Some bills just need to die… Every time they’re brought up, by any legal means available…
One such bill, is Ron Paul’s ‘Audit the Fed’ proposal.
Unfortunately, the House has managed to pass it… Which means we’re reliant now on Harry Reid’s common sense (God help us) to pigeonhole this rubbish until the end of the session…
So, what’s WRONG with the Paul bill?
Quite simply, Mr Paul wants to destroy our monetary system. He’s made no bones about this, and the ‘Audit the Fed’ bill isn’t about an honest audit (which isn’t needed, anyway) but rather about moving us closer to a world where Congress can <b>control</b> the FED.
Congress never asks a question unless they already have a presumed answer, and never conducts an audit or investigation unless they have already come to a conclusion.
In this case, the ‘conclusion’ is that the original principles of the FED’s design – namely it’s independence from the political process -need to be reconsidered, and Congress needs more power over monetary policy…
Which is just as WRONG as claiming that the independence of the Supreme Court needs to be reduced, and Congress needs more power over the judiciary.
The FED is independent simply because politicians cannot be trusted to craft monetary policy – the constraints of ideology & the need to produce immediate results for the next election would result in abject monetary insanity… When you look at all the nutty economic ideologies on both sides of the iasle – pro-deflation/anti-credit freshmen from the 2010 rout, various Keynsian progressives, and so on… It should be obvious that Congress needs to keep their hands off our money.
Ron’s bill needs to die, and the FED needs to be LEFT ALONE. Politicians ranting about hyperinflation need to revisit Econ 101/102, and stay the hell away from our money supply until they realize how nutty their views are….