US News, a mainstream media publication if there ever were one, interviewed Congressman Ron Paul about his bill to audit the Fed. Amazingly, the magazine allowed the congressman to lay it on the line about the nefarious central bank.
Although Paul would prefer that the Fed be abolished, he knows that bills to abolish the Fed go nowhere. Considering how ignorant most Americans are about Fed, it is understandable that our representatives in Washington do not know much more about the Fed.
Further, the media have long held the Fed in adulation. The Fed is beyond criticism, except for comments about whether the Fed should raise or lower interest rates. Never do the media discuss the immoral fractional reserve banking system, of which the Fed is part and parcel.
Additionally, whoever heads the Fed is nearly worshiped by the media. Always, the Fed Chairman is portrayed as the most brilliant economist in the land. How dare a congressman from a rural Texas district suggest that the great and wonder Oz be banished! However, with Paul’s bill to audit the Fed, the camel’s nose may be in the tent.
More than a few Americans were watching when the Treasury passed around hundred of billions of tax dollars under the TARP bailout, and now there’s “all this talk about transparency” at the Treasury, which prompted interest in what the privately-owned Federal Reserve System does. With greater understanding of the Fed, perhaps a great debate (and it would be great!) would follow about abolishing the Fed.
For the interview, read Exclusive Conversation With Ron Paul: The Future Of The Federal Reserve.
(By the way, if you had been following me on Twitter, you would have learned about this interview hours ago. On Twitter, I’m theoldgoldguy.)