Federal Reserve Accused Of Setting U.S. Up For 'Crash'
by Bob Unruh
The Federal Reserve, that private organization that determines interest rates and the availability of money in America, is going to be examined by a congressional committee whose chairman is worried it is setting the nation up “for a much larger crash in future.”
The plans for a review of Fed actions were announced today by U.S. Rep. Ron Paul, who heads the Domestic Monetary Policy and Technology Subcommittee.
The hearing will focus on the Fed’s recent practice of essentially loaning money to large banks and others for no interest at all.
“The Federal Reserve is relentless in pursuing a policy of zero interest rates, as manifest by their decision last week to engage in another round of quantitative easing and keep the federal funds rate at zero for another three years,” Paul said.
There are answers to your questions about the complicated Federal Reserve issue in “End the Fed,” “No More National Debt” and “The Case Against the Fed.”
Fed Chairman Ben Bernanke announced just days ago another round of money printing by the U.S. government.
The Fed’s third attempt at such a maneuver will involve having the government buy $40 billion in mortgage-backed securities per month, with no set end date.
There is a petition process set up to urge members of Congress to act on plans to audit the Fed.
The central bank’s objective is to keep interest rates low, and thus trigger more spending and more hiring. The Fed has been trying to impact the economy for the duration of Barack Obama’s tenure in the White House, but its usual tool – lowering interest rates – is ineffective now since those rates have been approaching zero for most of that time.
Paul for years has advocated a full audit of the Federal Reserve, which routinely shrouds its actions in secrecy. Just last week, the U.S. House on a 327-98 vote adopted a bill that would set an audit process in motion. It now is going to the Senate, where Sen. Harry Reid previously has been receptive to the idea, although there’s no word whether he’ll take time for it now.
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