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. 

http://paul.house.gov/index.php?option=com_content&view=article&id=1997:audit-the-fed-moves-forward&catid=64:2012-texas-straight-talk&Itemid=69

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.

http://www.usatoday.com/news/politics/story/2012-07-22/ron-paul-gop-convention/56420234/1 

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.

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”.