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VP candidate Vance says he agrees with Ron Paul on curtailing Fed's power
From EconoTimes, Seoul, South Korea
Sunday, October 27, 2024
U.S. Sen. J.D. Vance has publicly aligned himself with former U.S. Rep.'s staunch critique of the Federal Reserve, signaling a significant ideological turn within the Republican Party.
Vance, the Republican candidate for vice president, has typically taken a mainstream conservative approach to economic issues, but announced he now "comes around to the Ron Paul argument" on the Federal Reserve's role in U.S. monetary policy. This endorsement of Paul's position could mark a shift in conservative economic policy, raising questions about central bank authority, inflation control, and currency valuation.
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Vance's statements have resonated with a segment of the Republican Party increasingly skeptical of central bank policies and their long-term impact on the American economy.
In a recent interview, Vance emphasized his concerns about the Fed's power, echoing Paul's longstanding criticism that the institution holds too much influence over the economy without sufficient oversight.
"We’ve seen the impacts of unchecked power in the Federal Reserve for decades, and I've come to believe it's not in America's best interest," Vance explained, referencing Paul's advocacy for transparency and accountability in monetary policy.
Paul, who famously pushed to "audit the Fed" during his time in Congress, has long argued that the Federal Reserve's monetary interventions harm the economy, leading to boom-and-bust cycles and inflationary pressures that destabilize the financial system.
Vance appears to be taking up this mantle, questioning whether the Fed's influence aligns with the needs of American citizens and businesses. "The unchecked ability to print money and control interest rates without accountability is unsustainable," Vance added. ...
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