Ron Paul published a scathing article attacking the Federal Reserve’s anti-audit propaganda. Responding to vocal Fed apologists, Paul writes that the American people have a right to decide if the Fed’s monetary system is harmful and current auditing laws are not comprehensive enough.
Paul’s main arguments for a Fed audit include:
- Contrary to what Fed apologists claim, the bill does not have a provision that will allow Congress to infringe on the Fed’s independence.
- The Fed has always been under some form of political influence.
- Current auditing laws only record assets on the Fed’s balance sheet, not what was purchased and why.
- A one-time audit of the Fed’s response to the financial crisis found that it committed over $16 trillion to foreign central banks and private companies between 2007 and 2010.
- A full audit would address the Fed’s long-standing favoritism of political and financial elites.
