Toward Sensible Monetary Policy
By U.S. Rep. Ron Paul Monday, January 10, 2011
Alone in the US Congress, Representative Ron Paul has been waging a so far largely unsuccessful campaign to unmast the “wizards behind the curtain” of the Federal Reserve – a privately owned bank that avers it requires secrecy to steer the US government monetary policies. In the new congress he was given the chairmanship of a financial subcommitte in the House and can now conduct more public hearings, in his seemingly quixotic, but necessary campaign. Here’s a recent statement of his intentions:
I am pleased that I will be chairing the Monetary Policy Subcommittee of the Financial Services Committee, which has oversight of the Federal Reserve. Obviously, this position will facilitate my efforts to ensure that the Fed provides the American people with more information about what they have been doing with and to our money.
Not surprisingly, since my chairmanship was announced, apologists for the Fed have been recycling the old canard about how increased transparency threatens the Fed’s so-called political independence.
By independence, they are referring to the Fed’s ability to greatly impact the economy with virtually no meaningful oversight. We only recently learned that the bankers at the Fed were able to use the latest financial crisis to bail out Wall Street cronies and foreign central banks with billions of dollars that were created and wasted, instead of appropriated and voted on by representatives of the people.
Filed under: Current Events, Economics & Finance, Modern History, Politics | Tagged: Federal Reserve Bank, Financial Services Committee, monetary policy, oversight of fed reserve, US Rep. Ron Paul, Wall Street cronies |