Ron Paul

Father and Son Paul Out to Audit the Fed

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This trick didn't work last year, but now Rep. Ron Paul (R-Tex.) in the House and his son Sen. Rand Paul (R-Ky.) in the Senate introduced this week father-son dual bills to audit the Federal Reserve. From a Campaign for Liberty press release:

The bills, both titled The Federal Reserve Transparency Act of 2011, but known better as "Audit the Fed," are numbered H.R. 459 in the House and S. 202 in the Senate and continue the efforts championed by Ron Paul last year that won 320 co-sponsors before passing the House and 32 cosponsors in the Senate before falling short on a floor vote.

H.R. 459 starts the session with 56 original bipartisan cosponsors, while Sen. Jim DeMint (R-SC) and Sen. David Vitter (R-LA) are original cosponsors for S. 202.

The Federal Reserve Transparency Act of 2011 would open up the Fed's funding facilities, such as the Primary Dealer Credit Facility, Term Securities Lending Facility, and Term Asset-Backed Securities Lending Facility to Congressional oversight and audit by the non-partisan Government Accountability Office. Additionally, audits would include discount window operations, open market operations, and agreements with foreign central banks such as ongoing dollar swap operations with European central banks.

Public polling conducted by Rasmussen Reports in December 2010 indicated that 74 percent of the American People demand transparency at the Fed and support a full audit as called for in the Audit the Fed legislation. In 2009 and 2010, Campaign for Liberty generated over 2.5 million grassroots contacts to federal lawmakers in support of Audit the Fed…

The Wall Street Journal notes the bills, with comments from Ron Paul:

Rep. Paul introduced legislation calling for the same audit of the Fed on the House side, which is similar to legislation that he has pushed for as a House lawmaker. As part of the financial regulatory overhaul, Rep. Paul wanted to give congress the power to audit the fed's interest rate decisions. But the measure never made it in the final version of the bill.

"I was very pleased that so many of my colleagues were willing to stand up for transparency and accountability in government," Rep. Paul said. "I am optimistic about our prospects for a full and complete audit in the 112th Congress."

My Reason magazine feature from November 2009 on the anti-Fed movement and Ron Paul's role in it.

NEXT: The End of Mubarak (Hopefully)

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  1. This trick didn’t work last year[…]

    It wasn’t a trick.

    The bills, both titled The Federal Reserve Transparency Act of 2011, but known better as “Audit the Fed,” are numbered H.R. 459 in the House and S. 202 in the Senate and continue the efforts championed by Ron Paul last year that won 320 co-sponsors before passing the House and 32 cosponsors in the Senate before falling short on a floor vote.

    Some ‘trick’. Almost pulled an elephant our of a hat.

    Public polling conducted by Rasmussen Reports in December 2010 indicated that 74 percent of the American People demand transparency at the Fed and support a full audit as called for in the Audit the Fed legislation.

    What do the little people know? Only experten have the knowledge to guide economic policy.

      1. The irony is that now Ron doesn’t have Alan Grayson to help shepherd it through the House; Barney Frank nearly killed it when he got he got his poodle Mel Watt to try and insert a watered-down amendment instead.

        1. Probably the only useful thing Grayson ever did.

    1. Hey Rocky! Watch me pull a rabbit outta my hat!

  2. Rep. Paul introduced legislation calling for the same audit of the Fed on the House side, which is similar to legislation that he has pushed for as a House lawmaker.

    Audit the Fed? Why, he must be stopped! What can we do about it? Let see…. I got it!

    Quick: Rehash that silly “newsletter” story, see if that sticks!

    1. Now now, let’s not bicker and argue about who killed who, this is supposed to be a happy occasion!

      1. “He’s got huge… tranches of bonds!”

  3. Unfortunately for me, my senators are Boxer and Feinstein, and my representative is another useless tax-sucker, Mike Honda. They’d rather sell their mothers for parts than do anything that might possibly irritate Helicopter Ben and his bankster buddies.

    I’ve left them all phone messages that pointed out that auditing the Fed is the least they can do if they even want to pretend to give a shit about their duty.

    -jcr

  4. Additionally, audits would include discount window operations, open market operations, and agreements with foreign central banks such as ongoing dollar swap operations with European central banks.

    That would be one of the most impotant (and least known) of the operations that should be audited. The Great Depression of 1929-1947 was triggered precisely by a deal between the Fed and the Bank of England to inflate the dollar to stop gold transfers from the U.K. to America, back in 1927 – something that would constitute TREASON in anybody’s book.

