04/19/2017

Now Is The Time To Pass Audit The Fed

Ron and Rand Paul, Rare

As presidents and Congresses come and go, the addiction to busting the budget remains; its voraciousness fueled by the same enabler, the Federal Reserve.

While it took our nation more than 225 years to accumulate nearly $20 trillion in debt (and much, much more if you factor in unfunded liabilities), our central bank can put Americans on the hook for trillions without blinking by simply creating whatever funds it needs out of thin air. Its status as “the lender of last resort” signs a blank check for politicians to spend to their heart’s content without worrying about the immediate consequences.

When pressed to at least provide some measure of substantive transparency for its actions, the Fed tells the American people it’s none of their business.

We disagree.

Time and again, we have been asked to justify our desire to Audit the Fed. Time and again, we answer, how can we afford not to?

Though one of the Fed’s mandates is to keep prices stable, a trip to the grocery store is enough to prove its failure. The Minneapolis Federal Reserve Bank’s own website hosts a calculator that reveals that what would have cost you $1 in 1913 would now require $24.

We may chuckle when parents and grandparents tell children about the “good ol’ days” of lower prices, but the massive decline in the dollar’s value is no laughing matter for seniors whose supposed safety nests don’t stretch as far as they used to, or for frugal consumers who are punished for saving for rainy days. Politicians pile debt onto future generations’ backs, and the Federal Reserve makes sure they can’t ever hope to pay for it.

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For [early immigrants] America was truly the land of opportunity. For the first time in their lives, many were truly free to pursue their own objectives. That freedom released the human energies which created the United States. There were few government programs to turn to and nobody expected them. But also there were few rules and regulations. There were no licenses, no permits, no red tape to restrict them. They found, in fact, a free market, and most of them thrived on it. 

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