More than any other politician by a Grand Canyon-wide margin, Ron Paul is a man of impeccable character when it comes to supporting the ideas of freedom and "is a force for good." (He easily won his 12th-term re-election to the House.) He is the biggest critic of the Federal Reserve (accusing the Fed as being "the chief culprit behind the economic crisis"), and he has financial and economic intelligence second-to-none. (He follows Austrian economics, the only economic theory to not only predict the economic meltdown but to properly explain it as well.) He is the originator of the Audit the Fed bill (which ultimately failed when the 114 Democrats "jumped ship"). His grillings of Fed chairmen during hearings are well-known. His ideals, the ideals of liberty, were a driving force in the recent Tea Party movement.
Just yesterday, in an effort to bailout the government, and using an official sounding term called "quantitative easing," the Federal Reserve announced that it was going to "print" another $600 billion of paper money out of thin air to buy government debt (on top of the $1.5+ trillion it has already pumped into the economy without any gains). Although the Federal Reserve is a private financial institution which gets limited political interference, what are the ramifications if Ron Paul became the leader of the committee that oversees the Federal Reserve? What do you think would happen?
FTA:
Here's a little irony in the House GOP sweep: The next chairman of the monetary policy subcommittee -- overseeing the Federal Reserve?
None other than Ron Paul (R-Texas), who'd just as soon abolish the Fed.
Paul is the ranking member of the Subcommittee on Domestic Monetary Policy and Technology on the Financial Services, which oversees the Federal Reserve, the U.S. Mint and American involvement with international development groups like the World Bank. Unless someone bumps him, he's next in line for the subcommittee gavel.
Paul is critical of all the institutions he would oversee. He's long called for killing the Federal Reserve, and this year tried to get an audit of the Fed into the Wall Street reform bill. He's asserted that the dollar should be tied to the gold standard in order to keep it from losing its value.
Ron Paul in charge of Federal Reserve oversight?
DISCUSS!
Original posting by Braincrave Second Life staff on Nov 4, 2010 at http://www.braincrave.com/viewblog.php?id=371
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