Republican presidential candidate Ron Paul says the debate about the nation’s debt ceiling is “artificial” and he accuses Wall Street agencies that set bond ratings of “misleading” the public.
“Whether they sit down and connive to do this…but they have no credibility,” Paul says. “If they couldn’t tell us that there was a housing bubble, how can they tell us there’s a crisis, you know, coming?”
Moody’s Investors Service and Standard & Poor’s have placed their credit ratings on U.S. debt under review for a potential downgrade if the debt ceiling isn’t raised. Wall Street analysts say that would send shockwaves through financial markets around the globe. Paul rejects the statements from Moody’s and Standard and Poor’s.
“They have no credibility whatsoever,” Paul says. “And I think even though they’re not technically part of the government, I think they’re very much involved in politics and the threats and innuendos.”
Paul has been a long-time critic of the U.S. government’s monetary policy, from the decision to get rid of the so-called “gold standard” to the decisions of The Federal Reserve. He opposes raising the country’s credit limit and has called for dramatic federal spending cuts.
“Let’s say that we could wave a wand and we don’t have that law that says there should be a debt limit…and the president could raise the debt limit anytime he wants. I think it would devastate the markets,” Paul says. “…You think they’re printing money now? There’d be no restraints.”
Paul made his comments this morning during an appearance in Ames. The 100 people gathered in a hotel conference room to hear Paul also heard the Story County GOP chairman publicly endorse the Texas congressman’s bid for the White House.