Rep. Ron Paul (R-TX), recently dubbed the scion of the American Libertarian dynasty, appeared on The Colbert Report last night to flack his new book, Liberty Defined, but not his potential 2012 Presidential candidacy. (For that, he is apparently going to Iowa today.) Paul explained that the way to give Americans lower gas prices is to abolish the Fed and stop printing money, among some of his other claims about the Fed.

Watch the video, which first aired on Comedy Central on April 25, 2011, below: