PoliticalAction.com Blog

I have been a supporter of Ron Paul since his 2008 presidential run.
Here he talks more sense in ten minutes then most other politicians
talk in a lifetime. Ron Paul is my President.

Dear Friend of Liberty,

We have all worked so hard to make an Audit of the Federal Reserve a reality. Together, we have led the fight to get congressional hearings, 308 cosponsors, and unprecedented attention around the country.

Now, you and I face our biggest challenge yet. And Ron Paul needs your help!

Mel Watt (D-NC), Chairman of the Monetary Policy Subcommittee, has sided with banking interests and is working to gut substantial audit provisions from H.R. 1207. The bill Congressman Watt has sent to the full Financial Services Committee contains no audit of the Fed’s monetary policy-making authority or transparency of the Fed’s secret agreements with foreign central banks.

Without these provisions, a so-called audit of the Fed would be worthless.

The full Financial Services Committee is likely to vote on this bill either later this week or early next.

Congressman Paul will offer an amendment to restore the provisions contained in H.R. 1207 to audit monetary policy and activity with foreign central banks. Thirteen of the 41 Democrats and all 29 Republicans on the Committee have cosponsored H.R. 1207, and if they hold the line, we will have the votes to win and restore our audit.

Dr. Paul has shot a YouTube video for Campaign for Liberty explaining the situation in more detail.

Pressure on the Democrat House Financial Services Committee members is critical! Below is a list of Democrats who have cosponsored. Please call them and urge them to vote Yes on the Paul Amendment. Click on their names to get their web contact information.

1. Rep. John Adler, NJ (202) 225-4765

2. Rep. Travis Childers, MS (202) 225-4306

3. Rep. Steve Driehaus, OH (202) 225-2216

4. Rep. Alan Grayson, FL (202) 225-2176

5. Rep. Rubén Hinojosa, TX (202) 225-2531

6. Rep. Suzanne Kosmas, FL Toll Free: 1-877-956-7627

7. Rep. Dan Maffei, NY (202) 225-3701

8. Rep. Brad Miller, NC (202) 225-3032

9. Rep. Walt Minnick, ID (202) 225-6611

10. Rep. Ed Perlmutter, CO (202)-225-2645

11. Rep. David Scott, GA (202) 225-2939

12. Rep. Brad Sherman, CA (202) 225-5911

13. Rep. Jackie Speier, CA (202) 225-3531

When contacting these members, remember that up to this point, these members have been allies on this issue. A civil yet firm tone should be kept during these calls. They should be thanked for their cosponsorship, told that Mel Watt’s changes to the bill are unacceptable, and urged to hold the line and honor their promise to support transparency at the Fed by voting Yes for the Paul amendment.

It is also important that we contact Financial Services Chairman Barney Frank and House Speaker Nancy Pelosi and urge them to schedule a standalone, up or down vote on the real Audit the Fed bill.

Rep. Barney Frank: (202) 225-5931

Speaker Nancy Pelosi: (202) 225-0100

Now is a crucial time for Audit the Fed. If these 13 Democrats hold the line, Ron Paul and C4L can win this battle. But, they must vote Yes on the Paul amendment when the full committee votes.

Together, you and I can win this fight.

In Liberty,

John Tate
President

Texas Straight Talk – A weekly column
Rep. Ron Paul (R) – TX 14

Last week a new bill was introduced in the Senate to audit the Federal Reserve. Some backers of my bill HR1207 and the existing Senate companion bill S.604 were a little miffed at this, but depending on how you think about it, this new legislation poses no great threat to our efforts.

With the economy in shambles, people are looking for answers – not just because of lost savings on Wall Street, but because of lost houses on Main Street. Because of the many problems we face, the Federal Reserve and its powers over the economy have come under scrutiny. This translates into a lot of political pressure on Congress. With all the House Republicans signed on as co-sponsors and over half of the Democrats, HR 1207 has enormous bipartisan support. It would be disingenuous for Washington not to embrace the principles behind this bill after all the promises for transparency. How can one credibly argue for more transparency in government in one breath and defend the secrecy of the Federal Reserve in the next?

However, there is still very powerful resistance to the disclosures that HR 1207 would require and efforts to weaken it will continue to pop up before this issue is settled.

The good news is that Washington is responding and the Federal Reserve has become the issue. Concerned Americans need to keep the pressure on by continuing to define what we want, and what we do not want.

