Monday, October 5, 2009
Ron Paul: What International Secrets is the Fed Hiding?
In a Q&A with DealBook, Congressman Ron Paul focuses attention on the Federal Reserves dealings with international banks. Here's the key snippet:
DealBook: So do you think Goldman Sachs has the most influence at the Fed?
Paul:I think they have been in the news the most, but we might find out a lot of new things once we audit the Fed. We might find out that there are some international banks with influence.
The one thing the Fed is really fighting is to keep us from auditing any of the international agreements they have with other central banks and the international financial institutions — who knows who’s involved. The key issue is transparency, and I don’t think you will know the full extent until we have a true audit.
Here's his current view on action from Congress:
DealBook: So how close are you in convincing members of Congress to “end the Fed”?
Paul: Thye are not ready. They are only going to study it when they see the collapse of the dollar. Although the dollar is collapsing, it’s not happening fast enough for them to think about currency reform. They are talking about financial system reform with all these regulations that will make it worse, but they aren’t anywhere close to dealing with the currency issue. If they think they can double the money supply in a year, they aren’t close to talking about sound money.
That being said, I am excited that now at least people are beginning to take a look at the Federal Reserve. I am very positive about how the college kids have taken to reading Austrian economics. To me it is remarkable that 75 percent of the country said that we should limit the Fed, when a couple years ago they didn’t even think about it.
We now have every Republican on the audit bill and 119 Democrats, so it is very positive that attention is directed toward the Fed.