Sharpening the red pencil

Ron Paul isn’t backing down:

Audit the Fed in 2011

Since the announcement last week that I will chair the congressional subcommittee that oversees the Federal Reserve, the media response has been overwhelming. The groundswell of opposition to Fed actions among ordinary citizens is reflected not only in the rhetoric coming out of Capitol Hill, but also in the tremendous interest shown by the financial press. The demand for transparency is growing, whether the political and financial establishment likes it or not. The Fed is losing its vaunted status as an institution that somehow is above politics and public scrutiny. Fed transparency will be the cornerstone of my efforts as subcommittee chairman.

Ron Paul is correct. What Congress can make, Congress can unmake. And since the Federal Reserve has destroyed more than 95% of the purchase value of the dollar despite its mandate to maintain price stability, it cannot reasonably hide its books behind its self-serving, self-declared need for independence any longer.