One major concern is that HR 1207 constitutes some kind of power grab for Congress. Congress would not do a better job dictating interest rates or managing money supply growth than the Federal Reserve does for exactly the same reasons: Congress is not the free market. Any select group of people, no matter how wise and educated, simply cannot replace the wisdom of the market. HR 1207 does not seek to replace the wisdom of the Fed with the wisdom of Congress. That would be a giant step backwards. HR 1207 simply asks for full disclosure, and I am agreeable to allowing for a reasonable lag time to calm the fears that Congress intends to dictate monetary policy.

What we do want, what we insist upon, is that no longer will decisions that carry so much economic weight be made in absolute secrecy. We want to know what arrangements the Fed makes with other governments and central banks. We want to know who is benefitting from the actions of the Fed and what deals are being made. The Fed is already reacting to pressure by scaling back its liquidity facilities and returning to more traditional monetary policy through direct asset purchases. With nearly $800 billion in mortgage-backed securities on its books already, $800 billion in Treasury securities, and no real limit to what the Fed can acquire, there is a tremendous opportunity for malfeasance. We need to know who the Fed deals with, what they buy, how much they spend, and who benefits. As good as any step towards Federal Reserve transparency is, anything less than full disclosure at this point is unacceptable.

Dear Friend of Liberty,

Seventy-five percent of Americans agree with us that it’s time to thoroughly and completely audit the Federal Reserve System.

Every Republican and over one hundred Democrats in the House of Representatives have signed on as cosponsors of HR 1207. Almost a quarter of the Senate has gotten on board with S 604.

So what does this tell us?

It’s time to go get the rest!!

Last month, I announced that we would be holding an Audit the Fed Mass Action Event starting in the last couple weeks of August and culminating in a nationwide Mass Action Day on September 15.

Since then, C4L members have been knocking on doors, standing outside stores, attending county fairs, and gathering petition signatures in support of S 604.

On September 15, C4L National will deliver over 100,000 petitions to Capitol Hill while members across the country deliver the petitions they’ve collected to their senators’ local offices. Many of your fellow members will be holding rallies outside those offices, and several have contacted local media about covering the event.

Here are three ways you can help ensure the success of this Mass Action Event:

1.) Gather petitions – Hit the streets! Make sure your senators hear from as many people in your state as possible. Let’s spread the word and add to the seventy-five percent of Americans who support our cause. You can download petitions at CampaignforLiberty.com and AuditTheFed.com.

2.) Call your senators – Starting Tuesday, September 8, C4L members will be calling their senators’ offices to urge them to cosponsor S 604. Our objective is to keep their phones ringing off the hook by having members call every day for the week leading up to the petition drop. Commit to calling your senators by signing up here.

3.) Show up on September 15 – Congress counts on grassroots activists being content with just calling and sending petitions. To make sure they get our message that it’s time to Audit the Fed, we’re going to take our cause right to their offices in person. These events will be as effective as you make them. Show your senators that you are serious about real reform by rallying with your fellow members right outside their offices.

State and local coordinators and leaders have been working hard to create the most effective and efficient plans for September 15’s petition drop. Click here to find out how to take action in your area.

We were able to secure the support of almost two thirds of the House with your hard work gathering petitions, calling, and showing up at your representative’s offices. This could be the event that tips the scales in the Senate!

As we also announced last month, we’re adding an extra incentive. The person who gathers the most signatures in each state will win a pocket Constitution and a copy of Dr. Paul’s new book, End the Fed, both autographed by Congressman Paul himself.

And whichever state collects the most signatures (as a percentage of population) will win a $1,500 gift certificate to the Campaign for Liberty store!

Our representatives and senators are expecting to settle back in to business as usual when they return to D.C. after Labor Day. They think that they can leave your opinions and concerns behind in their districts while they continue to work on completely taking over our health care and finding other new ways to run our lives.

Let’s show them that their top priority should be finding out how the Federal Reserve has doled out trillions of our dollars, what deals they have locked us into with foreign central banks and governments, and why they refuse to disclose the details.

The day after our petition drop will mark the official release of End the Fed. This comprehensive look at the Federal Reserve System and its disastrous effects on our lives and country is sure to be a powerful tool with which to convince your family, friends, and neighbors that it’s time to restore our economy by reinstituting a sound money system.

A year ago, no one would have said we could make an audit of the Fed into a national, mainstream issue. Join us on September 15 as we show the political establishment, entrenched bureaucrats, and the media that our grassroots Revolution is more energized and determined to take back our country than ever before.

In Liberty,

John Tate
President

Dear Friend of Liberty,

Trillions of dollars are being stolen from the U.S. taxpayer.

