Online:
Visits:
Stories:
Profile image
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

Door Opens For Scrutiny Of Federal Reserve

Saturday, November 22, 2014 18:58
% of readers think this story is Fact. Add your two cents.

(Before It's News)

Voters give GOP pathway for former Rep. Ron Paul’s audit plan

WND

BOB UNRUH

money_spiral

The new Republican majority in the Senate opens a door for a new level of scrutiny of the Federal Reserve, the quasi-public organization that largely controls U.S. monetary policy behind closed doors.

“Will we finally get a vote on audit of the Fed in the Senate?” asked Julie Borowski in a column on the website of the conservative and libertarian lobbying group FreedomWorks.

“The GOP-led House overwhelmingly passed bills to audit the Fed in 2012 and 2014. Back in September, it passed with a bipartisan vote of 333-92. Yet, it was basically dead on arrival in the Senate,” she wrote. “For reasons unconfirmed, Harry Reid refused to allow a vote on the bill – even though he cosponsored audit legislation in the 1990s. The Senate companion bill, introduced by Sen. Rand Paul, R-Ky., has 31 cosponsors but never even made it out of committee.”

But with Harry Reid no longer in charge of the Senate, she said, “we’re far more likely to get a vote on audit the Fed.”

The fight for the audit dates back years. Paul’s father, Rep. Ron Paul, R-Texas, repeatedly introduced bills calling for an audit that were adopted in the House but went nowhere in the Senate.

The argument against the Fed centers on Article 1, Section 8 of the Constitution, which assigns to Congress the power to coin money. There is no mention in the Constitution of a central bank, and it wasn’t until the Federal Reserve Act of 1913 that the Fed was created.

Ron Paul previously has said: “Throughout its … 100-year history, the Federal Reserve has presided over the near-complete destruction of the United States dollar. Since 1913 the dollar has lost over 95 percent of its purchasing power, aided and abetted by the Federal Reserve’s loose monetary policy.”

He proposed repeatedly the idea of auditing the Fed to determine exactly what it has been doing and then begin making corrections. With a book titled “End the Fed,” he’s made no secret of his ultimate goal.

In the book, he argues that the Fed “is both corrupt and unconstitutional.”

The book described the Fed as “inflating currency today at nearly a Weimar or Zimbabwe level, a practice that threatens to put us into an inflationary depression where $100 bills are worthless.”

He contends the Fed, created by private interests, is at fault for much of America’s financial woes over the years.

That the Fed is at least partly to blame for the financial problems that have developed in the U.S. seems not to be in dispute.

Read More Here

Reposted with permission

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Total 3 comments
  • All Americans in their entire dab is corrupt and deceitful by nature. It’s got to do with their thinking. They think they can invade and take over every nation at will, demand restructure and democracy and then steal their oil and gold. America, how many innocent woman and children still have to die due to your obsessive greed?

    • Dee

      Your term “All Americans” is unfairly incorrect. You seem to suffer from the same ignorance that you accuse “All Americans” of. No matter where you are from it is highly inappropriate to blame a country of people for the workings of a very few who have dual citizenship and no allegiance to the USA or the people that are born in the USA.
      You comment consistently about your disgust for “Americans” and yet I have never read anywhere, anything penned by you with any marked sense of resolution. It’s always just bitching about “All Americans”.
      So, today, I comment on your ignorance and challenge you to consider another option about “All Americans”. Most Americans that I know would never hurt anyone and feel as discontented as you do with how they and their country are being used to do the bidding of a so-called wealthy minority whose only interest is in growing and managing their personal wealth and assets. I am sorry that you can’t see through the veil of your own ignorance. Perhaps if you could, you would find a thread that actually was supportive of a peaceful resolution for humans, no matter where they are from. :idea: :idea: :idea:

    • mitch51

      I’m not gonna get too wound up by a comment made by a guy who has his penis attached to his face. That simple.

Top Stories
Recent Stories

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.