The idea of abolishing the Federal Reserve (our system of made up money) is not a new one and Ron Paul has been advocating drastic change for quite some time. The Federal Reserve has made a mess of the economy. Unfortunately it appears to be fighting the economic firestorm more bad policies. Google Fannie Mae or student loans if you want to read about the lessons we have not learned in our third year of economic freefall. Personally I think we are at the beginning of this hard road and not the end. This path we are one was decades in the making.
Ron Paul just wrote a book called End the Fed. Now it appears Paul may be headed for a slot as the overseer federal monetary policy. In case you have been focused on other matters federal monetary policy is the root cause of our current economic apocalypse.
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.
The committee has been low key under Rep. Melvin Watts (D-N.C.). His web site says he plans to hold hearings on “equal access by the visually impaired to U.S. coins and currency.”
It’s safe to say that a Paul chairmanship might be a little more intense.
It will be fascinating to see whether the Republican power structure actually lets “Dr. No” step up to the plate and take charge of the area of federal government that needs the most tweaking.
I voted for Ron in 2008 because I think that business as usual in Washington is absolutely killing us. Ron got a lot of flak and a bunch of made up smear. Cries of racism in the 80’s and wing nut who wants to destroy America were pretty loud because the status quo zombies are scared of the guy. Good. We are overdue for change I can believe in and Obama hasn’t given me any of that.