John Shinkle/POLITICO Rand Paul taps hedge-fund manager as senior economic adviser

Kentucky Sen. Rand Paul has brought on a hedge-fund manager known for his strong support for the so-called Austrian school of economics as a senior economic adviser for his 2016 presidential campaign.

Paul’s campaign announced Friday that Mark Spitznagel, the founder and chief investment officer of the $6 billion investment management firm Universa Investments L.P., would be joining the campaign. Spitznagel has been a vocal critic of the Federal Reserve and an advocate of the Austrian school of economics, which argues vigorously against government intervention in the economy.


“Rand Paul is the only candidate that really understands the destructive ramifications of current economic policy driven in large part by a reckless Federal Reserve. I look forward to working with him on his ideas and message to change that policy,” Spitznagel said in a statement released on Friday.

Spitznagel seems like a comfortable ideological fit with Paul, who has repeatedly criticized the Federal Reserve’s use of monetary policy during the 2007-2008 financial crisis and has pushed legislation to “ audit the Fed.”

“I am very grateful to have Mark Spitznagel serve as Economic Advisor to my campaign,” Paul said in a statement. “As I travel across the country, the top concern of the American people is our failing economy. I believe we can revitalize our economy by encouraging opportunity and entrepreneurship with lower taxes, a balanced budget, less Federal Reserve interventionism, and limited government spending. I look forward to working alongside Mark to solve our nation’s economic problem [sic] and to restore the American Dream.”

Spitznagel is a colorful character: In 2014, he sent 20 goats to a blighted neighborhood in Detroit to graze there in what he called an “urban farming experiment.” At the end of that summer, he promised to give the goats to butchers and send the profits to help the community.

“Goats are an effective way to do landscaping,” he told The New York Times.