Federal Reserve Chairman Ben Bernanke has an impossible job — in more ways than one. Not only is Bernanke responsible for managing the economy via low interest rates, currency swaps, and quantitative easings; he also has the arduous task of convincing Congress and the American people that the Fed is something other than a private banking cartel that has been ripping everyone off for almost 100 years! The first-ever GAO audit of the Fed revealed that the central bank secretly loaned out $16 trillion to Wall Street during the 2008 financial crisis. That's $16 trillion with a 'T'. Thanks to Congressman Ron Paul's 30 year crusade against the Federal Reserve, the American people are becoming rightfully suspicious of the counterfeiting cartel.
Former Republican presidential candidate Ron Paul's H.R. 459 Audit the Fed bill has over 270 co-sponsors in the House. Roughly 75% of Americans support an audit of the Fed. Seems like transparency in these tough economic times is becoming popular. Indeed, Americans and people around the world should support an audit of the secretive Federal Reserve.
Other presidential candidates are acknowledging the need for Fed transparency as well. Libertarian Gary Johnson e-mailed every member of the House urging them to vote YES on Paul's bill. Rocky Anderson of the Justice Party also calls out the Fed for it's "insanely disastrous policies and practices." And even Mitt Romney, the presumptive Republican nominee, tweeted:
Of course, the Romney tweet was most likely a decision made at the end of a week-long staff meeting on whether or not they should pay respects to the "Constitutionalist." But, thanks anyways, Mitt.
Why should the average American care? The Federal Reserve is responsible for the perpetual warfare-welfare state that has bankrupted this country. Without the Fed facilitating overseas adventurism and domestic government interventionism, the federal government would have to tax the people even moreso in order to maintain their big government policies. Imagine an "Afghanistan War tax" on your pay stub. As libertarian economist Ludwig von Mises said, "One can say without exaggeration that inflation is an indispensable means of militarism. Without it, the repercussions of war on welfare would become obvious much more quickly and penetratingly; war-weariness would set in much earlier." Through the hidden tax of inflation, the Federal Reserve facilitates big government, creating a transfer of wealth from the poor and the middle class to the politically entrenched special interests.
Actor Vince Vaughn endorsed Paul's book End the Fed saying, "Everyone must read this book — Congressmen and college students, Democrats and Republicans — all Americans." In fact, Paul has written several books including Pillars of Prosperity and A Foreign Policy of Freedom that address the role the Fed plays in our economy and our way of life. Monetary policy isn't everything, that is true. But the monetization of debt fuels the reckless fiscal policy set by our more-often-than-not paid off politicians. Ron Paul has spent his entire political career warning of the dangerous policies set by the Fed; finally the taboo topic of money is back in the mainstream.
So, what are we to do? Allow transparency. Allow competition. The Fed will inevitably collapse, resulting in a severe crisis that will threaten our liberties ... so why not transition away from such an unviable system? Return the power of coinage to Congress. Obviously, Congress is far from perfect, but at least our currency wouldn't be loaned at interest from a private banking cartel.
And most importantly, prosecute the financial criminals that feed off the Federal Reserve system. Follow Iceland's lead: hire bounty hunters to track down those responsible. Imagine Dog the Bounty Hunter or Boba Fett wrangling up financial terrorists like Jamie Dimon and Jon Corzine! The Icelandic response to banker occupation is a model for every country to follow. Nobel Prize winning economist Joseph Stiglitz, economist Nouriel Roubini, and many others argue that these criminals should be put in jail ... or even escorted to the gallows for 'capital' punishment. Ron Paul's audit of the Fed is a crucial step in bringing financial justice to those who manipulate the current system at the expense of the 99%.