Watch part two

The role of the US on the world stage has always been making headlines. Some believe that the US is a superpower that should be engaged in global affairs, while others think that it should focus on domestic affairs and stick to an isolated foreign policy.

One of the most powerful US organisations that has a direct impact on the global economy is the Federal Reserve. Some argue that the Federal Reserve is creating a dangerous financial scenario for the US and the world.

Robert B. Zoellick, the president of the World Bank, says that he is weary of increasing the Fed's power to regulate and control financial institutions, arguing that the US Treasury should be given the authority to do this.

Beyond this there is a move by some in the US thinking that they should get rid of the reserve all together. 

On today's show we ask what impact can the US have on the global economy by getting its own financial house in order. And has Barack Obama, the US president, managed to lay the foundations for a solid US foreign policy?

Should the US be strongly engaged in global affairs or following a more isolationist path in foreign policy?

Riz talks to Ron Paul, an US Republican and congressman from Texas and author of End the Fed. He is also a medical doctor who ran twice for president of the US, as a Republican in 2008 elections and in 1988 as a nominee for the Libertarian Party. 

This episode of the Riz Khan show aired from Wednesday, September 30, 2009.