From Newsmax:
Congressman and two-time presidential candidate Ron Paul tells Newsmax the economic stimulus plan is a "total failure," and he's pushing a bill requiring the Federal Reserve to disclose its dealings so Americans can find out who the "culprits" are behind the financial meltdown.
The Texas Republican also said the U.S. is on course to "destroy the dollar," the healthcare reform plan is "dangerous" and could bankrupt the nation — and he is fighting against those who "would socialize the country."
Paul, a physician, sought the 2008 GOP presidential nomination. He attracted an enthusiastic following, using the Internet to establish a grassroots campaign and raise huge sums of campaign cash, all of it from individual contributors.
See Video: Ron Paul discusses Obama’s failed stimulus and his efforts to open up the Federal Reserve - Click Here Now
He also ran for president as the Libertarian Party's nominee in 1988.
Paul is a member of the Republican Liberty Caucus, which seeks to aid candidates favoring limited government, and sits on the House Committee on Financial Services.
Newsmax.TV's Kathleen Walter asked Paul about the Federal Reserve Transparency Act (House Resolution 12-07), a bill he re-introduced after it was first rejected more than 20 years ago.
"We want transparency of the Federal Reserve," Paul said. "The Federal Reserve operates in total secrecy and now with the financial crisis that we're in the middle of, people are demanding that we know more about how this came about and who is responsible and who got bailed out and who were the special interests behind this whole business.
"Therefore now it's a very popular position to hold. The people in this country are demanding it. We have a lot of co-sponsors — I believe this morning it was 268 — and it comes from the fact that the grassroots are getting to their congressmen and saying, get on board and sign on to 12-07.
"So to me it's very encouraging, because it's something I've been trying to get to the attention of the American people and the Congress for a long time, and because a lot of us anticipated what was about to happen.
"The bubble was forming and we should have prevented it. Now that the bubble has burst and they're trying to reflate it, it's very important that we know exactly how the Federal Reserve works . . .
"We want to get to the bottom of what the Federal Reserve's been doing, and what they're getting away with."
Walter asked why the bill is now garnering far more support than in the past.
"I think it's because of the conditions in the country," Paul responded.
"The people are waking up and demanding it, and to me this is very good. So I think before, when I introduced this over the past 20 years or so, there were few who would co-sponsor it because things seemed to be okay.
"When you're inflating and when your credit is good and you can borrow money and the economy is growing because of the financial bubble, people aren't too concerned about the condition of the banking system and the monetary system.
"Now a lot of people are very scared. Some try to talk their way out of what's going on and say the recession-slash-depression has ended. But from my viewpoint we're just at the beginning. The American people know that and they want to look into that whole problem, and that's why we're getting the support — just to search out and find out who the culprits are."
But despite widespread support for the transparency bill, Paul said he expects that "the administration, the Federal Reserve, the banking system, the powerful special interests, and I imagine top leadership in both parties, will eventually come down against this bill."
Walter asked what other issues related to the Federal Reserve Paul would like to see addressed.
"Ultimately I want policies changed," he said.
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