Transparency Needed Into the Federal Reserve
I realize that I would have to wait in a fairly long line to call Ron Paul a paranoid, old-thinking, isolationist psycho, and I’d gladly take the wait just to have the opportunity. But, Paul has been pushing for a congressional audit of the Federal Reserve for more than two decades and he might just get it now.
Republicans, Libertarians, and Democrats alike are all now calling for a look into the way-too-secret moves of the Federal Reserve Board and Barney Frank, Chairman of the House Financial Services Committee, has now thrown in his support for the idea.
The calls for transparency are coming from every corner considering the undisclosed emergency lending that the Fed has performed during this financial crisis. Federal Reserve operations have resulted in trillions of dollars of debt placed firmly on the shoulders of American taxpayers and we’re not sure what we got… if anything.
In an article at newsblaze.com, the author states that the Federal Reserve has intervened at least 34 times in the financial marketplace for a cost of at least $1.8 trillion. What we don’t know is who or for what the $700 billion for the Treasury, $300 billion for housing rescues, $200 billion to banks, or $50 billion for “exchange stabilization”.
Ron Paul is certifiable. But on this one, he may have gotten it right. “Even a blind squirrel finds a nut some days”.
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The Ronulans can be annoying, but other than isolation, I sometimes agree with Paul on fiscal policy. The Fed was a big cause of this mess we are in and I hope we get to see what they spent our money on.