Right now, you and I are seeing the worst plundering of a country’s wealth in the history of civilization, led by an out of control Federal Reserve.

But together you and I CAN put a stop to it all.

With your help (including submitting the petition linked below to your Congressman and Senators) today, Representative Ron Paul, Senator Jim DeMint and Campaign for Liberty are ready to fight back, by taking the battle straight to the heart of the problem – the Federal Reserve itself.

Just think about the scope of the problem for a minute: The massive, outrageous amount of dollars committed to the economic bailouts in recent months totals:

More than the socialist New Deal … More than the entire Iraq debacle … More than the 1980’s savings and loan mess … More than the Korean War …

COMBINED.

When will it all end?

It’s time you and I put a stop to a renegade Federal Reserve by exposing the Fed’s out of control actions to the American people. And Congressman Ron Paul and Senator Jim DeMint have a bill before Congress to do just that, known as the “Audit the Fed” Bill (HR 1207 and S 604).

That’s why it’s vital you click here to submit your “Audit the Fed” petition in support of Congressman Paul’s bill.

You see, Audit the Fed already has almost 300 cosponsors!

Now is the time to make sure your Congressman and Senators feel the heat to support the Audit the Fed bill!

If you and I don’t act today, I’m afraid this crisis will end with the economic ruin of every man, woman and child in America.

Today, nearly 13 TRILLION in taxpayer dollars in bailouts and loans have been agreed to by Congress, the Bush and Obama Treasury Departments, and the out of control Fed.

So is it really any wonder more and more folks are starting to realize the Washington, D.C. establishment is hurtling us toward complete economic disaster?

Whether it’s watching a phony “stimulus” package get rammed into law or watching Congress pass a $700 BILLION bank “bailout” under threat of martial law, the American people are agitated and increasingly angry.

That means it’s a perfect time to unleash the pressure of MILLIONS of outraged Americans on the out of control Fed!

So please click here to sign the petition linked below urging your Congressman and Senators to cosponsor and seek roll call votes to pass the Audit the Fed Bill!

As I know you’re aware, the Federal Reserve is shrouded in secrecy. Their meetings are off-limits to the public. Their inner workings are off-limits to the public.

And just recently, the Federal Reserve told Congress “NO WAY” when asked to account for $2 TRILLION in taxpayer-backed loans!

Well, why do you think they refused?

They know coming clean with Congress and the American people on how they doled out that two TRILLION dollars would result in an anti-Fed firestorm.

So can you imagine the impact of a full-scale audit? You and I will finally be able to show the American people that the Federal Reserve System leads to:
*** Constant economic crises — the housing crisis and the resulting chaos is just one example of an economic bubble created by centrally-planned interest rates and money manipulation;

*** The destruction of the middle class — as fuel, food, housing, medical care and education costs soar, everyone who is NOT on the government dole is forced to make do with less as the value of their money slowly decreases;

*** Currency destruction — history shows us that riots, violence and full-scale police states can result when people finally realize our money isn’t worth the paper it’s printed on and REFUSE to accept it.
And unless you and I do end the madness in Washington, D.C., we may be closer than we’d like to think to learning that history lesson firsthand — right here in our own streets.

That’s why your commitment to helping pass the Audit the Fed Bill –- and helping Campaign for Liberty fight this battle — is so vital.

Just a few months ago, there was no chance of passing any legislation like the Audit the Fed Bill. So I guess there has been one “CHANGE.”

You see, with the piling up of trillions of dollars in out of control “bailouts” of Wall Street and international bankers, even many politicians in Washington want to show you they’re “being responsible.”

What better way for Congress to do this than by auditing the Federal Reserve to account for the trillions stolen from the U.S. taxpayers?

More and more Congressmen are already feeling the pressure and are signing up to support this bill. I’ve even received word this bill could move in the next few weeks in the U.S. House.

When that happens, you and I must be ready to fight.

And, it’s both a bill we CAN pass, and one that is vital to exposing the massive corruption and dollar manipulation at the Federal Reserve.

You see, after regulating, taxing, spending, borrowing and printing us into what looks like the worst recession in decades, establishment politicians and power brokers are assuring us they’re working hard to “fix” our economic woes. What is their solution? You guessed it. More of the same!

And even if the Audit the Fed Bill is defeated this time, just forcing a vote is a win/win situation.

Can you imagine how many politicians will pay the price at the ballot box in 2010 when you and I tell the American people their Congressman somehow lost trillions of taxpayer dollars and refused to even LOOK for it?

