Texas Republican congressman and current Republican presidential candidate Ron Paul spoke at the Southern Republican Leadership Conference Friday, slamming President Obama and the Federal Reserve, accusing them of allowing money to flow to Libyan dictator Muammar Gaddafi.
“[The Federal Reserve] created about $5 trillion out of thin air and then they went and bailed out the big banks and the big corporations in total secrecy and…all those bad assets, those derivatives and all the assets that were worthless, we, the taxpayers ended up buying those with money printed out of thin air,” Mr. Paul said.
“They can print and spend more money than all of Congress,” Mr. Paul added to a thunderous applause.
Mr. Paul said his presidential campaign said he is continuing his push to curtail the Federal Reserve.
The Texas Republican said he has investigated the Federal Reserve and found out that “one-third of all funds went to foreign banks.” We found out that some of those funds went to [Muammar] Gaddafi,” Mr. Paul added.
The Texas Republican’s speech takes place as a number of Republicans descended on New Orleans as part of the Republican event. Mr. Paul joined opponents Rep. Michele Bachmann, former Pennsylvania U.S. Senator Rick Santorum, former House speaker Newt Gingrich and former Godfather’s CEO Herman Cain — all of whom have launched official presidential campaigns.
