Ron Paul: Audit the Fed, Before It’s Too Late!





by Ron Paul

While the Fed has recently released an unprecedented amount of information on its activities, there is still much that remains unknown. Predictably, every push towards transparency has been fought tooth and nail. It took disclosure requirements enacted within the Dodd-Frank Act to get the Fed to provide data on its emergency lending facilities. It took lawsuits filed by Bloomberg and Fox News to provide data on discount window lending during the worst parts of the financial crisis. And it will take further concerted action on the part of Congress, the media, and the public to keep up pressure on the Fed to become and remain transparent.

Transparency is not a panacea, however, as a fully transparent organization is still capable of engaging in all sorts of mischief. Ironically, one of the Fed’s more egregious recent actions, adopting an explicit inflation target, was hailed by many as another wonderful example of transparency. Yet if you think about what this 2% inflation target actually is, you realize that it is an explicit policy to devalue the dollar and reduce its purchasing power. And it adds up quickly over time. Two percent annual price inflation means that prices rise 22% within a decade, and nearly 50% within two decades.

It is worse than that, however. This explicit 2% target also fails to take into account that whatever measure is used to determine price inflation, be it CPI, core CPI, PCE, etc., will always be chosen with an eye towards underreporting the true rate of inflation and price rises. Pressure will be exerted on those calculating the price indices, so as not to alarm the public when prices begin to accelerate.

Of course, government officials claim that price increases do not affect the average American because they can always substitute hamburger for steak, or have cereal instead of bacon to protect their family budget as prices rise. But the American people don’t overlook the fact that their quality of life has suffered because of the Federal Reserve and price inflation. What will they substitute when hamburger and cereal go sky high?

The Federal Reserve continues to keep interest rates low in the hopes of boosting lending and consumption. But keeping interest rates at zero discourages saving. Why stick money in a savings account earning 0.05% if it is guaranteed to lose at least 2% every year? The Federal Reserve created the largest debt bubble the world has ever known with these sorts of policies. The extended zero interest rate policy only eviscerates thrift and savings—the true building blocks of prosperity. Capital will continue to be depleted, infrastructure will fall into disrepair, and the United States will be a mere shadow of its former self.

It is well past time to end the failed monetary policy that encourages this mistaken preference for cheap money now, rather than real wealth in the long run. Transparency and a full audit of the Federal Reserve is a start and something we must continue to pursue. And, if those in power don’t have the stomach to bring the Fed out into full daylight, the American people deserve at least the right to conduct their economic transactions in the medium of exchange of their choosing.



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141 Comments:

  1. Ron Paul has been telling everything...if you think there is a New World Order conspiracy, you are wrong. There are serious problems in our society, but there is no NWO conspiracy if that is what you're talking about.

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  2. test

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  3. ALL YOU RON PAULTARDS PAY ATTENTION TO MARCH 13

    MARCH 13 - ALABAMA, HAWAII, MISSISSIPPI

    JUNE 26 WILL BE THE LAST OF THE REPUBLICAN PRIMARIES AND CAUCUS ENDING IN UTAH.

    IF RON PAUL DOESN'T WIN HE SUCKS! LOL!

    OBAMA 2012! OBAMA 2012! OBAMA 2012! BOOYAH REPUBLICANS LOL

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  4. ALL YOU RON PAULTARDS PAY ATTENTION TO MARCH 13

    MARCH 13 - ALABAMA, HAWAII, MISSISSIPPI

    JUNE 26 WILL BE THE LAST OF THE REPUBLICAN PRIMARIES AND CAUCUS ENDING IN UTAH.

    IF RON PAUL DOESN'T WIN HE SUCKS! LOL!

    OBAMA 2012! OBAMA 2012! OBAMA 2012! BOOYAH REPUBLICANS LOL

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  5. HERE ARE THE CURRENT DELEGATES WON BY THE CANDIDATES

    ROMNEY 458

    SANTORUM 203

    GINGRICH 118

    RON PAUL 66 LOL

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  6. He might as well, the votes are rigged, & i don't think he'll win, but i know what your sayn. It would be a shock to alot of ppl to where they wouldn't believe him& the media would be quick to say, WTF is Paul talking about, is he nuts?..& wat r dippers, don't you mean diapers? i hope you aren't trying to say i'm 2 stupid to know wat he's saying, i know exactly what's going on, but alot of people dnt. So dnt get smart with me bud, this is the internet, real life you'd get curb stopped.

