According to both Pauls, one of the most insidious instruments of government oppression is the Federal Reserve. Untethered from the gold standard and the Bretton Woods system, and insufficiently accountable to Congress, the Fed creates money by fiat. One problem with this, the Pauls believe, is that every time the Fed creates more dollars, the less $1 is worth. If I have several thousand dollars in my savings account, and the value of those savings is suffering because the Fed is printing money to support the profligate spending of the government, then I am paying the price. In other words, I am being taxed -- invisibly, by the chairman of the Fed, whom nobody elected.
Taxation without representation