Ron Paul is the only man in government who seems to have a grasp of reality ["Exclusive Conversation With Ron Paul: The Future of the Federal Reserve," usnews.com]. We are broke and nobody is even looking at the checkbook. Inflation of our currency means we all pay more and more for everything and more and more people will not be able to pay their bills, meaning more mortgage defaults and bankruptcies. Interest rates must rise sooner or later, to oppressive levels that will cripple our economy because small business will not be able to obtain funds to expand. Are banks even lending money these days? Where did that TARP money go anyway? Now take into account the very high taxation that will be needed to service the national debt, not to mention the baby boomers all retiring and going on Social Security and Medicare. A financial disaster is looming, we know it, Ron Paul knows it, but the rest of the boneheads who claim to represent us refuse to see what is going on. I truly fear for our country if foreign countries stop servicing our debt, or worse, call in their chips and threaten war if we can't pay up. Can you spell China? They don't want the dollar to collapse any more than we do, because they own so much of our debt, but inflation is one clever but evil way to devalue that debt. Who really knows where their breaking point is?
Comment by Dan Warner of PA
Those who oppose HR 1207 and stand for re-election will have told the electorate who they represent. With the support shown for HR 1207 in the House, we should expect a "watered down version" to be presented in the Senate, to provide cover for our career politicians. It is way past time to de-louse the criminal and unconstitutional Federal Reserve, which is responsible for a majority of the world's problems.
Comment by Dick Abromeit of MT
Auditing the Fed is important because of its monopoly over money. Competing currencies are now illegal! If we allowed competing currencies people could choose their currency—perhaps a currency backed by silver, or gold, or a basket of commodities. If we believe in a free market and competition, then let's allow competition in currencies. If we had a choice, people would use real money from an open and transparent bank (or other issuer) and Federal Reserve Notes would be used less.
Comment by Mike of CO
I truly enjoyed this story. I consider myself to be an independent on political and social issues, liberal on some issues, and moderate and conservative on others. I tend to disagree with Ron Paul on issues facing the nation, but his perspective on the monetary policy of the Fed is insightful. No matter what your political affiliation happens to be, there is no arguing that the American public has a right to know if the Federal Reserve is liable for promoting economic crisis, rather then its stated purpose of preventing crisis. A federal audit should be an annual requirement for the Federal Reserve Bank. In due time, I am sure that the responsibility for printing currency will return to the U.S. Treasury. Every American should be writing their congress people to pressure them to vote for HR 1207, the Federal Reserve Transparency Act of 2009.
Comment by Johnny Oliver of MN
Dr. Paul is doing us all a favor in allowing us to find out more about what the Fed is up to, especially with regards to our money. I agree with Dr. Paul's stances more often than not, and on this issue I am supporting him 100 percent. Very good article.
Comment by Ben of NM