    1. Well, the constitution is very specific about what a treason charge requires, and selling your country out doesn’t actually qualify.

      -jcr

    2. “The Great Depression of 1929-1947 was triggered precisely by a deal between the Fed and the Bank of England to inflate the dollar to stop gold transfers from the U.K. to America”

      I thought it was….

      SMOOT-HAWLEY!!!!!!!!!!!!!!!!!!!!!!

      1. No, Smoot-Hawley was a major factor in impeding the recovery, not in causing the crash.

        -jcr

      2. Please don’t mention the Great Depression again, MNG, until you stop being an ignorant retard about it. You may need to remain mute for the rest of your life, but it is for the greater good.

        1. In Latin:
          SMOOTUS HAWLEYUS!!!!!!!!!!!

          It brought the Roman Empire to an end!

          1. Think of the greater good, MNG.

      3. I thought it was….

        SMOOT-HAWLEY!!!!!!!!!!!!!!!!!!!!!!

        Crony capitalist bullshit.
        Noone took it seriously until the WSJ started pushing that crap in the 80s.

      4. Smoot-Hawley was passed in 1930, which makes it kind of hard to start a depression that began in 1929. Though it probably did deepen it.

        1. Typical of a statist like you to underestimate the amazing power of

          SMOOOT-HAWLEY!!!!!!!!!!

          1. It can bend the very rules of causation.

            1. Yeah! Kill that strawman good!

    3. Treason doth never prosper, what’s the reason?

      For if it prosper, none dare call it Treason.

    4. I’m very interested in this. Could you explain how the dollar swap works and how it started the GD?

  5. Continuing to fuck with Leviathan. I see nothing wrong with that, even if nothing directly comes of it.

    1. even if nothing directly comes of it.

      markets can see its full impact and adjust accordingly. I guess you can call that indirect….

      …But i would not.

  6. Why are we wasting our time with this nonsense when we can be talking about the miracle that is high speed rail.

    1. I always knew you’d kick me to the curb when a newer, faster, sexier rail system came to town.

      1. Tell me about it.

      2. I know how you feal. I was kicked to the curb in favor of the slush fund known as Stimulus.

        1. Our new top priority is to connect and communicate with the Arab world.

          [I didn’t mean to post is separately below]

      3. You’ll always have a home with us.

  7. Our new top priority is to connect and communicate with the Arab world.

  8. My proposal turn the USA into a small oligarchy run by entirely by the Paul family has so far gotten nowhere, but not for lack of sheer AWESOMENESS.

    1. “My proposal turn the USA into a small oligarchy run by entirely by the Paul family has so far gotten nowhere, but not for lack of sheer AWESOMENESS.”

      Yep, those Pauls are a real political force in the federal government, aren’t they?

    2. turn the USA into a small oligarchy run by entirely by the Paul family,

      WTF is this supposed to mean?

      Did you cross your inner NP and BHO?

      1. This is my attempt at a joke. I’ll try harder next time.

  9. Both Pauls are liars. The Federal Reserve is independently audited by Deloitte every year.

    They wish to crush the Fed by making it a political issue – so idiots like Michelle Bachmann and Maxine Waters can debate Open Market decisions.

    Fuck both Pauls – their subterfuge will die with their stupid goldbug Bircher ideals.

    1. That’s my man shrike!

      You’re the conductor of the high speed rail express!

    2. >The Federal Reserve is independently audited by Deloitte every year.

      Guess again, Shrek.

      What is excluded from GAO oversight?

      The GAO can’t review most of the Fed’s monetary-policy actions or decisions, including discount-window lending (direct loans to financial institutions), open-market operations and any other transactions made under the direction of the Federal Open Market Committee, the policy group that sets interest rates. The GAO also cannot look into the Fed’s transactions with foreign governments, foreign central banks and other international financing organizations.

      1. Of course they cannot!

        An audit is to balance the books and govern according to generally-accepted accounting principles.

        Business decisions are LEFT OUT of an audit.

        When Coca-Cola was audited after their awful foray into New Coke in the 80’s the auditor conducted a profit and loss as needed. This same auditor didn’t tell the marketing department – ‘YOU FUCKED UP”.

        FOMC decisions derive a profit in nearly all cases – the audit reflects this.

        I want 10 economists making FOMC decisions – not 435 nutcases in the House of Degenerates.

        1. Be honest shrike. You just want 1 guy like me telling you, and everyone else, what to do, for life.

          You weak little statist bitch.

