Source: Raw Story

Congressman Paul, in defense of his proposal to audit the bank which controls America’s currency, argues not just for transparency. He wants to close it down.

“Detractors have [...] argued that the Fed must remain immune from the political process, and that more congressional oversight would distort their very important decisions,” Paul wrote in an editorial titled, “Audit the Fed, Then End It!” “On the contrary, the Federal Reserve is already heavily entrenched in the political process, as the Fed chairman is a political appointee. High-level officials routinely make the rounds between positions at the Fed, member banks, Treasury and back again, taking care of friends and each other along the way.”

He continued: “As far as the foolishness of placing complex monetary policy decisions in the hands of politicians. I couldn’t agree more. No politician or central banker, no matter how brilliant, is smart enough to know more than the market itself. The failure of central economic planning has been witnessed over and over. It is frankly beyond me why we ever agreed to try it again.”

“To understand how unwise it is to have the Federal Reserve, one must first understand the magnitude of the privileges they have. They have been given the power to create money, by the trillions, and to give it to their friends, under any terms they wish, with little or no meaningful oversight or accountability. Thus the loudest arguments against greater transparency are likely to come from those friends, and understandably so.”

President Ron Paul would not have wasted millions of tax payer dollars trying to bail out an auto industry that was bound for bankruptcy. President Ron Paul wouldn’t be burning our tax payer money left and right in some short-sighted gamble to salvage our old-boys-network financial markets. Consequences are necessary in any fair game. Unfortunately, our stupid country favors those who cry the loudest. Audit the Fed, Then End It! Hear yee, hear yee. And, take them greedy bankers too.