Ron Paul: Audit the Fed, Then End It
I’ll say this much about Ron Paul: He is intellectually consistent in his staunch opposition to the incredible money creation that has been going on at the Federal Reserve.
While I cannot imagine anyone managing to disband the Central Bank — as long as any other countries have one, it would amount to unilateral disarmament — he can effect change for the better at Fed.
For example, Paul is calling for a full audit of the Fed — including the dreaded Maiden Lane holdings, the mess that is the junk paper formerly owned by Bear Stearns. This would be a positive, as taxpayers would learn the truth about how much financial support was given to incompetently rub financial institutions. These enormous taxpayer giveaways will shock the conscious of those who read the details.
Paul wants ALL of the Fed’s holdings to reflect the “transparency of our monetary system.” This at least puts into debate whether we should be so actively rewarding the speculators while punishing the prudent.
Filed Under: Economy
