VIDEO: Ron Paul on Yellen, transparency and eventual Fed self destruction

Ron Paul answered questions on CNBC about his son Rand Paul, Janet Yellen, declining US power and the future of the Fed.

"We've lost credibility militarily, which I don't lament, I don't think we should be the policeman of the world. And now we've lost so much credibility with our allies, so all we have left is…hanging on to some economic power, which is very fragile, because we aren't the powerhouse economically."

"I don't want to destroy anything, I want to repeal bad laws and bad monetary policy and my idea is that the Fed will self destruct."

"[The Fed] will lose its efficiency when the dollar goes down and is no longer the reserve currency in the world."