usnews.com — US News & World Report Interviews Cong. Ron Paul about the Fed and his bill to Audit the Fed (HR 1207)President Obama's financial regulatory plan has created controversy over the role of the Federal Reserve in our economy like rarely before. The person in Congress with perhaps the most unconventional point view on these issues in American
Jun 24, 2009 View in Crawl 4
richmomzJun 24, 2009
Because it must die.
Closed AccountJun 24, 2009
LOL we haven't even had a debate on the house floor yet about an audit
boundless316Jun 25, 2009
To all those decrying the Paul for wanting to go back to the Gold Standard:Going back to the gold standard is just an example he uses, his point is we need to get away from fiat currency. That we need to back it with something of value, a combination of gold, silver, solar panels, something. An opinion I share but with great reservation.Fiat currencies work, take a look at Colonial Script, but they have to be managed and that is their weakness. Management opens the door for interference, foul play and abuse. I would prefer if we went the strictly Constitutional route and allow Congress to manage it but that would require some faith in Congress, something that is severely lacking in my life. Right now I don't think Congress is capable of managing a goddamn Burger King much less the monetary supply of an entire country.So we do the next best thing allow banks to introduce competing currencies that are fully backed by something of intrinsic value, no fractional reserve banking allowed. It was fractional reserve banking that caused most of the U.S.'s previous currencies to fail. It's not the most elegant solution and requires some thinking on your part but nothing insanely complicated.To help consumers Congress could create a unit of account akin to the Unidad de Fomento (<a class="user" href="http://en.wikipedia.org/wiki/Unidad_de_Fomento)">http://en.wikipedia.org/wiki/Unidad_de_Fomento)</a> used in Chile to monitor inflation. Only in the U.S. it would compare exchange rates between competing currencies and inflation. With today's infrastructure most of the problems people had with having multiple currencies in the past, like managing exchange rates, what states/areas allow what currency and the like, wouldn't be a problem anymore. Banks would be able to accept any currency and exchange it for their own using EFT.
meetmeineleusisJun 25, 2009
@zanzzzI had someone at Campaign for Liberty lay it all out for me, basically said something along the same lines. Good discussion though. +1'd ya.
Closed AccountJun 26, 2009
That's very weird, it didn't accept my link or something. thanks man
ninapendaweweJun 26, 2009
f**k THIS AMERICA. I hate growing up. :(
drunkenvthokieJun 27, 2009
I like Buffet but let's be honest here, none of the rich people in America want the Fed audited... They have much more to lose than they do to gain. It's all about maintaining the status-quo and Obama (along with most politicians) is going to do anything to help his financial buddies.
jbnumba1Jun 28, 2009
Dugg for "and stick them into a pile."
boundless316Jun 30, 2009
Umm No. You're thinking of Continental currency (<a class="user" href="http://en.wikipedia.org/wiki/Continental_currency).">http://en.wikipedia.org/wiki/Continental_currency) ...</a> Colonial Script was wildly successful and it's repeal by the Bank of England was a major contributing cause to the Revolutionary War.<a class="user" href="http://en.wikipedia.org/wiki/Colonial_scrip">http://en.wikipedia.org/wiki/Colonial_scrip</a>
gmaildokterpimDec 21, 2009
Ron Paul or Lyndon Larouche? You make us confusing......<a class="user" href="http://timbangan.co.id" rel="nofollow">http://timbangan.co.id</a>