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  7. Pass it on..

    ILLEGAL EVERYTHING — Must-Watch special aired on FOX! See it below:

    http://www.youtube.com/watch?&v=CFfVeXhtRa0

    It is estimated that nearly 500,000,000 as of 2010 (and each year EVEN MORE are passed) — about 1/2 billion — NEGATIVE Laws/rules/regulations are on the books, meaning: “You, the US Citizen, cannot do 1/2 billion things, because we, the Government, have deemed such actions ILLEGAL.”

    More Negative Laws than the total count of US Citizens (including babies, children, and adults in our Nation)!

    The Arrogance of Office is best displayed by this pernicious Sophism: “Ignorance of the Law is no excuse”.

    No sane person can expect an individual to memorize all the names of the 312 million US Citizens — but same individual is expected to know the EXACTITUDE of ALL 1/2 billion LAWS (or be penalized for the IGNORANCE)?!

    The Great Roman Statesman Cicero stated: ‘The MORE Laws in a Nation, the LESS Justice for the Citizens’ — nearly 2000 years later, Cicero’s warning rings true: *More Laws = Less Liberty*!

    Only Ron Paul speaks out against this Government approved TYRANNY --- the rest are silent-partners-in-crime!

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  8. Wrong thats not how it works, YOU need to do your own research its all on the internet, he can't just lash out how many people you think are gona believe it if he does, use your brain like he uses his, he is doing his job already warning you, do you need him to change your dippers too?

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  9. is goal is to keep telling the public his message, he knows they will make sure he doesn't win.

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  10. Impeach Obama

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  11. IMPEACH NOBAMA 2012 boooy BOOYAKA.....

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  12. Most of Europe supports this guy even. Why? Well in short - he's honest. While US-citizens are usually the ones to brag and gloat he's being realistic and he's telling the people "Hey after X amount of wars and us living the way we've been living, it's time we pay our debts - we need to calm the f- down and take care of our mistakes..." = The average "joe" doesn't seem to understand that. Which is why, sadly, Ron Paul will not win - because the US-citizen can't handle the truth.

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  13. Hi Ron Paul supporters. I read an article today that was way to Pro-Obama. I suggest you go there and redress the balance in the comments as I did - examiner (dot) com/liberal-in-orlando/how-president-obama-has-outclassed-the-entire-republican-party

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  14. You r´ all stupid people. Do u realy think that Ron Paul is a good guy who wanna help the world? You are all stupid. He is one of the Elite you idiots people! He is fake, its so obviously. It dosent matter who you wote you only supporting Illuminati. Fools
    Fuck Ron Paul!

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  15. Polling the posters here:

    How many future States do you think Mitt Romney would win, if the 4 minute video below is turned into a succinct Ad — showing Mitt's lifelong stand — and run many times on TV prior to elections?

    http://www.youtube.com/watch?v=K9njHHyRI7g&feature=player_embedded

    My take is: None!

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  16. Santorum/Kony 2012

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  17. Dear Ron Paul, Please start telling everybody everything that's going on in the government. Tell people how the media does things and let them know how corrupt our society is. Tell EVERYTHING so people can see. You may as well since were going to be screwed by 1 of the other 3 stooges running, or Obama...Get the word out more than what your saying now so we all know and things will come to light for people.

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  18. i went on kony 2012 and put ron paul 2012

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  19. 7 people are Zionist elites

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  20. Ron Paul! Ron Paul! Ron Paul. I have a horrible feeling that the republicans will make it so Ron Paul doesn't get the primary nomination. If this happens...god I hope he goes for an independent party...RON Paul will dominate if he does...I know it. WE all know it.......Give me liberty or give me death!! Ron Paul 2012 baby!!! woot woot!!

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