MSNBC Front Page: Ron Paul’s bipartisan attack on the Fed

By Chadwick Matlin
The Big Money | July 8, 2009

Ron Paul's legislative history is a lesson in principled failure. Among the bills he has co-sponsored: ending U.S. cooperation with the United Nations, a repeal of antitrust law "to restore the inherent benefits of the market economy," and stripping the government of the right to set a minimum wage. Just last week, he again introduced a bill "to repeal the Gun-Free School Zones Act of 1990," which would presumably make schools less safe but which would reinforce our right to bear arms. For Paul, ideology almost always trumps politics.

None of these bills, I should note, have picked up much support. And Paul's track record with economic legislation isn't any better. His perennial efforts — shifting the country back toward a gold standard, abolishing the personal income tax, and dismantling the Federal Reserve — are nonstarters. They so change the very fabric of this country that Paul can't marshal his colleagues to his side.

Which is why Paul's most recent legislative accomplishment is so impressive. He has rallied the majority of the House to support his new cause: an audit of the Federal Reserve. Legislators are sick of not knowing what's going on inside Bernanke's fortress, especially as the Fed becomes further enmeshed in the nation's fiscal policy. Paul's little bill has become emblematic of a larger movement, one that could spell trouble for Obama's troubled regulatory plan. Ron Paul — always an enemy of regulation — is now an enemy of Obama. And a mighty powerful one at that.

Paul wants to audit the Fed primarily because he wants to destroy it; the audit bill is just the latest chapter in Paul's lifelong crusade against it. His vendetta is fueled by the belief that the Federal Reserve is unconstitutional,

http://www.msnbc.msn.com/id/31784137/ns/business-us_business/