Likely presidential candidate Sen. Rand Paul, R-Ky., has taken a lot of flak in recent weeks for his "Audit the Fed" bill.
But his father, former presidential candidate and former Rep. Ron Paul, R-Texas, is having none of the criticism.
"The Federal Reserve and its apologists in Congress and the media have launched numerous attacks on the Audit the Fed legislation," the father, now chairman of the Ron Paul Institute for Peace and Prosperity, writes in a commentary for CNBC.
"These attacks amount to nothing more than distortions about the effects and intent of the audit bill."
When it comes to the argument that the bill will limit the Fed's independence, "neither Federal Reserve Chair Janet Yellen nor any other opponent of the audit bill has ever been able to identify any provision of the bill giving Congress power to dictate monetary policy," Paul writes.
"This argument is also flawed since the Federal Reserve has never been independent from political pressure," he notes.
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What part of that isn't possible doesn't he understand?
ReplyDeleteTrouble is, we need the smoke and mirrors of the Fed because of the debt we've accumulated, but the fact that it exists is the reason that we've been able to accumulate so much debt.
ReplyDeleteIn other words, we're screwed either way, but Rand's audit and reclamation would be the only way to work ourselves out of the bankruptcy we are in., if it doesn't kill us. On the positive side, the rest of the world is in monetary failure as well, and our mea culpa (sp?) would serve to calm the panic and might save the world from another crash or wars.
If not addressed, demise is pretty much guaranteed, and the only way out of that is war.
I vote for audit.