Treasury Secretary Timothy Geithner has publicly stated that he wants to give the Federal Reserve Bank more power. Dr. Ron Paul of Texas totally disagrees as he wants to reduce the Fed’s power and actually audit the Fed. Paul’s book “End the Fed” remains extremely popular as many Americans are tired of seeing Wall Street bailed out with money that is printed out of thin air by the Federal Reserve Bank.
In a national poll almost 75% of Americans voted that the Federal Reserve Bank needs to be audited. Currently over two thirds of Congress supports Ron Paul’s bill to audit the Fed. There are 309 co-sponsors of the bill with 130 of those being Democrats so it is a very bi-partisan bill. Dr. Paul feels that the Fed has avoided the tough questions and no one really knows where all of this printed money is going.
Make sure to return to Subprime Blogger to get your Ron Paul news. We also write columns on Jim Rogers, Peter Schiff and Gerald Celente as these men have done a great job of pointing out some of the problems America faces.
Economists Opposing Fed Audit Have Undisclosed Fed Ties
As the debate over an audit of the Federal Reserve intensifies in the House, one camp is trotting out eight academics that it calls a “political cross section of prominent economists.”
A review of their backgrounds shows they are anything but.
In a letter to the House Financial Services Committee earlier this month, all eight wrote that they support the type of amendment now being introduced by Rep. Mel Watt (D-N.C.). Watt’s approach purports to increase Fed transparency while it actually would tighten restrictions on any audits that could go forward.
The letter was sent around Wednesday by Watt’s staff to members of the committee in advance of a vote scheduled for Thursday.