Audit the Fed!

As you may have heard, a House panel has voted to audit the fed. The move, led by Congressman Ron Paul, would give Congress more authority and oversight over actions taken by the Federal Reserve. I'm no economic expert, but H.R. 1207 is one of the most important pieces of legislation ever proposed in Congress.

The Federal Reserve, as everyone should know, is a central banking system that controls our monetary policy. It used to be called a "private" entity, but evidence shows us otherwise. The Fed is a public-private partnership having total control over a monetary policy that the Founders would be ashamed of. We no longer base our currency off of a sound, valid commodity. Our current fiat standard bases our monetary policy on almost nothing. It's a complete illusion.

We are supposed to believe that printing money based on the opinions of a few elitist aristocrats is superior to basing our money supply over something that actually exists. We've never had a full-blown gold standard, but we did have something that was more toward such. Gold, as many people know, generally increases in value over time. The value and supply of gold used to be the basis for how much money we could print. Before the Federal Reserve, there was a natural cap on spending formed by the forces of the free market. The government had to spend within its means. With the Federal Reserve however, the government can spend and expand without limit because the Federal Reserve controls monetary policy by whim. Instead of monetary policy being controlled by sound commodity and the natural forces of the free market, monetary policy is changed based on the decisions of a bureaucratic panel of wealthy bankers. Somehow, this is supposed to be superior to the gold standard.

The endless printing of money causes much damage to our national and global economy. The value of the dollar, unfortunately, is becoming worthless because the Federal Reserve prints money endlessly to fund the government's massive budgets, spending programs, and debts both foreign and domestic. If our monetary policy doesn't change, we will see hyperinflation post-recession, the inevitable destruction of the dollar, and mass poverty worldwide. There will, in effect, be a financial meltdown. We won't ever be able to pay off our debts if we keep spending money that isn't there. Things won't get better if we continue to pump illusionary wealth into the system.

I highly recommend Ron Paul's End the Fed, a book that explains our situation in detail. Since I am very tired, I will leave it here today and perhaps express my emotions on a deeper level in a few days. For now, God bless you, God bless America, and have a fabulous day.