Ron Paul: Why the economy's in trouble

Few have been more critical of the Federal Reserve Bank's policies – if not its entire existence – than former US Congressman Ron Paul.

The physician from Texas who went to Washington and ran for President is one of the most vocal opponents of quantitative easing. That program has the Fed buying US Treasury and mortgage bonds in an effort to lower interest rates and add money into the financial system. The Fed currently does so at a rate of $85 billion per month, though policymakers have hinted that tapering may begin as early as next month.

(Read: US bond yields stick close to two-year highs)

In his interview with Talking Numbers, Paul has a lot to say about Fed Chairman Ben Bernanke and some of the top candidates likely to replace him, such as Janet Yellen, Lawrence Summers, and Timothy Geithner.

You can hear Paul's full Talking Numbers interview above, but here are some choice excerpts from the interview:

On the bond market:

"It seems to me personally that the bull market in bonds which has been going on since about 1980 – 30-some years – I think it's at an end. "

On interest rates:

"Bond rates and mortgage rates are going to be higher no matter what the Fed does. "

(Read: Fed's Bullard: Inflation low for now, but could be excessive in the future)

But for the whole interview – including what Paul believes will be a threat to both the US and world economies – watch the video above.

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