Audit the Fed: Tom Woods Testimony Today

Hearings began today on Ron Paul’s  HR1207 which proposes to audit the Federal Reserve.  Dr. Wood’s says it beautifully. I can’t begin to compare so read his testimony here.

First, this is a huge victory for the forces of freedom in New York City.  Dozens of heroic volunteers from the Campaign for Liberty and the Libertarian Party gathered signatures, called Congressmembers and lots of other activities and this was repeated across the country.  HR1207 has 290 co-sponsors as a result.  When I checked last no member of Congress from NYC  was included, in particular Financial Services Committee member Carolyn Maloney.

What’s to oppose about this bill?  It only seeks to require a thorough audit by the GAO so that Americans know where trillions of dollars printed by the Fed have gone.

The objections are nonsense.

For example some suggest it would remove the Fed’s independence and subject monetary policy to politics. Nonsense.  There is nothing in the bill that seeks to control Fed actions. An audit will only expose their actions to sunlight.  

Some opponents say that the bill is just a first toward abolishing the Fed.  They are right.  But that’s no excuse to oppose this step even if they don’t want to end the Fed altogether.  If there is nothing wrong going on won’t that help make the case that we should keep the Fed?  Regardless there is no excuse for keeping Americans and even Congress in the dark about vast expenditures that make things like the war in Iraq look trivial.

This is a bill every American should support.  And we shouldn’t accept a watered down version.  Dr. Wood’s put it perfectly…

If the Federal Reserve Transparency Act passes and the audit takes place, the American people will have achieved a great victory. If the legislation fails, more and more Americans will begin to wonder what the Fed could be so anxious to keep hidden, and the pressure for transparency will simply intensify. A recent poll finds 75 percent of Americans already in favor of auditing the Fed. The writing is on the wall.

The Federal Reserve may as well get used to the idea that the audit is coming. That would be a far more sensible approach than the counterproductive and condescending one it has adopted thus far, in which the peons who populate the country are urged to quit pestering their betters with all these impertinent questions. The Fed should take to heart the words of consolation the American people are given whenever a new government surveillance program is uncovered: if you’re not doing anything wrong, you have nothing to worry about.

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