Wednesday, November 10, 2010

Ben Bernanke’s Worst Nightmare: Chairman Ron Paul

There is a great article written in written in the New American discussing the very real possibility that Ron Paul will be Chairman of the Subcommittee for Domestic Monetary Policy and Technology.

Paul is currently the ranking member of the House Subcommittee for Domestic Monetary Policy and Technology and is, therefore, in line to become chairman of the subcommittee when the 112th Congress commences. If he does indeed assume the chairmanship, “Paul said his first priority will be to open up the books of the Federal Reserve to the American people,” “We need to create transparency there. To see what it is they are buying and lending, and who it is they are dealing with,” Paul said.

Auditing the Fed is only the beginning, as one might expect from the author of End the Fed. Carney writes that Paul told NetNet, “I will approach that committee like no one has ever approached it because we’re living in times like no one has ever seen.” Among his other objectives: using subcommittee hearings to educate the public about Austrian economists view of the business cycle, namely that it is a result of central banks’ shenanigans rather than something inherent in the free market, and auditing the US gold reserves in preparation for monetary reform, either by legalizing competing currencies or by returning to the gold standard (or both). Also on his agenda is scrutiny of the International Monetary Fund and other global financial institutions, probably as part of monetary reform.

For people like me who live and breath this stuff this, I feel like I am on cloud nine. This is going to be the most entertaining, groundbreaking, and possibly game changing next 2 years in American financial history.

An Audit of the Federal Reserve, Return to the Gold Standard. These are things that will return America to the constitution and possibly save this country from bankruptcy.

RON PAUL is a patriot, an American hero, and I cannot wait to watch him make some real waves in Washington.

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