Wednesday, May 12, 2010

Ron Paul on Vitter Amendment

Mike Marnell forwarded this video, which appears on the Daily Paul site.  As NPR reports, a weaker "audit the Fed" bill put forward by Senator Bernie Sanders had been approved 96-0.  NPR explains the difference between the Vitter amendment and the Sanders bill:

"The Grayson-Paul bill authorizes audits by the Government Accountability Office of every item on the Federal Reserve's balance sheet, including all credit facilities and all securities purchase programs; there would be exemption only for unreleased transcripts, minutes of closed-door meetings and the most recent decisions of the central bank. The Senate measure is narrower in its focus, but it would require the GAO to scrutinize some several trillion dollars in emergency lending that the Fed provided to big banks after the September, 2008, economic meltdown."

The Fed should be open to everyone's scrutiny.  Better yet, it should not exist. The recent "bailouts" of private Wall Street firms and now foreign governments such as Greece highlight the unconstrained power of the Fed to deprive the American public of its wealth at the whim of insiders, international bankers and greedy government officials.

No comments: