Could We End The Fed?

endthefed

The U.S. House is going to debate the “Audit The Fed” bill. I don’t pay close attention to what’s being debated and passed on the floor of the Senate of House of Representatives because what’s usually written up, sponsored, and voted on isn’t even read by our Congressmen.

This Audit the Fed bill is a different story. It’s sponsored by a Congressman who some call the only honest politician left… Ron Paul. He’s often called “Dr. NO” because he is a medical doctor and he regularly votes against any bill for which the U.S. Constitution doesn’t give Congress the power to pass, no matter how seemingly good the benefits are. Suffice it to say that when Ron Paul votes “yes” on anything, it is a rare occasion.

So to see him sponsoring a bill that is getting attention is even rarer. His objective to audit the Fed is a just a stepping stone to ending it. One CNBC commentator agrees that the Fed would be shut down if audited.

In fact, that’s the reasoning behind the opposition to the bill: if we knew what the Fed was actually doing we would have no confidence in it. Wow. That’s not a very good argument to get us to stop wondering what they’re doing over at the Fed.

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Comments

  1. The Fed should be abolished. The Government should issue all money, not the Fed. At the moment the Fed creates money based on debt, on which the Government pays interest.

    The best solution is for the currency to be backed by gold, but that may be too much to hope for. (We should also audit Fort Knox.)

    For those who do not know the Fed is a private company. Nothing to do with Government. Most of the owners are not even American.

  2. Justice Mansfield once said, “The true test of a country’s civilization is the willingness of its people to obey the unenforceable”.

    By this measure we are far from civilized because people still toss cigarettes out the car window, park illegally, hide income etc., all acts of not obeying unenforceable laws.

    My point, everyone of us if absolutely honest, don’t live up to every right thing we should do.

    Congress reflects each state and its citizens, good and bad. While it may be true many members of Congress don’t read every bill, so too is it true most Americans don’t read every contract they enter, for example the fine print on mortgage contracts that millions of Americans, prime and sub-prime, are now whining they didn’t understand.

    Congress reflects us and until we change don’t hold your breath expecting Congress to do so. When we change that change will concomitantly include electing new members of Congress that reflect not only our beliefs but also our actions.,

  3. Thanks for the feedback, guys.

    @Thomas – I agree the responsibility to not take stupid loans and to read contracts is an individual one. Nonetheless, it shouldn’t be ignored the harm that government regulation causes. People toss cigarettes out the window because they know there’s a government funded cleanup crew soon to follow behind them. They sign contracts they don’t read because they know the other party is highly regulated by the government and they assume that is a replacement for due diligence. They don’t donate to charities because they feel the government’s welfare programs will take care of the need.

    So much government regulation is a response to people NOT taking responsibility for themselves (think bailouts, medicare/medicaid, SS, etc). So the government tries to help and it causes more people to then decide to assume that everything is being handled by the government.

    We are dangerously falling into the thinking that consequences can be avoided, and the Fed is a fantastic example of it. They think that a society and a country can somehow purchase things without having to pay for them. No amount of wizardry can make that happen and continuing attempts could bankrupt our country and society. A problem must be identified before it can be solved, and auditing the Fed will do just that.

    Jeff

  4. Idealism and waiting for for your countrymen to pass the “true test” is a complete waste of time. There is a place in the world for both dreamers and doers but when the bull is charging is no time for dreaming. Ron Paul certainly has some very exceptional dreams but also is doing something about the problems that he sees. I applaud him.

    A clear understanding of the problems we face is the first step to finding solutions. Let’s air all the dirty linen at the Fed and throughout the financial sector and when we’re done there let’s take a closer look at the congressional connections to all of this.

    That said, I have little faith that much will change until the country has experienced a lot of pain. There will be much blaming and finger pointing but little concrete reform until the suffering becomes so widespread that the average American realizes that the emperor has no clothes and decides to retake the power that we have let slip away during the times of plenty.

    All the more reason for each of us to look into all the forms of alternative investment available to us. Don’t wait for the government to fix the problem. Find out what works for you and move toward your own solutions.

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