Fed Independence or Fed Secrecy? [Ron Paul/Jim DeMint]

U.S. Rep. Ron Paul, R-Texas, 14th District ^ | 2009-07-13

[logician2u]

The Fed does need oversight...it’s just too bad it has to be Congress.

Hmm. You'd rather it be someone like Geithner, or Paulson? Or maybe an appointed bureaurat instead?

Or how about a person who brings a lifetime of experience in banking, who knows how to make money even loaning to poor credit risks, whether they be individuals or nations? Who didn't really need to work for a living, but felt it was his duty to continue the family enterprise?

Isn't that the kind of person who would do justice to an audit of the Fed?

Would you trust this man to get to the bottom of the black hole known as the Federal Reserve Bank?

After all, if you can't trust your banker, who can you trust?

[K-oneTexas]

I like two sentences in the last paragraph most: The only accountability the Federal Reserve has is ultimately to Congress, which granted its charter and can revoke it at any time. It is Congress’s constitutional duty to protect the value of the money, and they have abdicated this responsibility for far too long.

This is a good place to start in getting our house in order. Fiscal responsiblity.

The Congress can tackle issues like tax reform, spending reform, term limits, relinquishing many misappropriated State's Rights over the past two centuries.

Of course there is more they could do and they really could do it at the same time since they really aren't too overworked for the pay they receive.