US presidential hopeful Ron Paul slams stimulus package, Fed rate cuts: report

Jan 27, 2008 (LBO) – Republican presidential hopeful Ron Paul has slammed a US economic stimulus package based on tax-refunds and called for fiscal prudence and less Federal Reserve money printing, which caused the current turmoil in the first place. .

Related video: Ron Paul taking on Fed Chairman Ben Bernanke. Paul says the actual inflation in the US may be as much as 10 percent.

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Talking to Fox News television Paul asked where the money for the tax refunds – the cornerstone of the Bush administration stimulus package – was coming from.

“Where is the money coming from? We don’t have any money over here in Washington,” Paul told Fox News’ Your World with Neil Cavuto.

“We have consumed everything we have gotten. So, we either have to borrow it from China or we print the money, which is inflationary. So, I’m opposed to that.”

Paul says Federal Reserve moves to cut rates would further hurt the US dollar. Paul, a congressmen representing Texas, is also on the House Financial Services Committee and the Joint Economic Committee. He is a strong advocate of sound monetary policy.

The sub-prime bubble he points out was caused by rates as low