Friday, November 5, 2010

Monetary Chairman Ron Paul? Now That's What I'm Talking About!

Although this could be an interesting next several years in American politics, depending on whether or not the Republicans actually got the message the American people really sent, nothing will be more fun to watch and informative as Rep. Ron Paul (R-Texas) being named chair of the House subcommittee overseeing monetary policy.

If you though Paul put Bernanke's and others' feet to the fire before, I don't think we've seen anything yet if Republicans do the right thing and appoint him there.

There is no doubt part of the uprising from the electorate was inspired by Ron Paul, and that part of it associated with monetary policy most definitely was.

Paul has rightly blasted the policies of the Federal Reserve, which has become so powerful it pretty much does whatever it wants with impunity, led by whoever the chairman is at the time.

Forget the American presidency, the most powerful man in America is the one chairing the Federal Reserve, and that is of course Ben Bernanke. Hopefully when Paul is through with both the Fed and Bernanke, they'll be taken down a big notch and on the road to weakened power, and ultimately in the years ahead, its eventual abolishment.

But more realistic and possible in the short term is for the Federal Reserve to be forced to open its books so the American people can see that they're up to.

“We need to create transparency there. To see what it is they are buying and lending, and who it is they are dealing with,” said Paul.

Other things Paul wants to accomplish is to use the position to educate the public on Austrian economics, which as part of its core, sees central banks and their shady dealings as the reason for the seemingly endless business cycles, not the free market, which the socialists attempt to paint the economic problems with.

Paul also wants to audit the gold reserves of the U.S. in order to prepare for a competing currency market and hopefully return to a gold standard.

Finally, part of his ambitious goal is to look much closer at the International Monetary Fund and other global financial institutions who want to institute a global currency.

“We will have to have monetary reform. I think those on the other side of this issue are already planning. They are going to try to replace a bad system with an equally bad system,” Paul concluded.

Ultimately Paul doesn't see the U.S. dollar being able to remain the reserve currency of the world.

Go Ron! This is not going to be boring or business as usual in Washington if Paul is named as chairman of the subcommittee. If he isn't, the Republican leadership will hear from us quickly.

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