Audit the Fed
Tags: Federal Reserve.
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That this passed out of a Democrat-controlled committee shows that a lot of Democrats are looking towards 2010 and seeing doom in their future if things don’t change:
In an unprecedented defeat for the Federal Reserve, an amendment to audit the multi-trillion dollar institution was approved by the House Finance Committee with an overwhelming and bipartisan 43-26 vote on Thursday afternoon despite harried last-minute lobbying from top Fed officials and the surprise opposition of Chairman Barney Frank (D-Mass.), who had previously been a supporter.
The measure, cosponsored by Reps. Ron Paul (R-Texas) and Alan Grayson (D-Fla.), authorizes the Government Accountability Office to conduct a wide-ranging audit of the Fed’s opaque deals with foreign central banks and major U.S. financial institutions. The Fed has never had a real audit in its history and little is known of what it does with the trillions of dollars at its disposal.
The Frank switch is no surprise – like all Democrat leaders, he talks a great game about being with the people, but he’s actually just a tool of the elite. He does what he’s told and when he’s told to do it. When the Fed audit was no more than the quixotic effort of Ron Paul, it was ok to make noises in its favor – once such an audit becomes a possibility, everyone who is in the hip pocket of the Fed and banks has to fall in to place. Frank had a choice – do the right thing, or do what helps him maintain his seat-for-life (as long as he obeys): it was never in doubt.
As long time readers know, there is not a lot of respect on my part for Ron Paul – he tends towards the kooky and consorts with people I consider a bit unsavory. On the other hand, he’s an excellent gadfly and does tend to at least get people thinking and talking. This move to audit the Fed is the best idea to come out of DC in decades, and I wish to congratulate Rep. Paul not just on the idea, but on the dedication he has shown in advancing it. As long as Paul is pushing this audit, he can rely upon my ardent support.
The fact that we even have such a powerful agency un-audited after nearly a century of existence shows how bad its become in the United States. Our ancestors would be disgusted with us if they were brought back to the life of this world. Since when do Americans allow something like the Fed to exist? Whence comes this power to print money in whatever amounts it wants? This power to make back room deals with foreign princes and potentates? This power to decide what interest rates will be?
Audit the Fed – because that will show just how bad it is, and that will give us the political power to disband it. Of course, that means that the current power structure – led by liberal Democrats – will fight tooth and nail against this happening. Lets see if we can get this to the House floor – if we can do that, then we’ll have won a real victory.
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4 Responses to “Audit the Fed”
Caucus of Corruption
Interesting. Were you talking about the 2010 primaries or the generals? Remember that the liberal base supports this amendment. Also, remember that the Founding Fathers themselves ultimately agreed to establish a Bank of the United States, and while this wasn’t the same as the Fed, it was still fairly similar.
Also, speaking of “unserious” measures that threaten the establishment, you might find this interesting.
I’m all for auditing the Fed. It should have been done years ago.
I’m all for dumping the Fed. Congress should assume the duties the constitution gave them and stop shirking it by putting others in charge of it.
Congress was given those powers over the currency, and by creating another institution that does not answer to the people they have shirked that duty. In particular, neither the Federal Reserve System nor its component banks are owned by the US Federal Government. This is a violation of the constitution.
Sergei,
Yes, some of the Founders got suckered in to the then-new idea of a national bank…fortunately, Andy Jackson had done with it and for nearly a century we were safe from such a monstrosity.