Now we just need to show Congress the American people demand action on the Audit the Fed Bill. Here’s how we plan to do that.

First, we’re already busy contacting up to five million activists nationwide through mail, phones and email to generate petitions to the U.S. Congress demanding action on Ron Paul’s Audit the Fed Bill.

But that’s just the beginning. We’ll work the talk radio stations and grant local media interviews to ratchet up the pressure even further on Congress.

And a few days before the vote, if we have the resources, we’d also like to run hard-hitting targeted radio, TV and newspaper ads.

This entire program is designed to send this one, CLEAR message to Congress: Any politician who votes against the Federal Reserve Audit should look for another job.

But such a massive effort won’t be easy — or cheap.

So in addition to submitting your petition, I also hope you’ll agree to make a contribution of $1000, $500, $250, or $100 to Campaign for Liberty.

If $100 is too much to ask right now, please make a contribution of $50 or even $25 today. Every dollar will help, and every dollar will go to this vital fight.

I know times are hard, but if we don’t take action, the America we see in just a few years could look far worse than even the one we see today.

Can I count on you to join the fight to AUDIT THE FED by clicking here to sign the petition, and by making a generous contribution of $1000, $500, $250, $100, $50 — or whatever you can afford — to Ron Paul’s Campaign for Liberty?

Sincerely,

John F. Tate
President

P.S. Please submit the petition urging your Congressman and Senators to cosponsor and seek roll call votes on Rep. Ron Paul’s Audit the Fed Bill TODAY!

Texas Straight Talk – A Weekly Column
Rep. Ron Paul (R) – TX 14

It has been an interesting week indeed for the Federal Reserve. Early this week, it was announced that President Obama intends to reappoint Fed Chairman Ben Bernanke to a second term in January, signaling a vote of confidence in him. Bernanke seems to be popular with the administration and with Wall Street, and with good reason. His lending policies have left big banks flush with newly created cash that covers up old mistakes and allows for new ones. By buying up mountains of Treasury debt he has also enabled spending to soar to ridiculous levels that should startle any responsible economist, and scare any American concerned about the value of the dollar. However, these highly sensitive decisions about our money are not made by economists, they are made by politicians. Bernanke, like most of his predecessors, is the politician’s best friend. However, there is no reason to believe any other central planner would behave any differently, considering the immense political pressure on the Fed.

Fed policies have been as bad for the economy as they are good for politicians and bankers, as the recently released numbers on the debt and deficit demonstrate. For the first time since World War II the annual budget deficit is projected to be over 11 percent of the nation’s gross domestic product. It is also projected that by 2019 the national debt will be 68% of GDP. Our path, if unchanged, is completely untenable.

The administration claims that it inherited a dire situation from the last administration, which is absolutely true. However, that hasn’t stopped them from accepting all the policies and premises that got us here, and accelerating those policies to rapidly make a bad situation much worse. The bailouts started with the last administration. They have gotten bigger with this one. The last administration gave us expanded government involvement in healthcare with a new prescription drug benefit. This administration gave us a renewal and expansion of SCHIP, and now the current healthcare takeover attempts. In reality, we can afford none of this, but shady monetary policy allows Washington to continue along its merry way, aggravating all our economic problems.

Not everyone in government finds it acceptable that the Fed wields so much power and privilege in secrecy. Last week, a federal judge ruled against Fed secrecy, compelling them to release under the Freedom of Information Act information regarding which banks received emergency loans, and under what terms. The Fed will, of course do everything in its power to fight this ruling and it is certainly not the last word on the issue. Still, it is encouraging to see that the interests of the taxpayers were defended victoriously in court, while the Fed only sees the plight of its big banker friends.

Meanwhile HR 1207 and S604, legislation to open up the Fed’s books to a complete audit, continue to gain momentum in Congress as the people continue to insist on real transparency of the Federal Reserve. One way or another, the days of Fed autonomy are coming to an end, as well they should. No one should have the power to debauch the currency and gut the economy as they do. It is time they answered for their actions, so the people can understand that we truly are better off with freedom instead of Fed tyranny.

Dear Friend of Liberty,

Our grassroots Revolution has set its sights on restoring a sound monetary policy to our nation, and every day we are awakening more of our countrymen to the dangers of Federal Reserve secrecy and its stranglehold on our economy.

A year ago, no one in the political establishment would have believed that a bill to thoroughly audit the Fed would have almost two-thirds of the House (including every Republican representative and nearly one hundred Democrats) and a quarter of the Senate on board.

