Rand Paul Intends To Use Yellen’s Confirmation To Audit The Fed

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Senator Rand Paul (R-Ky.) will likely challenge President Barack Obama’s nomination of Janet Yellen as the Federal Reserve’s next top decision maker in a bid to force a Senate vote on a bill he proposed to audit the Fed’s policy-making deliberations.

In a statement Friday, Paul said, “As part of Senate consideration of the Janet Yellen nomination to be Chair of the Federal Reserve, I will request a vote on my bipartisan Federal Reserve Transparency Act, S. 209. The American people deserve transparency from the federal reserve and the federal government as a whole.”

Paul’s Fed transparency bill is a Senate version of similar legislation long-championed by and originally introduced in the House of Representatives by his father, former Representative Ron Paul (R-Texas). The elder Paul is a longtime Fed critic and the author of books and numerous essays on the Fed’s monetary abuses.

The older Paul has also made clear that he expects little change to accompany leadership changes at the Fed, saying earlier this month in a weekly address: “Yellen, like Bernanke, Summers, and everyone else within the Fed’s orbit, believes in Keynesian economics. To economists of Yellen’s persuasion, the solution to recession is to stimulate spending by creating more money. Wall Street need not worry about tapering of the Fed’s massive program of quantitative easing under Yellen’s reign. If anything, the Fed’s trillion dollars of yearly money creation may even increase.”

The act would remove current restrictions which hamper the Government Accountability Office’s (GAO) ability to carry out a full audit of the Federal Reserve.

“We must take a critical look at the Fed’s monetary policy decisions, discount window operations, and a host of other things, with a real audit – and not just pay lip-service to the idea of an audit,” Paul’s Senate website says of the act’s importance. “At a time when we’re seeing great volatility in small Euro-zone economies like Greece, Portugal, and Ireland, it is more crucial than ever that we have real transparency at our own central bank.”

A Democratic Senate aide told CNBC that Paul’s ability to stymie Yellen’s confirmation in an effort to bring about a Senate vote on his bill “should not be overstated.” In order to hold up confirmation hearings, which have not yet started, Paul would need the backing of at least 40 of his colleagues to prevent Senate leadership from blocking his effort.

A similar bill in the House garnered strong bipartisan support in 2012, but Senate majority leader Harry Reid (D-Nev.) said that he would not allow any audit the Fed bills to reach the Senate floor.

Some policy analysts suggest that lawmakers will steer clear of Paul’s effort to hold up Yellen’s confirmation for fear of reminding voters of the political gridlock accompanying recent budget debates in Congress.

Still, Paul could garner some support for his latest effort. As one Forbes contributor noted Friday:

Not only should he be commended for the step by Republicans but he should be supported by as many Democrats as possible – which would only be in keeping with the 89 Democrats who contributed to the bi-partisan support  of H.R. 459  in 2012 which simply sought to “To require a full audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks by the Comptroller General of the United States, and for other purposes,” the exact same language as Rand Paul’s S.209 — Federal Reserve Transparency Act of 2013.

There is no way to justify opposition to S. 209 and support of H.R. 459.  But I wonder – will Democrats still try to find a way?

Paul said he intends to formally initiate the hold on Yellen’s confirmation next week.

Personal Liberty

Sam Rolley

Sam Rolley began a career in journalism working for a small town newspaper while seeking a B.A. in English. After covering community news and politics, Rolley took a position at Personal Liberty Media Group where could better hone his focus on his true passions: national politics and liberty issues. In his daily columns and reports, Rolley works to help readers understand which lies are perpetuated by the mainstream media and to stay on top of issues ignored by more conventional media outlets.

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  • ThomasThePaine

    Better yet: How about shutting down that infernal enemy of the American people!

    • doktor don

      I’ll take part of that!

    • http://www.thefreedomtrainusa.com/ FreedomTrainUSA

      The REAL Enemy of the People is the Occupant of the White House….the “Little Boy Dictator” and all those in his Regime….Plus most of Congress and the Supreme Court….THE REAL ENEMY OF THE PEOPLE IS OUR OWN GOVERNMENT THAT IS NOW A MARXIST SOCIALIST DICTARORSHIP…

      • ThomasThePaine

        As I have been saying for years: Time to decorate 546 lampposts. . .
        Or better yet, fill 546 Bois de Justice baskets!

        Unfortunately, the Founding Fathers dream has degenerate into the biggest and most corrupt government the world has ever seen!

