Former 2008 presidential candidate and Republican congressman Dr. Ron Paul spoke at Arizona State University on Friday about the problems of the Federal Reserve. Some of the points he talked about were the future of the U.S. dollar system and what the Federal Reserve is doing in times of the recession.

“The dollar system, I am convinced, is going to fail because you can’t keep running up deficits of a couple trillion dollars a year and covering that by [creating] new money,” Congressman Paul said.

Along with Paul’s thoughts on the dollar system, he mentioned that the Federal Reserve recently hired a lobbyist and even put together some ads to be displayed in movie theaters, along with a public service announcement.

“They’re desperate to keep that system going forever they can create trillion of dollars and dilute the value of the currency the value of the dollar goes down the prices go up,” Paul said.

Another point Paul made during his speech was how the “consequence of the business cycle that does not come from free market capitalism that comes from the Federal Reserve system.”

Berry Goldwater Jr., son of the late conservative icon Barry Goldwater, acted as the master of ceremonies for the evening, opening for Paul’s speech by his views about the current economic situation. Goldwater introduced Paul as an accomplished congressman and doctor who began his political career in 1976.

To the many that came out to support Paul, the congressman was the “only one who has heart,” Mesa Community College student Alan Tyler said. “He is all about shutting down the Federal Reserve and making sure our money isn’t privately controlled.”