Transparency needed at the Fed

Here's a comment from Ron Paul's website. It's a topic on which I agree with him wholeheartedly. And while I'm not sure if I support or oppose the existence of a central bank because I'm not versed well enough on the merits... I absolutely believe we should have greater

Transparency at the Fed

Excerpts from Dr. Paul's comments...

Fed bankers quite literally determine the value of our money, by controlling the supply of dollars and establishing interest rates. Their actions can make you richer or poorer overnight, in terms of the value of your savings and the buying power of your paycheck. So I urge all Americans to educate themselves about monetary policy, and better understand how a small group of unelected individuals at the Federal Reserve and Treasury department wield tremendous power over our lives...

Transparency in monetary policy is a goal we should all support...

There are no true audits, and Congress knows nothing of the conversations, plans, and actions taken in concert with other central banks...

All paper currencies are vulnerable to collapse, and history is replete with examples of great suffering caused by such collapses, especially to a nation's poor and middle class...

In 2006 dollars, the minimum wage was $9.50 before the 1971 breakdown of Bretton Woods. Today that dollar is worth $5.15. Congress congratulates itself for raising the minimum wage by mandate, but in reality it has lowered the minimum wage by allowing the Fed to devalue the dollar. We must consider how the growing inequalities created by our monetary system will lead to social discord.

How can a policy of steadily debasing our currency be defended morally, knowing what harm it causes to those who still believe in saving money and assuming responsibility for themselves in their retirement years? Is it any wonder we are a nation of debtors rather than savers?

We need more transparency in how the Federal Reserve carries out monetary policy, and we need it soon.

I hope the other Presidential candidates start talking more about monetary policy.

Tim White