        • Deerinwater

          Really , it was just as bad back then Thomas, ~ history has just glossed it over, at a “stab” at clarity.

          There are few things new under the Sun, ~Trojan horses work just as well today as they did centuries ago.

          Disinformation and rumors are just as powerful as they ever were.

          and Justice still belongs to the Lord.

          • ThomasThePaine

            “The Lord” couldn’t care less: Never has, never will! It’s up to We The People!

          • Deerinwater

            Correct! ~ The Lord does not care about such things.

    • Mad Marky Mushnutsky

      100% RIGHT ON…I love Paul & his pops, but so what if there is an audit, there is transparency, for we all know this is an illegal bureau & should be shut down!!!

  • med1616

    An audit if needed. Billions of dollars are missing and rumor has it Fort Knox has been emptied by the Dahlaibama. He better remember that he can run but he can’t hide and anyone named Obama is a target.

    • podunk1

      We need an independent audit of the FED and GAO by a reputable CPA firm with special attention to internal control. We have runaway lawlessness and corruption.

  • doktor don

    Paul is unethical requesting an Audit of the Fed; as, a condition to approving Yellen’s appointment. Her approval has nothing to do with the Audit. We’ll spend hundreds of thousands of dollars in auditing Tons of Gold; when the Value of the entire Stash wouldn’t even pay the interest on the National Debt for more than one year!
    Leave the Fed vacancy open; stop printing money; and, Number #2, at the Fed can step in as Acting Director. Fed is not beholden to the Congress. Tell Rand to go to hell! He does not get to dictate the terms of Yellen’s approval.

    • Sam

      The Republicans have to use whatever ammunition they have. Who’s side are you on? Obama’s? Let Paul do what he has to do. It’s only right that we know what is going on. The Fed has been printing worthless money. Actually, not even printing anymore, just clicking in zeros. This is what is criminal.

    • Vis Fac

      You want unethical? View the link above and see how you’ve been used as a PAWN by socialists That is if you aren’t too cowardly.

      To sit back hoping that someday, some way, someone will make things right is to go on feeding the wolf, hoping he will eat you last – but eat you he will.

      You don’t have to be a Marine to make a difference the only requirement is being
      truly patriotic and the willingness to back it up!!!

      Libertas inaestimabilis res est
      Semper-Fi

      • doktor don

        Seems like you are an over-zealous Jar Head with nothing between the Ears.

        • Vis Fac

          Assailing me with pejorative labeling does nothing to give credibility to your position or argument; however in your doing so gives a wealth of credence to mine.

          Unfortunately you are a socialist pawn and have been used to promote an agenda counter to liberty.

          You being a socialist believe that you are going to receive your piece of the pie. however with socialism someone is going to get something but sadly that someone will not be you!!

          To sit back hoping that someday, some way, someone will make things right is to go on feeding the wolf, hoping he will eat you last – but eat you he will.

          You don’t have to be a Marine to make a difference the only requirement is being truly patriotic and the willingness to back it up!!!

          Libertas inaestimabilis res est
          Semper Fi

          • http://www.thefreedomtrainusa.com/ FreedomTrainUSA

            Force….It seems that since the 2 EMPTY HEADED Liberals…DUM doctor don & Deer in the Headlights…As usual have nothing to add to the discusuon…SO THEY ARE IN FULL ATTACK MODE…

          • Vis Fac

            I say Let um they haven’t the arsenal of weapons I have I have the upper hand because I know how to use mine

            To sit back hoping that someday, some way, someone will make things right is to go on feeding the wolf, hoping he will eat you last – but eat you he will.

            You don’t have to be a Marine to make a difference the only requirement is being truly patriotic and the willingness to back it up!!!

