Fed News Friday: “Audit the Fed!” says the Paul family
January 28th, 2011Wednesday we heard the familiar words bellow through blog-land and also through Congress. HR 459 and S. 202, both entitled The Federal Reserve Transparency Act 2011, are matching bills authored by the Fed-fighters Ron and Rand Paul. In Rand’s first month as a Senator he hasn’t hesitated to stir up the pot, much like his father. Rand introduced a version of Audit the Fed in the Senate while his father cooked up the bill in the House.
Ron Paul attempted to Audit the Fed in 2009 with HR 1207. Though unsuccessful in passage, HR 1207 paved the way for the upcoming attempts to open the books of the Fed in 2011. Now with the partnership of his son, rookie Senator Rand Paul, the odds seem to be looking more favorable.
A “watered-down” version of the bill was found in the financial reform bill passed by Chris Dodd and Barney Frank last year…but that does not satisfy the Doctor. This time around, according to multiple sources, his confidence is much higher in the attempt to Audit the Fed this year. With the Federal Reserve increasing its assets to almost $2.5 trillion this week the where, how, and who this money, our money, is allocated to is information not to remain untouched.
Public support was low when the Fed announced their choice to begin a second round of quantitative easing, but they moved forward and as the economy remains sluggish the Fed sees it as another sign to continue purchasing Treasuries. With interest rates too low to lower, the only mechanism the Fed can use to “stimulate” the economy is printing money. While believing they are preventing deflation and maintaining a healthy inflation rate, the dollar’s value drops, food prices rise, and the precious metals market benefits tremendously. The dollar is losing. Will auditing the Federal Reserve save the economy? No. But this act of transparency has the potential to open the eyes or Americans, foreign economies, and even current politicians who are unaware of what is happening underneath their noses. I’d say it’s worth the second go around. We will keep you updated on the co-sponsorships and support HR 459 and S. 202 receive, so tune in, subscribe to us.
Bernanke’s monetary babysitter is not going to sit back this round and play nice. Dr. Ron Paul is starting the year off with a message. A message to the current administration, the Federal Reserve, and America. We aren’t going down without a fight.
