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LE MARS, IA - DECEMBER 30: Republican presidential hopeful U.S. Rep Ron Paul (R-TX) speaks during a town hall meeting at the Le Mars Convention Center on December 30, 2011 in Le Mars, Iowa.
Ron Paul — Republican presidential candidate, GOP congressman from Texas, father of Sen. Rand Paul, libertarian, and dogged foe of the Federal Reserve — is touching down in Los Angeles on March 20 for a fundraiser. If you think Paul, with his desire to return the U.S. to the gold standard (bimetalism, actually, using gold and silver) and his tendency to subject Fed Chairman Ben Bernanke to lengthy disquisitions on inflation, is a litle bit different, just wait until you get a dose of the guy who's hosting this Bel Air shindig, at the former residence of Jennifer Lopez.
He's Mark Spitznagel, a very successful hedge-fund manager whose Universa Investments is based in Santa Monica. There are hedge-fund managers and there are hedge fund managers. Spitznagel is definitely in the latter category. He plies his trade in an exotic corner of the industry, making huge bets on statistically improbable events, now colloquially known as "black swans," after the 2007 book of the that title by Nassim Taleb.
There's probably no more dogged critic of the Federal Reserve than Ron Paul, the Texas Republican congressman who's also running — and running, and running — for President. Paul had a halfway decent showing in the most recent primaries and caucuses. And there's a school of political thought that figures his staunch base and need to spend very little money to stay in the race will keep him hanging around long after more legitimate contenders had dropped out. Plus, he has an heir in his son Rand Paul, a Kentucky Senator.
Ron Paul is the most economic of the current crop of Republican presidential candiates. There are times when his entire campaign seems based not on solving domestic problems, nor pursuing America's foreign policy, but on getting rid of the twin evils of paper money and the Federal Reserve. A lot of people find Paul sort of daffy. See the video I've embedded above, in which he meanders through a host of very Ron Paulist conspiracy theories, laconically foiled by the Fed Chairman, Ben Bernanke.