Am. Thinker: Fed Up With the FedSubmitted by SteveMT on Mon, 11/15/2010 - 12:53
Wow, they actually mention Ron Paul in this story! The world is finally catching up to Ron Paul.
Fed Up With the Fed
By Mark W. Hendrickson
November 15, 2010
It is time (as it has been for decades now) to rethink the role of the Federal Reserve Bank. An article of this length is insufficient to examine all the problems associated with the Fed, so I will concentrate on three problematical areas:
1) Its record is abominable.
2) Its current policies are misguided and counterproductive.
3) It has become dangerously powerful.
First, its record: When Congress created the Fed nearly 100 years ago (1913) its stated mission was to smooth out the disruptive ups and downs of the business cycle, to stabilize banking system, and to protect the viability of the U.S. dollar.
Rep. Ron Paul has been trying for years to persuade his fellow congressmen to order an audit of the Federal Reserve, and every year a majority of congressmen decline to take this simple, prudent step. This is the same Congress that routinely demands microscopically detailed access to the financial records of private-sector American corporations.
Why the double standard? Are they afraid of the Fed? Or is it that they view the Fed as an important accomplice, an enabler of their plans to expand the power of government by bleeding wealth away from private citizens via inflation?