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"This is a proposal that deserves serious consideration, even from people who may not like its source."

Submitted by Simon on Sat, 07/02/2011 - 10:11am

TNR likes Ron Paul's proposal for the Fed to burn $1.6tn of bonds. Not as crazy an idea as it first appears.

Ron Paul is in a weird no

Ron Paul is in a weird no man's land here. I don't really understand how he can be such a strong advocate for auditing and even getting rid of the Fed in the name of getting rid of inflation by re-staking the dollar to the gold standard and advocate such a policy that will be a future inflation driver. Taking getting rid of the Fed and going back to the gold standard out of the equation, I can see some good logic in doing this. It is inflationary but does take a good chunk out of the current debt in a bit of accounting magic. I don't know how the currency markets would react to this. I think that is the big unknown.

Yeah, the source for this idea makes zero sense but it seems to be worth further investigation.

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