Austrian economics

"Ron Paul's ideas no longer fringe"


So declareth an L.A. Times headline, on an article-slash-discussion of Austrian economics that begins like this:

For three decades, Texas congressman and former presidential candidate Ron Paul's extreme brand of libertarian economics consigned him to the far fringes even among conservatives. Not a few times, his views put him on the losing end of 434-1 votes on Capitol Hill.

Eclectic anti-statism redux

No longer. With the economy still struggling and political divisions deepening, Paul's ideas not only are gaining a wider audience but also are helping to shape a potentially historic battle over economic policy—a struggle that will affect everything including jobs, growth and the nation's place in the global economy.

Already, Paul's long-derided proposal to give Congress supervisory power over the traditionally independent Federal Reserve appears to be on its way to becoming law.

His warnings on deficits and inflation are now Republican mantras.

And with this year's congressional election campaign looming, the Texas congressman's deep-seated distrust of activist government has helped fuel protests such as the tea-party movement, harden partisan divisions in Washington and stoke public fears about federal spending and the deficit.

Hat tip to Kerry Welsh.

Senior Editor Brian Doherty chronicled Paul's concurrent Audit-the-Fed/End-the-Fed movements in our November 2009 issue, and typed up some "Scenes from the Ron Paul Revolution" back in February 2008.