Tuesday, October 13, 2009

A question for the Ron (Paul) bots out there 

Actually I have two questions for the enthusiastic supporters of the Texas congressman. First, you do realize that auditing the federal reserve could threaten its independence from the legislative branch of government, right? I hope the answer to my first question is something along the lines of "yes,we do realize that auditing the fed will jeopardize it's supposed independence." If that is the case, I have some sympathy for your position. I get and understand why Congressman Paul wants to audit the federal reserve: he wants to End the Fed. Indeed, a cogent case can be made for not having a central bank at all listen to this podcast to see what I'm talking about.

That leads me to my second question: Why does Barney Frank want to audit the Fed? If auditing the federal reserve threatens its political independence, do you REALLY want Barney Frank to be at the head of that interference? Go ahead and examine the fed. But be very careful in what you wish for because the law of unintended consequences may come back to bite big time.

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