Sunday, May 17, 2009

Ron Paul on the need to Audit the Fed

Congressman Ron Paul wrote a great piece on the Federal Reserve and the need for an audit of America's Central Planning Committee. It's published in Forbes magazine.

The Federal Reserve's recent and unprecedented actions in the realm of monetary policy have provoked a backlash among the American people. Trillions of dollars worth of loans and guarantees have been provided to Wall Street firms, while Main Street Americans suffocate under harsh taxation, the prospect of higher debt levels and increasing inflation. These events have awakened many Americans to problems with the Fed's loose monetary policy, the bubbles it has created in the past and the potential hyperinflation it might cause in the future.

I'm still wondering why Senator Chris Dodd opposes auditing the Fed. His only explanation of his opposition is "the Fed must remain independent." In other words... "Pay no attention to that Fed behind the curtain!"

Tim White

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