Ron Paul Against More Power for FED

Treasury Secretary Timothy Geithner has publicly stated that he wants to give the Federal Reserve Bank more power. Dr. Ron Paul of Texas totally disagrees as he wants to reduce the Fed’s power and actually audit the Fed. Paul’s book “End the Fed” remains extremely popular as many Americans are tired of seeing Wall Street bailed out with money that is printed out of thin air by the Federal Reserve Bank.

In a national poll almost 75% of Americans voted that the Federal Reserve Bank needs to be audited. Currently over two thirds of Congress supports Ron Paul’s bill to audit the Fed. There are 309 co-sponsors of the bill with 130 of those being Democrats so it is a very bi-partisan bill. Dr. Paul feels that the Fed has avoided the tough questions and no one really knows where all of this printed money is going.

If taxpayers continue to foot the bill for bailouts then they should know where the money is going. Unfortunately there has never been a system to audit the Fed. Another issue that Dr. Paul has with the Fed is that the paper currency they are printing is not backed by any type of physical commodity. There is nothing in law that states that one dollar is actually worth one dollar. There is actually no definitely of a dollar as it is just a piece of paper currency with ink on it. With no backing by physical commodities Paul feels that the dollar is worthless. If the Fed gets more power they will continue to print paper currency and the value of the dollar will continue to decline.

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