This is all about disclosure and accountability. You know, the Fed’s not some kind of hocus pocus, black box operation. The Fed essentially supplants the Constitutional mandate in Article 1, Section 8, that belongs to the Congress of the United States.
Let’s look at some recent history here. 2008: subprime meltdown, collateralized debt obligation, go back for mortgage-backed securities, neighborhoods in Cleveland melting down, people losing their homes. The Fed looked the other way and we’re saying, “oh, don’t go into the Fed, it would be political.”
Yes, it’s political. We have unemployment because of politics. We have people losing their homes because of politics. We have banks getting uncalculated amounts of money from the Federal Reserve and we don’t even know about it. Meanwhile people can’t get a loan to keep their home or keep their business.
Audit the Fed? You bet we should audit the Fed. We have to have accountability. It’s time that Congress stood for its Constitutional role: Article 1, Section 8, the power to coin or create money.
It’s time we stood up for America’s 99%. It’s time that we stood up to the Federal Reserve that right now acts like it’s some kind of high exalted priesthood, unaccountable in a democracy.
Let’s change that by voting for the Paul Bill.