Ron Paul Appears On CNBC

Ron Paul just appeared on CNBC to talk to Erin Burnett about the role of the Federal Reserve in the United States. Paul is a very vocal opponenet of the Fed. He said that the institution is "unconstitutional" and has been responsible for creating all of the major bubbles in this country since its inception. Paul also called the Fed, "immoral" and said that relying on a central bank is "bad economics."

The Texas Congressman said that he would like to see the Federal Reserve abolished and that he wants the market to set interest rates. According to Paul, under the current system, we are not practicing capitalism, but rather economic interventionism.