Former Congressman Ron Paul recently addressed what he sees as the inherent waste, fraud, and abuse within government structures, particularly the Federal Reserve, and argued that simply changing leadership is insufficient to address the core issues.

He stressed that the very structure and power of federal institutions encourage inefficiency and protect special interests rather than serving the American people.

“And I have a lot of pet peeves,” Paul said. “This pet peeve was, you know, when we’d have a vote for getting rid of waste, fraud, and abuse, and I said, you know, but that’s the nature of government… and they’re always, a lot of times, that’s what they want to do. They want to be more efficient at hiding their stuff and taking care of their special interests, but that waste, fraud, and abuse.”

Paul was especially critical of the Federal Reserve’s role in perpetuating these inefficiencies, arguing that merely replacing personnel won’t bring meaningful reform.

“The argument about the Fed would work into this. Just changing the people at the Fed to do the same job isn’t going to work,” he stated. “You have to eventually get, as long as you have a monetary authority that has all this power, you can forget about it. They’re going to be efficient only to service the people who guarantee that they get this power to do that.”

Paul’s remarks come as efforts to rein in federal spending gain renewed attention. Paul mentioned recent discussions he had with entrepreneur Elon Musk and businessman Vivek Ramaswamy, both of whom have expressed their commitment to reducing federal expenditures by as much as two trillion dollars. “I know we know, and we have visited with both Musk and Ramaswamy, and they’re very, very dedicated, and I think they truly believe that they can cut a couple trillion dollars off the budget,” Paul said.

However, Paul acknowledged that such a drastic reduction in federal spending would likely face significant backlash. “You can’t cut $2 trillion…without annoying a couple people, it’s going to happen,” he remarked.

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Paul suggested that, regardless of policy initiatives, the federal debt may decrease over time due to other factors. “If they don’t do it deliberately with a policy, they’ll do it—[the debt’s] going to be reduced just by, you know, the depreciation of the dollar and the debt and the malinvestment gets liquidated.”

Watch the video:

Ron Paul: “We’ve visited with both Elon Musk and Vivek Ramaswamy, and … they truly believe that they can cut a couple TRILLION dollars off the budget.”

“That will awaken a lot of people. You can’t cut $2 trillion without annoying a couple people.”@RonPaul @elonmusk… pic.twitter.com/jMQQqd1um5

— Holden Culotta (@Holden_Culotta) November 14, 2024

Paul’s view emphasizes the need for foundational reform to effectively tackle inefficiency at the federal level.

He continues to be vocal about the need for real reform, particularly in monetary policy, where he sees entrenched interests that are unlikely to be rooted out by personnel changes alone.

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