Ron Paul vs. the Federal Reserve. One congressman fights to open the books on our not-so public bank.

When asked exactly which banks received $2 trillion in emergency loans from American taxpayers in the midst of the financial panic last fall, the Fed stayed mum, citing “confidential commercial information.” New York City mayor and financial media mogul Michael Bloomberg filed a lawsuit against the Fed, under the Freedom of Information Act, to force the Fed to disclose what sort of collateral it had accepted for its unprecedented lending. If it’s the same junk derivatives and mortgage-backed securities investors sold off in nervous frenzy last fall, it means the tunes turned off in a massive game of musical chairs, and the American taxpayer has ended up without a seat, or, that the Fed pulled the plug and is forcing us to foot the multi-trillion-dollar bill rung up by profit-drunk bankers, hedge fund managers and real estate barons throughout the past few years.

The Federal Reserve has been given unmatched power to print money (a tag-team magic show with the Treasury), underwrite vast proportions of deficit spending and debt -accumulation, but somehow has shirked the scrutiny that ought to properly accompany such power. Under the guise of avoiding the “politicization” of the Fed’s affairs, an embattled Chairman Bernanke is trying to derail Paul’s audit — the closest the American people have ever been to pulling the curtain on the massive charade.

Read the article here: http://www.mndaily.com/2009/09/30/ron-paul-vs-federal-reserve

Diggit!

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