Ron Paul: Audit the Fed! No More Bailouts!

http://www.RonPaul.com - 05/10/2010

Audit the Fed! No More Bailouts!

by Ron Paul

It doesnt come as too much of a surprise that the measure to audit the Fed is coming under continuous fire from the central bank and its cronies.

For the first time since the Federal Reserve was created nearly a century ago they have hired an actual lobbyist to pound the pavement on Capitol Hill. This is a desperate effort to hang on to the privilege of secrecy and lack of accountability they have enjoyed for so long.

Last week showed they are getting their moneys worth in the Senate. At the very last minute, on the floor of the Senate, supposed compromise language was agreed to and substituted in the Sanders Amendment to the financial reform bill. This language was acceptable to the administration, committee leadership and to the Fed. The trouble is, while it is better than no audit at all, it guts the spirit of a meaningful audit of the most crucial transactions of the Fed.

In fact, rather than still calling the Sanders amendment an audit, maybe it should instead be called more of a disclosure at this point. The new language of the Sanders amendment requires a one-time disclosure from the Fed of 13(3) facilities, foreign currency swaps and mortgage-backed securities. Basically, their sins of the past would be revealed and Americans would know more about who got bailed out by the Fed and under what terms. This would be good, but its not nearly enough.

Taxpayers are sick and tired of bailing out privileged dysfunctional institution that should be allowed to fail in order to stop their ability to wreak havok on our economy. Perpetuating these corporations at taxpayer expenses is not just wasteful, it is actively harmful. It would be good to know what went on int he past, but what about accountability in the future? A one-time disclosure now will not do us a lot of good down the road when the cycle repeats itself and friends of the Fed find themselves in trouble again. More importantly, agreements with foreign central banks are not touched by the new Sanders amendment language.

At a time when Greece, Portugal, Spain and other countries are experiencing dire financial crises and have their hands out to the international community, we need to know if our Federal Reserve is at all involved in bailing them out. As weary as we are of bailing out companies, the American people would not stand for bailing out entire countries. Our government is wasteful enough in its own affairs without contributing to the waste of other countries.

Yet the Fed currently has the tools it needs to do just this, and to do it in secret. If we cannot take away the Feds ability to waste trillions of taxpayer dollars on failing companies and failing countries, at the very least we can take away their ability to do this without transparency and accountability to the American people.

Senator David Vitter has introduced an amendment which contains the Audit the Fed language that passed the House last fall. The Senate must pass both of these amendments in order to achieve full disclosure of the past and full accountability in the future.

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Ron Paul is America's leading voice for limited constitutional government, low taxes, free markets, and a return to sound monetary policies.

For more information visit the following sites:

http://www.RonPaul.com
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Category:

News & Politics

Tags:

• ron paul
• audit the fed
• federal reserve
• bailout
• bailouts
• sanders amendment
• senate
• vitters amendment
• financial reform

[ihatemexico]

End the FED and stop believing the bank-bought media lies.

Wake up, America!

[Panchee123]

the only man worth anything is this man

[BomaBoi]

@democratsaresmart I said nothing at all about marijuana.. But thats an entirely different issue all together. Prohibition have been proven not to work, so im against any drug laws.. If you legalize drugs, no more drug dealers/all the violence it comes with.. War on drugs problem is solved..

[democratsaresmart]

@BomaBoi DUDE WEED WILL NEVER BE LEGALIZED TAKE IT EASY, WE DONT NEEED AMERICAN SPERM SWIM SLOW AND CHINESE FUCKING LIKE RABBITS!

[democratsaresmart]

@BomaBoi DUDE RUSSIA IS BECOMING CAPITALISTIC COUNTRY, THANKS TO REAGAN. RON PAUL IS OLD FART HE WILL SELL USA TO CHINA STATE BY STATE. RON PAUL WAKES UP TWICE A NITE TO TAKE PISS HE IS NOT A MAN HE HAS LOW TESTOSTERONE. DUDE I AM A WOMAN I SMELL IT. RON PAUL SHOULD ENJOY THE REST OF HIS LIFE AND STOP TALKING ABOUT FINANCIAL BUBBLE AMERICAN PEOPLE ARE NOT STUPID THEY KNOW HE IS TALKING ABOUT HIS PROSTATE PUSSHING AGAINST HIS BLUDDER! BTW WE NEED MARKET TO RUN SMOOTH, OCCUPY REPUBLICANS,GOP OUT!

[BomaBoi]

@democratsaresmart The market place creates jobs. He will liquidate the illliquid government assets, and the private market place will take over. The government has never created jobs that they didnt take away from the market place.. Read Murray Rothbard, Ludwig von Mises, or even Ron Paul if you can understand.. You clearly have a flawed and fallacious view of how governments operate in an economy. If you truly want the government to create jobs, we will end up like communist Russia.. THINK!!

[democratsaresmart]

RON PAUL, WE ARE STILL WAITING FOR AN ANSWER! TELL AMERICAN PEOPLE HOW EXACTLY RU GOING TO CREATE JOBS? OK LETS SAY ALL TROOPS CAME BACK AND THEN WHAT? THEY ARE GOING TO SELL IPHONES AND BLACKBERRIES? DUDE BE A MEN, HOW RU GOING TO CREATE JOBS? POPULATION OF CHINA IS 1.4 B CHINESE WORK LIKE ROBOTS, BE HONEST TELL AMERICAN PEOPLE TO BUY UR BOOK U NEED CASH , U LOVE POWER, U LOVE CASH, U WILL NEVER CREATE JOBS, U HAVE NO ANSWER!

[VegEdGoku]

Enough is Enough! That's a thinking we have to have now! That's a slogan of Victory!

Turn off TV.

Benjamin Fulford, Bill Cooper, David Icke, G. E. Griffin, Bill Hicks, Rafael Correa, Paul Craig Roberts, Carol Rosin, Jeff Rense, Alex Jones, We Are Change, Luke Rudkowski.

Try to reach those people who don't know The Truth, like reality show watchers.