Whenever then-Republican presidential candidate Ron Paul would rail against the Federal Reserve on the stump, he got big applause from growing crowds.
“We don’t have the money — they run out of borrowing power, guess what they do? You would have never guessed. They start printing money! And of course that leads to more problems,” Paul said at a campaign stop in March in Fargo, N.D.
But despite Paul’s and others’ criticism, the Fed has acted even more aggressively. Just last week it doubled down on previous commitments to keep buying billions of government treasuries — printing more money each month — to keep interest rates low for the foreseeable future.