Ron Paul: Transparency and Accountability for the Federal Reserve!




Transparency and Accountability for the Federal Reserve

by Ron Paul

Last week, the 112th Congress was sworn in. I am pleased that I will be chairing the Monetary Policy Subcommittee of the Financial Services Committee which has oversight of the Federal Reserve. Obviously, this position will facilitate my efforts to ensure the Fed provides the American people with more information about what they have been doing with and to our money.

Not surprisingly, since my chairmanship was announced, apologists for the Fed have been recycling the old canard about how increased transparency threatens the Fed’s so-called political independence. By ‘independence’ they are referring to the Fed’s ability to greatly impact the economy with virtually no meaningful oversight. We only recently learned that the bankers at the Fed were able to use the latest financial crisis to bail out Wall Street cronies and foreign central banks with billions of dollars that were created and wasted instead of appropriated and voted on by representatives of the people. The Fed and its supporters in the Congress vehemently fought even this small bit of transparency and without this one-time provision in the Financial Reform Act forcing disclosure we would still not have this information.

Indeed, we are in the dark on so much of what the Fed has done. This is extremely dangerous for our country, yet this power and secrecy is defended as some kind of public good, which is patently ridiculous. Our government is based on a system of checks and balances. With no check on the Fed, it is no surprise it has thrown the economy wildly off-balance. The solution is not to reinflate the bubbles the Fed created or to continue to devalue the currency or to throw billions at failing banks and corporations. The solution is to return sanity and freedom to monetary policy. Forcing the entire country to use a medium of exchange that is subject to the whims of elite bankers and their cronies on Wall Street is not sanity. Hoping that an unchecked all-powerful behemoth banking cartel will solve any economic problem is not sanity.

The problems the Fed was originally created to solve now look minuscule compared to the problems it has created. If political independence erodes the purchasing power of the currency by 98%, destabilizes the economy with radical booms and busts, all while increasing unemployment and tipping us ever closer to hyperinflation, perhaps it is time to try a little transparency and accountability instead. Better still, we should try giving the people true economic freedom.

Make no mistake, the Fed is not truly independent of political pressure. Its chair is appointed by the president and it is a creature of Congress. Congress has a duty, albeit a neglected one, to exercise oversight of the Fed. However, even if it was politically independent, it is not independent of the influence of Wall Street. One only has to look at the revolving door between the Fed and the big banks to know that. Disclosure of TARP funds confirm this. It is nothing short of cruel and criminal for Congress to stand idly by while the life savings of Americans are inflated away to nothing. It is high time Congress insists on getting complete information on what the Fed has been doing and for whom.

My hope is that exposing the truth will demonstrate the insanity of the status quo and more people will call for sensible changes, such as legalizing competing currencies.



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96 Comments:

  1. I dont want to wake up 20 years from now with a USA a shadow of it's former glory, sigh... i really want to like this country again, i just find it hard.. well the saying goes... ignorance is bliss, the intelligent live most consciously and therefore more troubled these days while the duller can't recognize the artillery of economic doom raining on them

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  2. I dont want to wake up 20 years from now with a USA a shadow of it's former glory, sigh... i really want to like this country again, i just find it hard.. well the saying goes... ignorance is bliss, the intelligent live most consciously and therefore more troubled these days while the duller can't recognize the artillery of economic doom raining on them

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  3. Hope for America
    is not puppet of banksters Obama
    it is Dr. Ron Paul
    info at liberty poet
    website

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  4. Hope for America
    is not puppet of banksters Obama
    it is Dr. Ron Paul
    info at liberty poet
    website

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  5. Hope for America
    is not puppet of banksters Obama
    it is Dr. Ron Paul
    info at liberty poet
    website

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  6. go paul!

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  7. THE LATEST FOUNDING FATHER OF AMERICA!!

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  8. All congress reps should do what is right even though their constituents might not ask of it or even deny it. Afterall, principles is principles. Just look at how he is NOT IN SYNC WITH THE PARTY, just because he loves his country! GOD BLESS YOU!! A PERSON WITH PRINCIPLES WILL ALWAYS SHINE IN THE DARK!!

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  9. This is a man who FEARS GOD! I CAN HEAR IT IN HIS VOICE!

    Well, that is why he's 'not in sync with his party'!

    I never hear so much TRUTH and HUMILITY in a congressman's speech before. Thaddeus McCotter doesnt even come close although he might be brilliant.

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  10. This is a man who FEARS GOD! I CAN HEAR IT IN HIS VOICE!

    Well, that is why he's 'not in sync with his party'!

    I never hear so much TRUTH and HUMILITY in a congressman's speech before. Thaddeus McCotter doesnt even come close although he might be brilliant.

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  11. This is a man who FEARS GOD! I CAN HEAR IT IN HIS VOICE!

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  12. too true

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  13. Ron/Rand 2012! End the Fed! Close the Dept of Energy, Dept of Education, Dept of Homeland Security, FDA, and the Dept of Housing and Urban Development. Cut the military budget by 90%. Problems solved.

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  14. Ron/Rand 2012! End the Fed! Close the Dept of Energy, Dept of Education, Dept of Homeland Security, FDA, and the Dept of Housing and Urban Development. Cut the military budget by 90%. Problems solved.

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  15. Knowledge = POWER, Power = KNOWLEDGE... Curious? Please Visit: kip6.blogspot.com

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  16. The problem is not the fed essentially...

    Put the President/Prime Minister/Dictator/whatever on continual audio-video surveillance, on a network freely avaliable to the public. No more restaurant deals, golf agreements, lobby deals... no more game.

    You'll be sure that the person racing an election will do it with true devotion.

    Democracy is first based on vote. It's been so since a long time. With exponential communication and modern tech, we should also reconsider the mechanisms of voting.

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  17. The problem is not the fed essentially...

    Put the President/Prime Minister/Dictator/whatever on continual audio-video surveillance, on a network freely avaliable to the public. No more restaurant deals, golf agreements, lobby deals... no more game.

    You'll be sure that the person racing an election will do it with true devotion.

    Democracy is first based on vote. It's been so since a long time. With exponential communication and modern tech, we should also reconsider the mechanisms of voting.

    Likes(0)Dislikes(0)

    Like or Dislike: Thumb up 0 Thumb down 0

  18. The problem is not the fed essentially...

    Put the President/Prime Minister/Dictator/whatever on continual audio-video surveillance, on a network freely avaliable to the public. No more restaurant deals, golf agreements, lobby deals... no more game.

    You'll be sure that the person racing an election will do it with true devotion.

    Democracy is first based on vote. It's been so since a long time. With exponential communication and modern tech, we should also reconsider the mechanisms of voting.

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  19. A lot of DHSers are former military and their constitutional beliefs would surprise you. The amount of constitutionalists in the military alone gives me hope that if there is to be a political revolution it wouldn't be extremely violent. Many are disgusted and morally at odds with the current political theatre. These are people just like us, and if given the choice I think most would make it the right one.

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  20. I had no problems - I'm using the newest version of Firefox.

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