Ron Paul’s Fed Transparency Act, which would require a fresh outside audit of the Fed, has passed the House, though it faces an uphill climb in the Senate.It’s got a lot of internet-borne support (duh!) in part, probably, cause nobody knows what the hell the Fed is or does, but also because there are many people legitimately concerned about transparency and the bailouts (like us).
Before everyone jumps on Ron Paul’s bandwagon, Eddy Elfenbein has a good piece urging everyone to take a deep breath:
The Federal Reserve is one of those topics where otherwise normal people start getting a little weird. I think it knocks about 10 points off people’s IQ. Israel is another topic like that. In fact, to some people, it’s not a separate topic.
I mention this because there’s been a movement to support Congressman’s Ron Paul’s bill (HR 1207) which will require audits of the Federal Reserve. The bill already has enough cosponsors to pass the House easily. The Senate, however, could be a different matter.
So what could anyone have against auditing the Fed? The problem I have isn’t the audit, but it’s the bizarre paranoia of more than a few of the bill’s supporters. What exactly do they expect to find out?
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