He laid it out in an interview with Bloomberg, his first since becoming the Monetary subcommittee chairman in waiting. The question: Will you end the Fed?
Not right up front, but obviously, that is the implication. Even in my book about ending the Fed, I do not talk about turning the keys and locking the doors. I talk about a transition and why don't we legalize the Constitution and allow legal tender to compete with paper money. Today it's the opposite. We are forced to use depreciating money and they do a very good job of depreciating money. At the same time, the Constitution still says that the only thing you are allowed to use is gold and silver. All I want to do is legalize that and if nobody cares, if nobody likes gold and silver, in paper assets and put their savings accounts in paper money.
And whether he'll just subpoena Bernanke:
If next week I issued a subpoena for such and such, I do not think that would be met with good acceptance. It is not like I am a powerful person. My ideas are powerful, but I am not.
I'm writing more about this today -- libertarians and Fed critics are gritting their teeth a bit about how effective Paul will be. It's a good sign that he's tamping down the theatrics.