By Simon Johnson, co-author of White House Burning: The Founding Fathers, Our National Debt, and Why It Matters To You, available from April 3rd.
Representative Ron Paul sees himself as an independent thinker – not afraid to confront the conventional wisdom, whether in the form of Federal Reserve Chairman Ben Bernanke or mainstream views within the Republican Party. As I have written elsewhere recently, we should take Mr. Paul seriously – and not simply dismiss his proposals out of hand.
However, Mr. Paul’s current proposals for the federal budget can only be described as fiscally irresponsible. This is completely at odds with his more general stated principles (including in the hearing with Mr. Bernanke this morning), including his well-articulated concern about inflation. Continue reading