            Libertas inaestimabilis res est
            Semper-Fi

          • doktor don

            I’m only interested in the Facts – – nothing else! Let me balance the argument about Socialism. David Stockman, Reagan’s W/H Budget Director has said in his recent book: “The Great Deformation; and the Corruption of Capitalism in America;” began in 1971; when Nixon took the Country off the Gold Standard – – which served the Country & the World well for about 24 years (1947-1971). In so doing he set off a period of Inflation that could only be tamed by Wage & Price Controls; and, even then – – it didn’t help much. Stagflation pretty much dominated the Economy for the next ten years.
            With the Demise of the Gold Standard; Predator Capitalists on Wall Street came out of the wood work during the terms of Reagan, Clinton & the two Bush’s. Reagan for all his talk about Big Gov’t and Taxes; ended up Tripling the National Debt; and, raising Taxes at least 5 times. The Bush Legacy speaks for itself. The Bush’s started Three Wars; none of which have been paid for; and the costs added to the National Debt.
            The $750 Billion Dollar Bailout of the Rich Wall Street Banks; AIG, Fannie & Freddie; has been called the most Anti-Democratic & Anti-Capitalistic Law ever passed in the Nation’s Capital. That huge amount of money was purely Socialistic! Capitalism would have permitted them to fail following the Crash of 2008. Capitalism does not Reward bad Management and those that take unhealthy risks. It punishes them! What kind of Capitalistic System Prints Money with no backing; then Fire Hoses it off the Wall Street? Trillions in Socialism for the Rich; and, not a Dime for Main Street. For years, the Big Corporations have been receiving a yearly Subsidy in the form of a Welfare Check. Billions have gone to Big Agriculture, Big Oil, Ethanol, Boeing, and the High Tech Companies. Those Federal give-away programs cost the Taxpayers about $100 Billion a year. The Tax Breaks & Loopholes are worth Billions to the Rich; and they are killing our Revenue Stream. Recall the Tax Cut Bush gave the Rich, in 2002? Over ten years; it has amounted to $5 Trillion Dollars; and, the Country got nothing for it! There have been few – – if any – – new net Breadwinner Jobs created by anyone over the past 13 years. So much more needs to be said; but enough for now.
            By the way; I owe, the Marine an apology. Anyone that has served this Country; doesn’t ever deserve a personal negative comment.

          • Vis Fac

            You didn’t watch the video. and so facts to a liberal are those that are pulled out of thin air and or provided by lame stream media to swathe their ineptness on all things rational. Liberal one dimensional idiot-ology dictates they make things up as they go so
            they can blame others for their failures and nothing is ever ODUMBO’s or the DUMBOCRITES fault.

            So whenever they have trouble defending and/or nothing to substantiate their positions they simply fall back on the FBABO (Federal Board for Assigning Blaming to Others) or citing lame stream media’s partial/fabricated truths and prevarications; then all their liberal inadequacies are soon considered ancient history becoming non issues and then quickly forgotten

            To sit back hoping that someday, some way, someone will make things right is to go on feeding the wolf, hoping he will eat you last – but eat you he will.

            You don’t have to be a Marine to make a difference the only requirement is being truly patriotic and the willingness to back it up!!!

            Libertas inaestimabilis res est
            Semper-Fi

          • Robert Messmer

            Too bad the Democrats never paid for WWI, WWII, Korea, Vietnam then it would give there refrain about Bush never paid for his war a tiny bit more credibility. Of course then we could nit pick that it is morally reprehensible to vote to go to war and then say “oh its not my war its HIS war”. IF Mr. Stockman is such a flaming genius then why didn’t he do a better job as Budget Director. You seem to forget that you don’t have to be right in order to be published.

          • doktor don

            Stockman was/is a pretty smart Guy; and he was at odds with Reagan near the end of his Tenure. Greenspan was one of Reagan’s Economic Advisors; who offered the President conflicting advice, at times. He was a manipulator; who envisioned that he could outsmart the Cyclical Business Model; and smooth out the ups & downs of the economy, to produce more stability. Historically, it’s been remarkable that price discovery and the invisible hand of the free market system has worked so well. Get greedy and take chances; and the free market would punish you. Greenspan thought that be could reduce or eliminate the risk of Gambling; by printing money and suppressing interest rates. The Guy was a true villain in the 2008 Economic Collapse.

