During a recent episode of The Liberty Report, Ron Paul and his co-host Daniel McAdams discussed the growing skepticism toward the Federal Reserve, fueled by public frustration over Elon Musk’s Department of Government Efficiency (DOGE) uncovering government spending, and financial fraud. Paul, a lifelong advocate of Austrian economics and sound money, reflected on his decades-long push to expose the dangers of central banking. He emphasized that auditing the Fed is not merely a bureaucratic exercise but a crucial step toward restoring economic sanity.

The conversation took an unexpected turn when Senator Mike Lee publicly suggested that Ron Paul should be appointed chairman of the Federal Reserve—a suggestion that quickly gained traction when Elon Musk endorsed it. The idea of Paul leading an audit of the Fed went viral on social media, reinforcing the public’s growing awareness of the role the central bank plays in economic manipulation. Paul, however, remained cautious. While encouraged by the momentum, he warned that real reform would require a long-term shift in public understanding, much like the intellectual foundation laid before the American Revolution.

Paul said:

I want to audit [the Fed] as part of a process for when the people demand, ‘Oh boy, we need to end [the Fed].’ So, similar to the USAID, we investigate [the Fed]—once they’ve had the investigation and the audit, the American people can see the truth.

Paul’s critique of the Federal Reserve is rooted in a fundamental economic principle: free markets cannot function properly when manipulated by government-created money. He argued that artificially low interest rates and excessive money printing lead to malinvestment, distortions in the economy, and ultimately, financial crises. “The one thing that we have learned from a history of economic policy is that if everybody recognizes a bubble out there and it bursts, creating chaos, doing more of the same thing that caused it doesn’t help,” Paul remarked, suggesting that without addressing central banking, issues like inflation, debt, and economic downturns will persist.

The discussion also highlighted the connection between monetary policy and foreign intervention. Paul pointed out that without the Fed’s ability to create money out of thin air, America’s endless wars and bloated welfare state would not be financially possible. He emphasized that sound money is not just an economic issue—it is a moral and political necessity to limit government power and restore individual liberty.

As public frustration with the economy grows, Paul remains optimistic that free market ideas are gaining ground. He noted that young people, in particular, are showing increased interest in Austrian economics and the principles of limited government. An upcoming conference in Lake Jackson aims to further this educational mission. With the call to audit the Fed reaching millions, Paul’s lifelong message may finally be resonating on a scale that could bring meaningful change.

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