Ron Paul’s “Audit The Fed” initiative moves forward

Though Ron Paul’s Congressional career is nearing the end as retirement approaches, his influence in Washington D.C. continues to mount.  Ron Paul’s initiative to audit the Federal Reserve’s monetary practices is moving forward with the passage of his “Audit The Fed” bill in the House a short time ago.

The following is a statement on Ron Paul’s web site regarding the passage:

Last week the House of Representatives overwhelmingly passed my legislation calling for a full and effective audit of the Federal Reserve.  Well over 300 of my Congressional colleagues supported the bill, each casting a landmark vote that marks the culmination of decades of work.  We have taken a big step toward bringing transparency to the most destructive financial institution in the world. 

But in many ways our work is only beginning.  Despite the Senate Majority Leader’s past support for similar legislation, no vote has been scheduled on my bill this year in the Senate.  And only 29 Senators have cosponsored Senator Rand Paul’s version of my bill in the other body.  If your Senator is not listed at the link above, please contact them and ask for their support.  We need to push Senate leadership to hold a vote this year. 

Understand that last week’s historic vote never would have taken place without the efforts of millions of Americans like you, ordinary citizens concerned about liberty and the integrity of our currency.  Political elites respond to political pressure, pure and simple.  They follow rather than lead.  If all 100 Senators feel enough grassroots pressure, they will respond and force Senate leadership to hold what will be a very popular vote.

In fact, “Audit the Fed” is so popular that 75% of all Americans support it according to thisRasmussen poll.  We are making progress.

Of course Fed apologists– including Mr. Bernanke– frequently insist that the Fed already is audited.  But this is true only in the sense that it produces annual financial statements.  It provides the public with its balance sheet as a fait accompli: we see only the net results of its financial transactions from the previous fiscal year in broad categories, and only after the fact.

We’re also told that the Dodd-Frank bill passed in 2010 mandates an audit.  But it provides for only a limited audit of certain Fed credit facilities surrounding the crisis period of 2008.  It is backward looking, which frankly is of limited benefit.

The Fed also claims it wants to be “independent” from Congress so that politics don’t interfere with monetary policy.  This is absurd for two reasons. 

First, the Fed already is inherently and unavoidably political.  It made a political decision when it chose not to rescue Lehman Brothers in 2008, just as it made a political decision to provide liquidity for AIG in the same time period. These are just two obvious examples.  Also Fed member banks and the Treasury Department are full of former– and future– Goldman Sachs officials.  Are we really to believe that the interests of Goldman Sachs have absolutely no effect on Fed decisions? Clearly it’s naïve to think the Fed somehow is above political or financial influence.

Second, it’s important to remember that Congress created the Fed by statute.  Congress therefore has the full, inherent authority to regulate the Fed in any way– up to and including abolishing it altogether.

My bill provides for an ongoing, thorough audit of what the Fed really does in secret, which is make decisions about the money supply, interest rates, and bailouts of favored banks, financial firms, and companies.  In other words, I want the Government Accountability Office to examine the Fed’s actual monetary policy operations and make them public. 

It is precisely this information that must be made public because it so profoundly affects everyone who holds, saves, or uses US dollars.

GOP making Paul delegates feel welcome in Tampa

According to Ron Paul’s campaign spokesman Jesse Benton, the Republican Party has been nothing but respectful and friendly to the Ron Paul campaign and his staff throughout the process of logistical planning in the lead up to the convention.

In fact, a Ron Paul rally scheduled to be held at the University of South Florida’s Sun Dome was planned in large part by the GOP.  This may be a ploy to help encourage Paul and his supporters to ultimately get behind the GOP’s likely nominee, Mitt Romney, once the convention has passed.

Paul has said he is not yet decided whether or not he will throw his support behind Mitt Romney. 

Why is government sponsoring sports teams and clubs?

Wednesday, the United States House of Representatives voted to continue funneling $10s of millions of taxpayer dollars in sponsorship of sports teams and clubs after a Democrat-sponsored push to end the funding.  With trillions of dollars in national debt being shouldered by the taxpayer already, I cannot help but remain confused what the House expects out of this baseless and wasteful government spending.

The government throws upwards of $70 million yearly towards sponsorships, including the National Guard NASCAR race car.  The National Guard spends over $21 million every year on these initiatives alone.  Supporters of the spending argue that it helps recruiting, while Democrats believe there is little evidence to tie this spending with any increase in participation in the armed forces.