          • doktor don

            My oh, my! Have you been brainwashed. Fact: the Country’s Greatest Generation gave us a 24 year period known as the Golden Age of this Country (1947-1971).
            Not only did this Generation bring the Country through the Great Depression; Fought & Won WW II; Rebuilt Europe & Japan; built the World’s best Interstate Road System; and 10 Million new houses. While the National Debt was large following the War; it was well paid down by the time Nixon took Office. For 24 years; after World Leaders at Bretton Woods, pegged the relationship of the Dollar/Gold; at $35 an ounce; that agreement built trust & stabilized the World’s Monetary System. After 1971; everything spiraled down for our Economy and the World’s Monetary System. Gold was a STANDARD! Want more Dollars? Mine, find, steal more gold – – whatever it takes. But a Standard is a standard – – not to be easily F . . . ed, with; unless you control the Fed; and, it has been very generous to the Richest among us. Don’t like Capitalism? Then Tinker and Manipulate Markets; tilt the System in the direction of the Puppet Masters. They will make good use of Taxpayers Money. It is all called THE GREAT DEFORMATION; and it Corrupted anything/everything that resembled Monetary Standards & the Notion of Free Market Capitalism. The real tragedy of course, was the destruction of the Middle Class in America.
            One final comment: Capitalism is hard work! It takes time to Invent, Develop & Produce Something; and, we don’t do much of that today. Track our GDP from 1971, to the present. Track how Wealth & Income Redistribution has taken place during that time. Track how the Poor & Middle Class have become economically disenfranchised during that period as well.
            Novel Idea: “Let’s find a stealthy way to speed up the process of getting rich; and, and let’s find a way to do it quick!” Answer: Instead of producing anything; let’s find a way to use OPM! Today it is called Rent Seeking – – the Art of the Con. Much easier & quicker to Con others out of their incomes & wealth; than WORK traditional Capitalism. Without many Standards and Regulations; sleight of hand, financial weapons of mass destruction can be highly effective. After all, one can simply go to W/S; become a Hedge Fund Trader and make a BILLION Dollars a Year! Only Casinos – – theoretically – – can get one to the level so quickly. And, Old Sport; let’s not ever forget what a, Loose Lip, W/S Trader was reported saying: “if you ain’t doing someone; someone is doing you!”

    • Toy Pupanbai

      There’s no doubt Yellen is qualified for the post: Nice they have been able to keep the job in the ‘Family’!

      • doktor don

        What family? GOP Presidents – – Reagan & Bush made the last two appointments. Yellen is not from Wall Street either; as I recall.

    • Duke LaPussee

      Are you a moron? Unless Fed is abolished, the printing presses will continue to run…Paul’s audit would point us in right direction!! Most Americans are ignorant of fact the Fed is a PRIVATE bank setting dangerous & illegal fiscal policy for America! Any American who would not want the audit is crazy stupid!!

      • doktor don

        Whoa; slow down. The Fed has been around since 1913; and don’t see it going anywhere soon. I am not a big fan of the Fed ever since Nixon took us off the Gold Standard. That’s when the GOP gave up it’s Fiscal Conservatism; and American Capitalism began to die. Keep in mind that it was Reagan who appointed Greenspan as Fed Chief; and Bush who appointed Bernanke. Both were Republican Appointees; and both have contributed greatly to the destruction of Capitalism & the Free Market System in the U.S. Both march to the Tunes played on Wall Street. In reality, it is your Rich Corporate Billionaires that now control our monetary system; and our Command & Control Economy. Greenspan was a Economic Engineer who thought he could out-smart the, “invisible hand of free market capitalism. His Policies of Free Money & suppressed interest rates have allowed us all to live in a house of cards throughout the 1990’s. Everything is pretty much over-leveraged today.
        As for Auditing the Books; pretty tough when the Cooks write the Recipes.
        .

        • Creepy Carlton Crugovsky

          It all started with a DEM, FDR, the worst prez in history until OBOZO:

          http://www.bloomberg.com/news/2013-03-21/how-franklin-roosevelt-secretly-ended-the-gold-standard.html

        • Robert Messmer

          Of course Bill Clinton could have replaced Greenspan with someone of his choosing if he wasn’t so busy with Monica and Obama didn’t have to wait for Bernanke to retire. Actually since 1913 there have been 8 Democrat and 9 Republican Presidents and they have all signed off on the Fed running the show.

          • doktor don

            Oh contraire! Trashing the Gold Standard was the Game Changer. Tinkering with the Monetary System gave the Maestro License to DEFORM Capitalism; which led to a Redistribution of Wealth from the MC to the Rich. Difficult to print Trillions and suppress Interest Rates & call it Capitalism. Off-shoring 20 Million Jobs was not a part of Adam Smith’s Capitalism as well. Nor was/is the Billions going to Rich, Corporate America. Capitalism doesn’t save Asses when failure occurs; it destroys them! Yet, The Gamblers on W/S found a way to Privatize Profits and Socialize risks. Balance Sheets having problems? Not to worry; call Alan; then Uncle Ben. F . . k . . . with the, “invisible hand of the free market; and get burned!” Not today; the Fed’s Fire Hose reaches all the way to W/S & Corporate America. We have to keep the growing Corporate State; and State Controlled Capitalism; vibrant. The Winners: Clearly the Elite Rich; the Losers: clearly the hollowed out Middle Class; and it is getting worse, daily.

          • Robert Messmer

            Yes and the speed at which it is getting worse has clearly increased and is still increasing under Obama.

