Congress finally decides to audit the Fed

Ben Bernanke and the Federal Reserve have been a prime example of why big central banks are ineffective and can destroy a nations currency. The Federal Reserve has pumped trillions of dollars into the economy in order to ‘spur’ growth by bailing out corrupt bankers and so far their initiatives have been failures. Congress yesterday finally managed to listen to one of the sane few, Ron Paul, and his mission to audit the Fed and hold them accountable to congress for their irresponsible monetary policies. United Press International reports:

The U.S. House Wednesday approved a bill sponsored by Rep. Ron Paul, R-Texas, that would require an audit of the Federal Reserve.

The bill would remove existing barriers to audits of the Fed, opening the books on transactions with foreign central banks and open-market operations and requiring a report from the comptroller general, the newspaper said.

Paul for decades has blamed inflation on the Fed’s ability to control the country’s money supply.

“I don’t know how anybody could be against transparency and they want secrecy, especially when that secrecy is to protect individuals who deal in trillions of dollars — and these trillions of dollars bail out all the wealthy, rich people, the banks and the big corporations,” Paul said Tuesday.

“To say that we should have secrecy and say that it’s political to have transparency? Well it’s very political when you have a Federal Reserve that can bail out one company and not another company. That’s pretty political.”

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