156 Republicans voted to continue the spending, proving once again that both Democrats and the Republicans are very much a part of the problem of spending, and neither party has a consolidated stronghold over waste and abuse coming from our federal government.

Romney attacks Obama’s “you didn’t build that” remark

Calling it “foolish and insulting”, Romney took a golden opportunity offered up by President Obama – almost on a silver platter – to bash the current president over his remarks that entrepreneurs who run successful businesses do not deserve the credit because they received help along the way.

To a cheering crowd, Romney pounced.  “To say that Steve Jobs didn’t build Apple, that Henry Ford didn’t build Ford, that Papa John didn’t build Papa John’s Pizza…” he said, “is insulting to every entrepreneur in America”.  This extends to “everyone in America, to those who want more skills and a higher income…people who try to lift themselves up…Obama would say ‘well, you couldn’t have gotten to those schools without the roads that government built for you’”.

“We have less success [under President Obama], and I will change that,” he finished.

I am certainly no particular fan of Romney, but his comments here are accurate.  It’s insulting that the president of a so-called free country would stand in front of a crowd of people and diminish the hard work and determination that successful business owners put into their organizations.  To say that government-furnished roads helped those business owners in their success and, therefore, limits the effect that the owner had over his business’ success is naive and fundamentally embarrassing to a country who’s private sector is second to none.

Governments do not build societies, Mr. Obama.  Governments provide essential services and protect the people against national security threats.  Businesses provide jobs.  Businesses innovate.  From the cars you drive to the cereal you eat, private business is the root of any 1st world society.

Boy Scouts uphold ban on gays

After holding a series of secret meetings amongst the organization’s top brass, the Boy Scouts have decided to uphold and support their ban on homosexuals in the organization and will dismiss all challenges to the policy and its discriminatory nature.

The meetings consisted of 11-members, both full time Scout representatives and volunteers, who voted unanimously to continue the ban.  “The review included forthright and candid conversation and extensive research and evaluations – both from within Scouting and from outside of the organization,” read a statement released by the committee.  The Boy Scouts believe that the majority of parents who have children participating in the organization support the ban.

The ruling will surely fire up gay rights and civil liberties organizations to continue their push to change the Boy Scout’s policy to include people of all preferences.

Through, one formerly-ousted parent of the Scouts has managed to amass nearly 80,000 signatures in support of a change to the policy.

Despite the fact that I was a good den leader and parents in the community supported me and urged me to take on the role, the Boy Scouts of America (BSA) now say that I do not “meet the high standards of membership” that the BSA seeks, and will no longer allow me to participate in scouting,” said the petition’s statement.

Gary Johnson a candidate worth looking at

Imagine a candidate who proposes a 43% cut in the military budget (yes, nearly half), an end to the wasteful War on Drugs program, an immediate stop to the never-ending War on Terrorism, believes in true Internet freedom and actually has a chance at winning the election in 2012, albeit remote.  Who is this candidate?  I’ll give you a hint: it’s not Ron Paul.

This candidate’s name is Gary Johnson of the Libertarian Party and ex-Governor of New Mexico.  Johnson has successfully dented Mitt Romney’s stronghold on the “other than huge government” crowd and promises to continue fighting and striving for victory.  “The idea is to win,” Johnson said in an interview with the Huffington Post.

Johnson strikes me as, well, appropriately small government.  The man supports an end to these costly wars overseas and might be the only major politician who does not want to bomb Iran.  He supports removing the government from the business of marriage and wants the Internet to remain free of government censors.  He supports repealing the Patriot Act, which he calls an “assault on privacy” and believes in a woman’s right to abort until the fetus is viable.

The real world gives Johnson next to no chance at securing victory in 2012.  But then again, the real world does not make a lot of sense either.  Every day, Americans break laws that they did not even know existed.  Americans have become complacent and comfortable within the confines of a so-called government “safety net”.  They have become content – until something jarring enough hits them hard enough to knock them out of their own little worlds.  This year, it’s health care.

Johnson’s web site says 15% support in the polls gets him a podium at the debates.  Let’s find out if Americans feel that sensibility in government is worth not throwing their vote away on the “big two”.

Government to regulate credit agencies

The federal government will soon take on yet another responsibility – this time, regulating 30 of the companies that provide credit reports to American consumers.  These companies include the top three, Experian, TransUnion and Equifax.  Yet again, more government involvement in business other than national security (the government’s rightful job).

Although credit companies are required to keep meticulous records of their business practices, that was not enough for the Consumer Financial Protection Bureau, the agency that will be overseeing the new watchdog efforts.