        2. “…When Coca-Cola was audited after their awful foray into New Coke in the 80’s the auditor conducted a profit and loss as needed….”

          Either Shriek is:
          1) Truly ignorant.
          or
          2) A willful liar.
          Shriek, I got a hint, but in either case it won’t help.
          Coke’s money was the property of the OWNERS.
          The Fed’s money is MINE.
          I want a FULL audit of the Fed, not the crap listed in the link below:
          ‘well, in 1995 the audit covered expense accounts, in 1997, it covered…’

        3. But you do know that that is exactly what Paul means when he says audit the fed right? He wants to look at the Feds business decisions, not its finances. Nice try though.

          1. Fine – let R&R Paul look at the business decisions – 12 months afterward.

            I (nor any financial type) wants House idiots involved in real-time FOMC decision making.

            1. “I (nor any financial type)…”

              So……………
              what?

            2. I (nor any financial type) wants House idiots involved in real-time FOMC decision making.

              Of course not. If they did then our financial system would function like it did before the FED existed….and before financial types could game it.

              1. If they did then our financial system would function like it did before the FED existed….and before financial types could game it.

                We had a gold standard then. As much as I don’t like the Fed, the thought of 535 congressthugs having power over *fiat currency* fills me with dread.

            3. I (nor any financial type primary recipient of counter-fitted dollars ) wants House idiots involved in real-time FOMC decision making.

              FIFY Bitch

    3. Deloitte was supposed to audit my company’s HCC risk scoring for Medicare Advantage members. Since they didn’t have the SAS program or any analysts worth their salt they just took our estimates and rubber stamped them.

      Since the HCC scoring is a simple model with no more than 20 variables, I don’t see how their inability to audit that bodes well for their ability to audit the activity of the federal reserve.

  10. Myth #6: The Federal Reserve has never been audited.

    http://www.publiceye.org/consp…..erty6.html

    1. Its the whackdoodle conservative John Birch paranoid mindset. Everything is a New World Order Conspiracy led by the Rome Beast with Seven Heads that Jesus fought for to save all Aryan/Christians.

      They proliferate on the comments section on this site. Gun-nuts, Hutaree, Aryan Nation, and Promise Keepers. This Christianist Cabal of Constitution “lovers” who finger-fuck their cousins at Family Reunions but can’t tell you why Bush shit on the 4th Amendment while he reigned over them with the evil Darth Cheney.

      These jack-offs rush off to buy retarded fucking ‘Rapture’ books but can’t tell anyone why I can’t buy beer on Sunday via their primitive beliefs.

      1. Wipe that foam off your mouth, boy. You’re making a fool of yourself.

        -jcr

        1. Too close to home?

          1. shrike, I doubt your ravings are close to anything in this dimension.

          2. You see any Bush lovers around here, you pinhead? Go take a look at what H&R had to say about the “patriot” act back when it was first passed.

            BTW, can you cite any single one of Bush’s fuck-ups that Hopey McChange hasn’t continued or worsened?

            -jcr

            1. In Shriek’s favor, I think Mrs. McChange is using different china and silver.

              So that’s something he/they didn’t continue from Chimpy Halliburton the Lesser’s reign.

              1. “Almanian|1.28.11 @ 9:24PM|#
                “In Shriek’s favor, I think Mrs. McChange is using different china and silver.”

                Yeah, and a bigger staff. How……………….
                ‘hopeful’.

        2. That ain’t foam, JCR. That’s Obama splooge. And shrike never misses a drop.

      2. Shreek, your seething ignorance sure makes these threads far more entertaining, to say the least. Keep up the good work little buddy!

        1. He is cute, isn’t he?

          1. Fucking adorable!

          2. He gets owned week to week when some of us humor him by taking his day trader shit seriously, but if you choose to do so, caveat emptor, he has no resell value. Do so only at your leisure.

        2. I like how his argument hinges on the ill effects such an audit will have on financial types like him…and presumably the same sort of financial types that have been ripping our economy a new asshole for the past 4 years.

          Sorry to hear that you might actually have to work for a living Shrike.

          Just thinking about it really pulls the strings in my little heart.

      3. These jack-offs rush off to buy retarded fucking ‘Rapture’ books but can’t tell anyone why I can’t buy beer on Sunday …

        Try wiping Pelosi’s cum off you chin before waling into 7-11

      4. Your check is in the mail, shrike.

    2. Then there’s no problem if this passes then, right?

    3. Mark Plus|1.28.11 @ 7:18PM|#
      “Myth #6: The Federal Reserve has never been audited….”

      You really ought to read the links you post. That is a piece of propaganda.

