Source: Campaign for Liberty
Date: March 21/22, 2009
Ron Paul: I want to give you an update on H.R. 1207, the bill to audit the Federal Reserve. We’re making great progress because a lot of you have helped encourage your member of Congress to co-sponsor the bill. We now have about 39 co-sponsors of the bill [44 as of 3/25/2009] and it’s been introduced in the Senate and we’re picking up a lot of momentum.
And to me, this is very, very important that we do this. The atmosphere in the Congress has definitely changed. It’s changed with their attitude about the Federal Reserve System, but overall there’s a tremendous push by the American people for the Congress to wake up and have more transparency.
They have heard about the stories of the Congress appropriating 700 billion dollars of TARP funds and nobody knowing where this money went, and it ends up paying huge bonuses to people who broke AIG… so the people are demanding more oversight and, fortunately, they’re putting the pressure on the Federal Reserve as well, and that’s why we’re getting so much support for this piece of legislation.
We still have a long way to go, because the special interests are very, very powerful and they don’t want this to happen and yet I think the momentum is in our direction.
In 1950 the law was changed and it exempted the Federal Reserve from any auditing procedures, and they have run wild since then. And what needs to be done is a certain portion of the code has to be repealed so that when we ask questions to the Federal Reserve, they have to answer these questions.
So, to me this is very, very encouraging and we have to keep the heat on. This has been a project of many groups around the country to get more co-sponsors, because ultimately the Congress will respond if there is enough pressure by the people.
This weekend [recorded March 21/22] I wanted to remind you that there will be a meeting for the Campaign for Liberty in Saint Louis. So, if anybody is interested in attending, it will start with a rally on Friday and there will be educational meetings all weekend. You can get all that information from the Campaign for Liberty website. One of the major projects of the Campaign for Liberty has been to get this bill passed to audit the Federal Reserve System.
This, to me, is key because we are literally moving into a crisis period, because although the financial system has fallen and it’s hard to be put back together and that’s what they’re struggling with, they’re putting all the pressure and all the weight on the dollar.
When we see these announcements that the dollar can lose 3.5% to 4% in one day, and all these announcements come as the Congress is going to spend more money and the Fed is going to print more money… Eventually, as I have been saying for so long and so often, there is going to dollar crisis, we’re getting closer to that. A dollar crisis means a political crisis, and the sooner that we find out the basic cause of this, which comes from the Federal Reserve, the better.
I have argued, of course, that we don’t need the Federal Reserve. It’s not part of our constitution and we should get rid of it, but it doesn’t happen that way. But if we get the audit and get the books open, make them answer the questions, I am convinced that the American people will be so outraged that then we will have reform of the monetary system.
We will be forced to live within our means, and we need to do this through a transition period, rather than waiting for the crisis to hit. But we’re approaching that crisis period, so hopefully we can handle this in a more deliberate fashion.