Ron Paul: Fed's QE3 "Detachment from Reality"

"The Fed's only solution for every problem is to print more money and provide more liquidity."

A member of Congress who has been pushing for more transparency, including an audit, of the Federal Reserve for years says the announcement today the quasi-governmental agency is going to print more money to try to help the U.S. economy isn't surprising.

Nor is it smart, said U.S. Rep. Ron Paul.

"No one is surprised by the Fed's action today to inject even more money into the economy through additional asset purchases. The Fed's only solution for every problem is to print more money and provide more liquidity," Paul said.

"Mr. Bernanke and Fed governors appear not to understand that our current economic malaise resulted directly because of the excessive credit the Fed already pumped into the system."