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Ron Paul goes mainstream, Ben Bernanke goes berserk!

By Brent Budowsky - 12/01/09 10:55 AM ET

This may be the greatest show on earth: Texas Rep. Ron Paul (R) is picking up major bipartisan support for his proposal to audit the Federal Reserve Board, and as this happens, Federal Reserve Board Chairman Ben Bernanke is showing signs of near-panic at the prospect of being audited.

As liberal Democrats increasingly join with conservative Republicans in Paul's move to audit the Fed, Bernanke has been churning out speeches, op-eds and interviews warning of Armageddon if this occurs.

It is interesting how the Federal Reserve Board, long the champion of fiscal and monetary prudence when others spend money, has declared war on the idea that anyone should account for how the Fed spends money.

Think about it: In the largest bailout in history, neither the public nor members of Congress can even make an intelligent estimate of how much money the Fed has actually spent, or exactly how it is being spent, or exactly who are the major beneficiaries of much of the spending. We know taxpayers, consumers and jobless workers are not the beneficiaries, but we don’t even remotely know the full story of exactly which institutions benefit from exactly which programs.

The stakes are very high, and as this battle unfolds it will continue to be the greatest show on earth, and one of the most important.


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