I don't care about auditing the Fed

[TaftFan]

Okay, the title is a little provocative because I want to draw in some really good discussion.

I do care about auditing the Fed, but in the long run doing that by itself won't mean much. It doesn't change policy.

Rand Paul cannot run on "auditing the Fed". He has to either run on ending the Fed, or on making some major adjustments that would essentially make the Fed a minute influence on the economy.

I am of course one of the biggest Rand Paul proponents.....but I wish we heard something about monetary and banking policy come out of his mouth more.

The question is: when and where does Rand announce his intentions on what to do with the Fed? Or does he do it at all?

 

[BAllen]

His priority may be to get elected, then take action on those things.

 

[Warlord]

He needs to make clear what he's going to do with the Fed if he was elected president.

He can't simply state I want to to audit it but i'm going to let all this nonesense continue.

He said "there's nothing conservative about bailing out Wall Street" (CPAC '13 speech) which gives me hope because indirectly these investment banks are receiving a bailout every year through privileged access to the Fed and/or selling government bonds and making a commission.

I think I saw an article once that if you take all that out these investment banks are effectively bust.

Whatever he does if he's president he has to end the scam fast and let the economy heal from the short term shock in time for actual growth in later years and hopefully by the time of his re-election.

But i'd like to hear what he has in mind.

 

[thoughtomator]

The point of the audit is that it will supply all the ammo necessary to get rid of the Fed, once the minutiae of their evil doings are exposed to the light of day.

 

[TheTexan]

I also dont see much value in auditing the fed. Its like thinking auditing the IRS is going to lower taxes.

 

[asurfaholic]

I've heard him mention the fed before. I am confident he is for auditing the fed, and exposing it as a danger to The USA.

I believe it will come at some point as the race heats up and he attempts to rally up the RON Paul base that is so enthusiasticly ENDtheFED.

I for one am one of those people.

End the fed and you kill beast

 

[TaftFan]

The point of the audit is that it will supply all the ammo necessary to get rid of the Fed, once the minutiae of their evil doings are exposed to the light of day.

I don't know. Nothing really even came out of LIBOR.

 

[Warlord]

I've heard him mention the fed before. I am confident he is for auditing the fed, and exposing it as a danger to The USA.

I believe it will come at some point as the race heats up and he attempts to rally up the RON Paul base that is so enthusiasticly ENDtheFED.

I for one am one of those people.

End the fed and you kill beast

Auditing is no good. If he's elected president he needs to end the QE, bailouts and the bond selling in order to generate meaningful prosperity and suck up the negative short term consequences.

 

[TaftFan]

Also, right now the End the Fed bill in Congress has just two sponsors: Paul Broun and Thomas Massie.

 

[Warlord]

Yeah the Fed's not going to end but ending QE, bailouts and bond selling will deal with a lot of the problems and then enacting competing currency legislation and other things can reduce the Feds influence and stranglehold on the American economy.

I'd be interested to see if he'd have the BALLS to raise interest rates to 8% and negotiate with creditors a reduction in national debt. If he ever gets elected president the debt will be unsustainable and will need to be renegotiated and repudiated otherwise the interest payments on the debt will consume the entire budget (something he's aware of) so what's the solution? repudiate it.

It's a bit of a mess but it's gone far beyond simply auditing and holding them to account... action is required and the scams have to end.

The audit bill is a good way of drawing attention to this issue but it's not a solution.

 

[tsai3904]

I do care about auditing the Fed, but in the long run doing that by itself won't mean much. It doesn't change policy.

The way the Fed has been fighting an audit of monetary policy deliberations seems like they want to keep something secret.

Auditing itself won't change policy but to get an audit, you have to spread the word about what the Federal Reserve has done and how they affect the economy. In the process of getting a partial audit couple years ago, we have videos of Ron and Alan Grayson grilling Fed officials that have garnered millions of views and made some people question the Fed.

The fact is most people don't know a thing about the Fed and to fight for an audit, you have to educate people in the meantime about what the Fed does. That's one benefit of pushing for an audit.

 

[tsai3904]

By the way, we are really close to majority support of an audit in the Senate. There are 45 Senators (including 6 Democrats) on the record of supporting an audit and that doesn't include 6 Republicans who have not indicated where they stand and the couple other Democrats who probably would vote for it if it came to a vote.

 

[mz10]

Biggest Fed-related thing Rand can do as president - appoint an Austrian or someone Austrian-leaning as Fed chair. Which I have little doubt he would do.

 

[Warlord]

Biggest Fed-related thing Rand can do as president - appoint an Austrian or someone Austrian-leaning as Fed chair. Which I have little doubt he would do.

The best thing he can do is immediately do that and put an end to the perpetual indirect bailouts and do it fast. If he stalled he risks everything falling apart at some time during his term. If he acted quick and sucks up the negative consequences then there will be growth and prosperity at some point. He also needs to renegotiate the debt because the interest payments especially when rates rise will consume the entire Federal budget so he has to tell the bankers and China, Japan etc. that they're not getting paid while also balancing the budget.

 

[jkr]

as far as i am concerned they have blown it-CONSENT REVOKED!

END
IT
NOW


GET A REAL JOB YOU EVIL BASTARDS!

 

[asurfaholic]

Auditing is no good. If he's elected president he needs to end the QE, bailouts and the bond selling in order to generate meaningful prosperity and suck up the negative short term consequences.

I don't know if I'd say that auditing is no good, seems to be a bit dismissive of the treasure trove of ammo that can be used against the fed and to provide for a relevant and convincing platform to push for anti fiat legislation.

 

[Carsten2012b]

I got three words for ya: END THE FED!

 

[Warlord]

Paul Broun says he wants to get rid of the Federal Reserve:

 

[Distinguished Gentleman]

Even with 100% political will, it will be difficult to end the fed. The entire world of finance is built around it. I kind of like Freedman's idea old replacing it with a computer that acts in a transparent, predictable way. I think auditing the fed will help reign in its power, at the least.

 

[Sola_Fide]

Rand strikes me as more of a Cato/Reason faux libertarian. I don't think the Fed is something high on his agenda. If it was, it would at least be nice to hear about it more from him.