The Smearing of Ron Paul
by William L. Anderson
When the Republicans retook the U.S. House of Representatives last November, it meant that Ron Paul would be in line to chair the subcommittee that oversees the Federal Reserve System. Despite the intense lobbying by Ben Bernanke and others who loathed the prospect of Rep. Paul being able to subpoena them to appear before Congress and then to ask them pointed questions about their secret operations, the Republican leadership still gave Rep. Paul his rightful position.
Obviously, the Usual Suspects on the Right and the Left are not happy, and today, I wish to concentrate on the attacks on Rep. Paul by another Paul, that being Krugman, who has deliberately misrepresented Rep. Paul’s positions in recent columns and blog posts. Krugman’s December 20 column called Rep. Paul a “zombie,” and then proceeded to attribute false views to the congressman. All in a day’s work for the man whose name disgraces the Nobel Memorial Prize for Economics.
Actually, Krugman’s smears began over the weekend when he first gave Rep. Paul a backhanded “compliment” for being consistent in his thinking, but then wrote that his ideas were “crazy.” Wrote Krugman:
In a way, I almost welcome the frankness of someone like Ron Paul, who tells us that there’s no need for any kind of bank regulations. It’s crazy, of course – even Adam Smith called for bank regulations, comparing them to building regulations designed to prevent the spread of fires. But at least the guy’s consistent.
However, this is what Rep. Paul actually said:
“I don’t think we need regulators. We need law and order. We need people to fulfill their contracts.” He added: “The market is a great regulator, and we’ve lost understanding and confidence that the market is probably a much stricter regulator.”