by Ron Paul: Fed
Audit Under Fire
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spotlight remains on the Greek sovereign debt crisis as the riots
continue. The terms of the Greek bailout from the IMF and Eurozone
countries remain contentious with citizens on all sides. Europeans
hate having their governments throw public money away as much as
Americans do. The Greeks are not happy about having their taxes
raised while their pensions and salaries are cut. Meanwhile, it
is rumored by the Financial Times, AFP, and others that Greece
may spend more than it saves from austerity measures on arms deals
with Germany, France and the US as a potential condition of receiving
bailout funds. If true, it is certainly not unprecedented for the
global military industrial complex to benefit from deals made by
their friends in the central banking community. After all, war is
the health of the state. The last thing big government proponents
want is for peace to break out in the world.
This free flow
of fiat money from around the globe to Greece will not really save
Greece as much as it will grant a temporary reprieve to central
bankers from the consequences of their mistakes. Sadly, this will
come at the expense of the Greek people and taxpayers in Europe
and America. Taxpayers are of no consequence to either European
or American central bankers. Even the mere desire for complete information
on what they are up to in our name is rebuffed, as we saw last week
in the Senate with the failure of Senator Vitter’s amendment
containing my language to fully audit the fed. The hubris of powerful
and secretive central bankers seems to know no bounds.
incurred debts against you as an individual, without your knowledge
or consent, you would call it identity theft. You would call your
bank for a full accounting of the debts incurred in your name, and
after some verification, those debts would be declared invalid and
you would not be held responsible for them. Furthermore, if the
culprit was found, they would be prosecuted and sent to jail.
Not so with
governments and central banks. Governments that are supposed to
be of the people and for the people routinely incur debts against
the people. Some governments even borrow money to oppress their
citizens, and then expect them to pay for their own oppression with
interest. With a fiat monetary system, the sky is the limit for
how much debt a government can place on the backs of the people.
We have reached
the point in the United States where the debt our government has
accumulated against us is mathematically impossible to pay off.
Harder times, likely due to a wave of hyperinflation, will eventually
find its way to our streets and I am fearful of how Americans will
react. My hope is that we will come together peacefully and help
each other, and that enough of us will be aware that the blame rests
securely on the shoulders of the Federal Reserve and the special
interests. They should not be looked to for salvation. They should
not be given more power. Rather, they should be stripped of the
powers that allowed them to create this mess in the first place.
to public transparency regarding public debts should be denounced
in the strongest of terms, and the central bankers that incurred
them should be seen as no better than common identity thieves.
Paul is a Republican member of Congress from Texas.