  11. LOL, good lok with that, wishful thinking at best!

    privacy-tools.au.tc

    1. Anon Bot is speaking to us in a new code. Must….decipher….meaning….before….it’s….too….late……!!!!11!

      1. !!!!!1111!!1!11111!!!!!!!!!!111!1!!1!!!!!11!!!111!1

  12. I don’t want this audit complete until the goverment is properly bankrupt.

  13. David Vitter wants to know if there is any hooker money in there.

    1. “David Vitter wants to know if there is any hooker money in there.”

      Spitzer ain’t on the board.

  14. Here’s your weekend dose of idiocy (yeah, I know, shrike made a post, but c’mon)

    1. And the comments are so, well, stupid:

      “US?.strongest national economy. Still?
      I’d be a little skeptical about that.”

      Right. When France passed the law to let folks lay on their butts for weeks at a time, why, their productivity just went through the roof! At least for the three weeks a year they work.

      1. It gets better. Way better. You’ve just seen a ditch compared to the Grand Canyon of dumbfuckery you’re about to dive into.

        1. I stopped on purpose.
          True story: While vacationing in Europe, wife and I found a sidewalk cafe in Paris for lunch. While we ate and drank, we watched a guy with a bucket of water and a green broom cleaned the gutter around maybe three cars!
          30′ of gutter in 1-1/2 hours! We were giggling when we left….

    2. I’m pretty sure I got dumber reading that.

      1. Ooooooo, here’s a gem:

        Imagine the following scenario? Let’s turn back time to the beginning of your college years.

        Your mother falls down the stares and breaks all kinds of things. She can’t go to work and is screwed into debt by your crummy inexistant health care system.

        Now, YOU need to provide. Forget college? hello burger-flipping.
        Where’s your “leverage” now?

        This system INEVITABLY leads to the good becoming better well the bad get worse. The rich richer and the poor poorer.

        It’s a system that punishes the unlucky for no reason at all except money money money.
        Your holidays are a PART of your pay. If you wouldn’t have those paid days, you’ld earn more.

        The only thing we do in europe is mandate that same system.

        Radical capitalism leads to exploitation and abuse of resources (= people). Radical socialism leads to cummunism.

        WATCH OUT IT’S CUMMUNISM!!!!!!!

        1. what a cunning linguist.

        2. Yes because no one was ever stifled in their pursuit of happiness due to owing taxes. Evolution can’t do those fuckheads in fast enough.

        3. Must be a public school grad.

    3. “the legal right to paid vacation”

      You have the right to remain silent. You have the right to cable TV. You have the right to sing the blues…

    4. Takeaway: there’s hope for us yet.

      1. Yeah. They really brought the stupid. I’m thinking of getting some purple construction paper, glitter and Elmer’s glue. Write the mark $45,000 in glitter on a bill sized piece of paper and see if I can get some Germans to trade me an Audi for it. It is hard to believe those people are as stupid as they show in those post, but damn we would be fools not to find a way to exploit it.

    5. What did you just do to my brain?

  15. 74 percent of the American People demand transparency at the Fed and support a full audit as called for in the Audit the Fed legislation.

    I just tell ’em what the government tells me: “If you have nothing to hide, you have nothing to fear.”

  16. It is unnecessary to audit the fed when capable people like Obama are in the White House. He definitely knows what he is doing, and will not steer us wrong.

    When a libertarian like Bush was in the White House, it led to our current economic mess.

    If you tarditarians would get out of the way, then Bernanke, under the guidance of Obama, will print the exact right amount of money that will improve our economy without doing any harm.

    1. That HAD to be a spoof.

    2. Not that Chony ain’t that dumb. But the tone was all wrong.

      1. It’s easier to call it a spoof than to argue with what I’m saying, because everything I’m saying is 100% correct.

        1. Either way…

          If it’s a spoof, I won’t be sucked in. If not, I won’t be sucked in.

          1. Spoof

            1. You will not be fat when I am done being in office.

              1. I mean, my husband is done being in office. Which will be like, never.

                1. If you’d stop obsessing over your bird of prey arm fat, we could all just be ourselves.

                  1. Can’t we all just get along…..metal rod and jam it into your brain through your ear canal?

          2. “I won’t be sucked in”
            it ain’t that easy Phil Connors

            1. Now, see? You CAN be funny.

              It’s the same thing your whole life: “Clean up your room. Stand up straight. Pick up your feet. Take it like a man. Be nice to your sister. Don’t mix beer and wine, ever.” Oh yeah: “Don’t drive on the railroad track.”