Certainly, no one would have bet that three-fourths of the American people would support such an audit.

As many of you may have heard by now, recent statements from Representative Barney Frank, chairman of the House Financial Services Committee, have indicated that the House will vote on Audit the Fed in the next few months.

However, rather than voting on HR 1207 as a standalone bill, many in Congress hope to roll it into the comprehensive regulatory reform package recently proposed by the White House.

This reform package grants new, more comprehensive powers to the Fed and strengthens the government’s control over our economy. C4L and other friends of liberty stand in opposition to this proposal, as well as any other attempt to convert this historic movement for transparency into yet another rubber-stamping of politics as usual.

It is imperative that Audit the Fed come before the House and Senate on its own merits.

The American people stand behind a thorough audit of the Fed, and we should not be adding additional powers when we don’t fully know what is being done with the ones they currently have.

Call Speaker Nancy Pelosi’s office today at (202) 225-0100 and urge her to stand with the American people by giving the Audit the Fed bill full debate and a standalone vote on the House floor.

Click here for contact information for your representatives and senators and ask them to get behind Audit the Fed if they have not yet done so. If they have already cosponsored, tell them to push for a roll call vote on HR 1207 and S 604 on the bills’ own merits.

Our movement has worked hard to bring transparency and accountability to one of the nation’s most secretive institutions. Audit the Fed has received a bipartisan level of support that is very rare in politics today.

Together, we can see a comprehensive audit of the Federal Reserve signed into law, but it should not be accompanied by more of the same interventionist legislation that helped create the current crisis.

In Liberty,
John Tate
President

Dear Friend of Liberty,

Turn on the TV . . . pick up a paper . . . surf the news sites . . . even visit Youtube.

Everywhere you look, Congressmen are catching heat in their own backyards.

They thought going back to their districts during August recess would be a breath of fresh air and a time to unwind. Boy, were they wrong!

Now they can’t wait to run off back to Washington, D.C. to escape the mobs of outraged constituents in their home districts.

So that’s why we need to make their return to D.C. as politically unpleasant as some of these townhall meetings.

Campaign for Liberty is launching a mass action movement, and we need you to be a part of it.

Starting right away, it is time to double down on collecting signatures for S 604, the Senate Audit the Fed Bill.

While Congress is still on recess, townhall meetings are a great place to gather tons of petition signatures.

To make things interesting, Campaign for Liberty is upping the stakes. The person who gathers the most signatures in each state will win a pocket Constitution and a copy of Dr. Paul’s new book End the Fed, both autographed by Dr. Paul himself.

And whichever state collects the most signatures (as a percentage of population) will win a $1,000 gift certificate to the Campaign for Liberty store.

A recent Rasmussen poll shows that 75% of Americans support a thorough audit of the Federal Reserve, so there are plenty of willing signers out there just waiting to be asked.

With 3 out of every 4 people a supporter, you could gather hundreds of petitions just hitting a few blocks door-to-door!

But collecting the petitions is just the first step.

When the Senators return to D.C. on September 8th, we want to let them know right away that we haven’t let up. We want them sweating as soon as they get back.

So, for the first week (September 8th – 15th), let’s keep their phones ringing off the hook about Audit the Fed. Let’s keep at least one staffer in every office busy from morning to night.

If everyone makes just one call a day, they will be overwhelmed. And believe me, they will get the message.

And that’s when we hammer it home.

On Tuesday, September 15th at 4PM, it’s finally time to deliver those petitions!

Your local leaders are already developing a strategy for the most effective petition drops, so please check your state page for plans and updates.

Similar pressure brought almost two-thirds of the House of Representatives on board with Audit the Fed, and it’s high time the Senate shaped up.

Can you imagine the reaction at each Senate office to hundreds of patriots delivering thousands of petitions, all on the back of a week of non-stop calls and a month of townhall protests?

The effects of displays like these are two-fold, because in addition to putting political pressure on your Senators, they generate local media coverage and help spread the Audit the Fed message to more voters.

Which in turn puts more pressure on your Senators.

So let’s turn up the heat. Gather as many S 604 petition signatures as you can. Hit up the townhall protests and any other liberty-minded rallies.

Remember, the winning signature-gatherer in each state wins a copy of End the Fed and a pocket Constitution, both autographed by Ron Paul.

Not to mention the winning state gets a $1,000 Campaign for Liberty shopping spree!

When the Senators finally retreat to Washington, D.C. on September 8th, call their office daily to ratchet up the pressure for Audit the Fed.

