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The tight-money policy threatens to tip the economy, which is already stagnant, into recession.

Navarro concluded that it "boggles his mind" that many are pointing to trade tensions with China as the cause of economic slowdown, and he instead blamed the Fed's "tight-money policy that drives up the dollar and drives down U.S. exports."

So Cruz wisely mentioned Ron Paul’s name Wednesday afternoon in his pitch for a tight-money policy at the Federal Reserve: “I am an original co-sponsor of Ron Paul’s audit the Fed legislation.”

Bankers and brokers applauded him for sticking with his tight-money policy until the recession had tamed inflation, slashing the annual rate of price increases from 13% at the beginning of his term to less than 4% now.

Two weeks ago, the Open Market Committee, the Federal Reserve's policy-making group, voted, in effect, to confirm that it was temporarily loosening up on tight-money policy so that the economy could begin growing more rapidly.