{"id":3782,"date":"2015-01-20T00:34:30","date_gmt":"2015-01-20T00:34:30","guid":{"rendered":"http:\/\/www.rationalargumentator.com\/index\/?p=3782"},"modified":"2015-01-20T00:42:54","modified_gmt":"2015-01-20T00:42:54","slug":"fed-nothing-to-hide","status":"publish","type":"post","link":"https:\/\/www.rationalargumentator.com\/index\/blog\/2015\/01\/fed-nothing-to-hide\/","title":{"rendered":"If the Fed Has Nothing to Hide, It Has Nothing to Fear – Article by Ron Paul"},"content":{"rendered":"
\n
\"The<\/div>\n<\/div>\n
Ron Paul
\n<\/big><\/big><\/strong><\/span><\/div>\n
January 19, 2015<\/span>
\n<\/big><\/div>\n
******************************<\/div>\n
Since the creation of the Federal Reserve in 1913, the dollar has lost over 97 percent of its purchasing power, the US economy has been subjected to a series of painful Federal Reserve-created recessions and depressions, and the federal government has grown to dangerous levels thanks to the Fed\u2019s policy of monetizing the debt. Yet the Federal Reserve still operates under a congressionally-created shroud of secrecy.No wonder almost 75 percent of the American public supports legislation to audit the Federal Reserve.<\/p>\n

The new Senate leadership has pledged to finally hold a vote on the audit bill this year, but, despite overwhelming public support, passage of this legislation is by no means assured.<\/p>\n

The reason it may be difficult to pass this bill is that the 25 percent of Americans who oppose it represent some of the most powerful interests in American politics. These interests are working behind the scenes to kill the bill or replace it with a meaningless \u201ccompromise.\u201d This \u201ccompromise\u201d may provide limited transparency, but it would still keep the American people from learning the full truth about the Fed\u2019s conduct of monetary policy.<\/p>\n

Some opponents of the bill say an audit would somehow compromise the Fed\u2019s independence. Those who make this claim cannot point to anything in the text of the bill giving Congress any new authority over the Fed\u2019s conduct of monetary policy. More importantly, the idea that the Federal Reserve is somehow independent of political considerations is laughable. Economists often refer to the political business cycle, where the Fed adjusts its policies to help or hurt incumbent politicians. Former Federal Reserve Chairman Arthur Burns exposed the truth behind the propaganda regarding Federal Reserve independence when he said, if the chairman didn\u2019t do what the president wanted, the Federal Reserve \u201cwould lose its independence.\u201d<\/p>\n

Perhaps the real reason the Fed opposes an audit can be found by looking at what has been revealed about the Fed\u2019s operations in recent years. In 2010, as part of the Dodd-Frank bill, Congress authorized a one-time audit of the Federal Reserve\u2019s activities during the financial crisis of 2008. The audit revealed that between 2007 and 2008 the Federal Reserve loaned over $16 trillion \u2014 more than four times the annual budget of the United States \u2014 to foreign central banks and politically influential private companies.<\/p>\n

In 2013 former Federal Reserve official Andrew Huszar publicly apologized to the American people for his role in \u201cthe greatest backdoor Wall Street bailout of all time\u201d \u2014 the Federal Reserve\u2019s quantitative easing program. Can anyone doubt an audit would further confirm how the Fed acts to benefit economic elites?<\/p>\n

Despite the improvements shown in the (federally manipulated) economic statistics, the average American has not benefited from the Fed\u2019s quantitative easing program. The abysmal failure of quantitative easing in the US may be one reason Switzerland stopped pegging the value of the Swiss Franc to the Euro following reports that the European Central Bank is about to launch its own quantitative easing program.<\/p>\n

Quantitative easing is just the latest chapter in the Federal Reserve\u2019s hundred-year history of failure. Despite this poor track record, Fed apologists still claim the American people benefit from the Federal Reserve System. But, if that were the case, why wouldn\u2019t they welcome the opportunity to let the American people know more about monetary policy? Why is the Fed acting like it has something to hide if it has nothing to fear from an audit?<\/p>\n

The American people have suffered long enough under a monetary policy controlled by an unaccountable, secretive central bank. It is time to finally audit \u2014 and then end \u2014 the Fed.<\/p>\n

Ron Paul, MD, is a former three-time Republican candidate for U. S. President and Congressman from Texas.
\n<\/strong><\/p>\n

This article is reprinted with permission from the Ron Paul Institute for Peace and Prosperity<\/a>.<\/strong>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Ron Paul January 19, 2015 ****************************** Since the creation of the Federal Reserve in 1913, the dollar has lost over 97 percent of its purchasing power, the US economy has been subjected to a series of painful Federal Reserve-created recessions and depressions, and the federal government has grown to dangerous levels thanks to the Fed\u2019s policy of monetizing the debt. Yet the Federal Reserve still operates under a congressionally-created shroud of secrecy.No wonder almost 75 percent of the American public…<\/p>\n

Read More Read More<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,5],"tags":[840,237,1007,1008,3849,339,234,236,235,686,65,3597,25],"class_list":["post-3782","post","type-post","status-publish","format-standard","hentry","category-economics","category-politics","tag-audit","tag-bailout","tag-central-bank","tag-central-banking","tag-dodd-frank","tag-fed","tag-federal-reserve","tag-inflation","tag-monetary-policy","tag-money","tag-ron-paul","tag-switzerland","tag-united-states"],"_links":{"self":[{"href":"https:\/\/www.rationalargumentator.com\/index\/wp-json\/wp\/v2\/posts\/3782","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rationalargumentator.com\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rationalargumentator.com\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rationalargumentator.com\/index\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rationalargumentator.com\/index\/wp-json\/wp\/v2\/comments?post=3782"}],"version-history":[{"count":3,"href":"https:\/\/www.rationalargumentator.com\/index\/wp-json\/wp\/v2\/posts\/3782\/revisions"}],"predecessor-version":[{"id":3785,"href":"https:\/\/www.rationalargumentator.com\/index\/wp-json\/wp\/v2\/posts\/3782\/revisions\/3785"}],"wp:attachment":[{"href":"https:\/\/www.rationalargumentator.com\/index\/wp-json\/wp\/v2\/media?parent=3782"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rationalargumentator.com\/index\/wp-json\/wp\/v2\/categories?post=3782"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rationalargumentator.com\/index\/wp-json\/wp\/v2\/tags?post=3782"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}