ideas come
from the Austrian economists and commodity money and freedom of choice.
