Federal Reserve Freaks Out Over Audit
In 1792 the penalty for currency debasement was death
The Federal Reserve is clamoring to shut down legislation that would allow the American people to take a look at its books.
Last month Kentucky Senator Rand Paul introduced his Federal Reserve Transparency Act of 2015. It has a number of co-sponsors, including Sens. Ted Cruz of Texas and Marco Rubio of Florida.
If passed, the legislation would direct the Comptroller General of the United States to conduct a full audit of the Fed.
The Fed, naturally, hates the bill. It says if enacted, it will damage the economy.
How would it damage the economy? Paul’s plan would empower Congress “to audit and question monetary policy decisions in real time,” laments Philadelphia Fed President Charles Plosser.
“This runs the risk of monetary policy decisions being based on short-term political considerations instead of the longer-term health of the economy,” he added.
For the Fed, the “health of the economy” consists “of flooding the economy with easy money, leading to a misallocation of resources and an artificial ‘boom’ followed by a recession or depression when the Fed-created bubble bursts,” according to Rand Paul’s father, former Congressman Ron Paul who, incidentally, worked unsuccessfully to abolish the Federal Reserve, not merely audit it.
“Who in their right mind would ask the Congress of the United States — who can’t cobble together a fiscal policy — to assume control of monetary policy?” the president of the Federal Reserve Bank of Dallas, Richard Fisher, asked The Hill.
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