Ron Paul about the Phony Reserve

Ron Paul about the Federal resereve Bank (which, by the way, is a private enterprise and just as federal as FEDEX, the parcel delivery service is) :

"If you didn't have an accommodative Federal Reserve, Congress' deficits would cause very high interest rates. Because we run up the deficits, and if we couldn't borrow money and the Fed wasn't there, interest rates would respond by going up until we could find the money we need. The Fed spoils Congress into getting away with deficit spending. But in the long run, it's devastating because that destroys the value of the currency, and that destroys the middle class, destroys investment, creates malinvestment and bubbles."