Good news for sound money: Ron Paul will lead monetary policy subcommittee

Julie Borowski
FreedomWorks
12/9/2010

The movement to audit the Fed won a huge victory last night. Representative Ron Paul (R-TX) who has been a leading critic of the Federal Reserve for decades will lead the Monetary Policy Subcommittee. In other words, the author of the book “End the Fed” will be overseeing the central bank. Look out Fed chairman Ben Bernanke.

It has suddenly become mainstream to question the Federal Reserve’s actions. A new poll shows that the majority of Americans want the Fed reined in or abolished. These polls have struck fear into the central bank. Fed supporter Senator Gregg (R-NH) even showed up for a meeting at the central bank with a box of End the Fed books. It has been reported that he told the gathering that “it would be worth reading to see what the other side is plotting.”…

…the Zimbabwe dollar officially collapsed in April 2009.  In the same month, the New York Times reported that the “Zimbabwe’s currency has been essentially worthless in-country for months. Now the Zimbabwe dollar is officially worth more on eBay, where collectors can snap up a few trillion-dollar notes for less than $25.” We may not be experiencing a devaluation of currency that rivals Zimbabwe yet. But it’s foolish to forget the lesson of Zimbabwe’s flawed monetary policy that left their dollar virtually worthless. Printing excessive amounts of money out of thin air has harsh consequences.

With the announcement that Ron Paul is to head the Monetary Policy Subcommittee, there is great hope that he may be able to rein in the excessive power of the Fed. As Ron Paul often cites, the dollar has lost 97 percent of its purchasing power since the invention of the Fed. Ron Paul will set us in the right direction to restore sound money…

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