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Why Ted Cruz Is Predicting a Stock ‘Crash’

Republican Presidential Candidates Attend NY GOP Gala In New York CityRepublican Presidential Candidates Attend NY GOP Gala In New York City
Republican presidential candidate Sen. Ted Cruz waves to the guests after speaking at the 2016 annual New York State Republican Gala on April 14, 2016 in New York City. Photograph by Eduardo Munoz Alvarez—Getty Images

Ted Cruz predicted he could grow the U.S. economy by 5% as president during an interview with CNBC on Friday. But at the same time, the candidate said “a crash will be coming” in the stock market due to the policies of the Federal Reserve.

Cruz criticized the Fed for “playing games with money” by keeping interest rates low since the financial crisis. “I think we’re far better having a rules-based monetary policy, ideally with some tie to gold, so that you have a stable dollar,” he said. “So you know when you’re investing a dollar today, you know that the dollar is going to keep a consistent worth.”

Cruz has made the argument for pegging the dollar to gold before—a proposal that has received plenty of blowback from economists. Notably, this isn’t his first time criticizing the Federal Reserve. In January, the senator called for an audit of the Fed.

During the interview, he called economic growth his number one priority.