And then, on Tuesday, September 15th at 4 PM local time, we’ll really let ’em have it! We’ll deliver those thousands of petitions simultaneously, in front of news camera and the public eye.

Check your state page for specific petition drop plans for your state.

This Mass Action Movement will be critical in getting Audit the Fed passed in the Senate. I hope you will take the time to join in this winning fight.

In Liberty,

John F. Tate
President

Dear Friend of Liberty,

As you and I both know, Campaign for Liberty is leading the fight to pass Ron Paul’s bill to Audit the Fed. With 282 cosponsors in the House and 23 in the Senate, your efforts have so far proven very successful in establishing large, bipartisan support for Federal Reserve transparency. We’ve come a long way in demonstrating to the nation that monetary policy is a critical issue, and every day more and more people are waking up to the harm that the Fed has caused our economy.

But our mission is not yet complete. There are more Americans to educate, more signatures to collect, and more work to be done to combat the “big guns” that have come out against Ron Paul’s Audit the Fed bill. That’s why today I’m proud to announce that we’ve taken the next step in our efforts by launching AuditTheFed.com, a focused, coalition website with one purpose: to push this historic piece of legislation through Congress, past the President’s desk, and into law.

AuditTheFed.com includes: contact information for your congressman and senators, petitions, widgets, and banners to promote the website, dynamic graphs of the bill’s cosponsors, a detailed summary of the Audit the Fed bill, a list of our growing coalition, a blog to keep you up to date on all the latest Audit the Fed news, a sign up for email updates, and social networks to help get the word out online. This website was designed to put you, the liberty-loving activist, in a position to efficiently and effectively promote Audit the Fed to family, friends, neighbors, and strangers alike.

This new website is the latest addition to our efforts to Audit the Fed, but it is by no means the culmination. Stay tuned to CampaignforLiberty.com in the coming days for information on how we plan to mobilize to gain not only more cosponsors for HR 1207 and S 604, but support for a vote in the House and Senate.

For Liberty,
John Tate

President

P.S. If you are able, please consider donating to Campaign for Liberty today to help ensure Audit the Fed becomes law and we can finally bring transparency and accountability to one of our country’s most secretive institutions.

Texas Straight Talk – A weekly column

Rep. Ron Paul (R) – TX 14

Last week I was very pleased that hearings were held on the independence of the Federal Reserve system. My bill HR 1207, known as the Federal Reserve Transparency Act, was discussed at length, as well as the general question of whether or not the Federal Reserve should continue to operate independently.

The public is demanding transparency in government like never before. A majority of the House has cosponsored HR 1207. Yet, Senator Jim DeMint’s heroic efforts to attach it to another piece of legislation elicited intense opposition by the Senate leadership.

The hearings on Capitol Hill provided us with a great deal of information about the types of arguments that will be levied against meaningful transparency and how the secretive central bankers will defend the status quo that is so beneficial to them.

Claims are made that auditing the Fed would compromise its independence. However, by independence, they really mean secrecy. The Fed clearly cherishes its vast power to create and spend trillions of dollars, diluting the value of every other dollar in circulation, making deals with other central banks, and bailing out cronies, all to the detriment of the taxpayer, and to the enrichment of themselves. I am happy to challenge this type of “independence”.

They claim the Fed is endowed with special intellectual abilities with which to control the market and that central bankers magically know what the market needs. We should just trust them. This is patently ridiculous. The market is a complex and intricate thing. No one knows what the market needs other than the market itself. It sends signals, such as prices, that should be reacted to and respected, not thwarted and controlled. Bankers are not all-knowing and cannot ignore the rules of supply and demand. They might act as if they are, but their manipulation of the market just ends up throwing it wildly off balance, which gives us the boom and bust cycles.

They claim the Fed must remain apolitical. No organization is apolitical that relies on the President to appoint the Chairman. In fact, it is subject to the worst sort of politics – power to create trillions of dollars and affect the value of every dollar in the country without the accountability of direct elections or meaningful oversight! The Fed typically enacts monetary policy that is favorable to particular administrations close to elections, to the detriment of long term considerations. They do this partly because of the political appointee process for the Chairmanship.

The only accountability the Federal Reserve has is ultimately to Congress, which granted its charter and can revoke it at any time. It is Congress’s constitutional duty to protect the value of the money, and they have abdicated this responsibility for far too long. This was the issue that got me involved in politics 35 years ago. It is very encouraging to finally see the issue getting some needed exposure and traction. It is regrettable that it took a crisis of this magnitude to get a serious debate on this issue.