              Well, Phil, that’s one I happen to agree with.

          3. I’ve got your sploof right here libertard.

            Bend over and take it like the pussy you are.

            Oh yeah, you’ll feel the pinch, biotch.

        2. GW was no libertarian.

    3. Definitely not Tony the Troll. Too coherent. Hilarious, though.

    4. The beauty of that is that even if it’s unnecessary, it won’t harm anything to do it.

      1. Even better is that we can just Ben the Wizard (Ben the Beige?) print exactly the right amount of money so that it neither helps nor hinders the economy.

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  18. Bummed out. Thrown out of the local Karaoke bar earlier in the evening by the Japanese proprietor. During my song I declared the albatross to be my lover. As if fucking the moon wasn’t just as creepy. WTF, right?

  19. Here’s your Friday Funny:

    An old country preacher had a teenage son, and it was getting time the boy should give some thought to choosing a profession. Like many young men his age, the boy didn’t really know what he wanted to do, and he didn’t seem too concerned about it. One day, while the boy was away at school, his father decided to try an experiment. He went into the boy’s room and placed on his study table four objects..

    1. A Bible

    2. A silver dollar

    3. A bottle of whisky

    4. And a Playboy magazine

    ‘I’ll just hide behind the door,’ the old preacher said to himself. ‘When he comes home from school today, I’ll see which object he picks up.

    If it’s the Bible, he’s going to be a preacher like me, and what a blessing that would be!

    If he picks up the dollar, he’s going to be a business man, and that would be okay, too.

    But if he picks up the bottle, he’s going to be a no-good drunken bum, and Lord, what a shame that would be.

    And worst of all if he picks up that magazine he’s going to be a skirt-chasing womanizer.’

    The old man waited anxiously, and soon heard his son’s foot-steps as he entered the house whistling and headed for his room.

    The boy tossed his books on the bed, and as he turned to leave the room he spotted the objects on the table..

    With curiosity in his eye, he walked over to inspect them. Finally, he picked up the Bible and placed it under his arm. He picked up the silver dollar and dropped into his pocket. He uncorked the bottle and took a big drink, while he admired this month’s centerfold.

    ‘Lord have mercy,’ the old preacher disgustedly whispered.

    ‘He’s gonna run for Congress.’

  20. FED DEGAGE!

  21. That actually makes a lot of sense to me, but you know it will never happen lol.

    http://www.privacy-tools.au.tc

  22. I don’t have a problem with more transparency of Fed operations but Congressional Oversight strikes me as potentially disastrous, with Fed Chairmen having to placate whatever political stooge/fad is holding sway at the time. Price stability should be the only mandate.

  23. Congressman Calls for Info in FOIA Requesters

    http://www.nytimes.com/2011/01…..sa.html?hp

    “Representative Darrell Issa calls it a way to promote transparency: a request for the names of hundreds of thousands of ordinary citizens, business executives, journalists and others who have requested copies of federal government documents in recent years.”

    What could go wrong?

  24. Car-Pooling Declines

    http://www.nytimes.com/2011/01…..ol.html?hp

    “The percentage of workers who car-pool has dropped by almost half since 1980, the first time the Census Bureau started systematically tracking the numbers, according to new data from the bureau.

    The sharp decline has confounded efforts by urban planners, who over the years have tried to encourage the practice by setting aside highway lanes for car-poolers, as well as offering incentives like discounted parking.”

  25. Asylum Seekers Must Demonstrate ‘Gay-Ness’

    “Amid international outcry over news of the Czech Republic’s testing the veracity of claims of purportedly gay asylum seekers by attaching genital cuffs to monitor their arousal while they watched pornography, some gay refugees and their advocates in New York are complaining that they can be penalized for not outwardly expressing their sexuality. While asylum-seekers and rights groups here expressed relief that use of the so-called erotic lie detector is impossible to imagine in the United States, some lamented in recent interviews that here too, homosexuals seeking asylum may risk being dismissed as not being gay enough. “

  26. I’m just glad the Fed is completely immune from Congressional influence. Otherwise, the economy could run into a ditch, or something.

  27. “They proliferate on the comments section on this site. Gun-nuts, Hutaree, Aryan Nation, and Promise Keepers”

    Prove it or shut the fuck up, shrike.

    Or just shut the fuck up, since you cannot prove it.

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