  • KennyLLC

    Democrats will find a way to oppose anything not thought up by Democrats.

    The real audit should include indictments of tax evasion in the very creation of the Federal Reserve. It was formed in 1913 as a result of conglomerate offshoring of capital gains to foreign investments against the only constitutional taxation on record. These tax-evading banks still exist today.
    Once the mass evasion was done, the gov’t panic of 1907 came to a head and the banks held the gov’t hostage for loans to fund WWI by “the Central Bank” (money illegally offshored to central America).
    Income tax was then created on shady grounds with falsified votes from states not in agreement, for the sake of making the American people guarantors of the loans from the tax evaders that the U.S. now called “the Central Bank”.

    The perfect example of the adage: “If you can’t beat em, join em’ !”

    • http://www.thefreedomtrainusa.com/ FreedomTrainUSA

      Or anything that does not fit the Marxist Socialist Agenda…THAT IS DESTROYING THIS NATION….They do not want anything that represents FISCAL RESPONSIBILITY

      • Deerinwater

        Bull $hit FreedomTrain~ Fiscal responsibility has not been a Trademark of the GOP for the last 40 years and you know it!

        • doktor don

          You have done your Research; you know the History of the GOP well. Maybe too well – – for those who chose to deny the facts.

          • http://www.thefreedomtrainusa.com/ FreedomTrainUSA

            Well…
            Prove your EMPTY REHORTORIC…..With REAL FACTS?????

          • doktor don

            As of August 30, 2013, the Value of the Treasury’s Gold holdings was $11,041,059,985.16. Gold holdings were 261,498,926,247 Troy Ounces. Price of Gold changes daily.
            Gees, it appears that I have anticipated a larger stash; when I assumed the Value of our Gold Holdings wouldn’t quite pay the yearly interest on the National Debt. Sorry about that; but, those figures now scare the s . . . out of me; because it won’t even come close to paying the interest – – if we Cashed Out. Reaffirms what I have been saying for the past three years; “The Big Dog is going Down!” We have no way out of our Bankruptcy; and Bernanke us doing the only thing he can to prevent a Collapse. Shut down the Fed’s Printing Presses; and everything will Collapse; keep them going, and the Rich get Richer. Wall Street is too Big to be permitted to Crash. The Fed will just increase the pressure in the Fire Hoses to keep the Market afloat. During the past five years, the Top 10% (top 1%, really), have increased their Wealth & Income by double digits; while Main Street Families have seen their Incomes decline to levels not seen since the late 1990’s. Family Incomes are dropping; and Breadwinner Jobs are no where to be seen.

          • Deerinwater

            And it all started with Ronnie Reagan’s Administration ( actually the ground work started earlier but with Reagan occupying the 1st Chair position the time was right) for the tweaking Federal Tax codes, rewarding the investor at the expense of labor earned dollars. Down sizing, out sourcing, taking of huge profits, basically killing the goose that laid the golden egg. selling the American worker down stream.

            Which in and of itself , might not have been so bad if it hadn’t been allowed to continued for the last 30 years, creating this huge economic disparity that we see and you seem to want to defend today.

            You wouldn’t read the facts if I offered them Freedomtrain. ~ They are available for everyone to see but you must want to look and grasp the importance.

            ” A 2011 study by the CBO[13] found that the top earning 1 percent of households increased their income by about 275% after federal taxes and income transfers over a period between 1979 and 2007, compared to a gain of just under 40% for the 60 percent in the middle of America’s income distribution.[13] Other sources find that the trend has continued since then.[14] In spite of this data, only 42% of Americans think inequality has increased in the past ten years.[15] In 2012, the gap between the richest 1 percent and the remaining 99 percent was the widest it’s been since the 1920s.[16] Incomes of the wealthiest 1 percent rose nearly 20 percent, whereas the income of the remaining 99 percent rose 1 percent in comparison.[16]

            Scholars and others differ as to the causes, solutions, and the significance of the trend,[17]which in 2011 helped ignite the “Occupy” protest movement. Education and increased demand for skilled labor are often cited as causes,[18] some have emphasized the importance of public policy; others believe the cause(s) of inequality’s rise are not well understood.[13] Inequality has been described both as irrelevant in the face of economic opportunity (or social mobility) in America, and as a cause of the decline in that opportunity.[19][20][21]

            Yale professor and economist Robert J. Shiller, who was among three Americans who won the Nobel prize for economics in 2013, believes that rising economic inequality in the United States and other countries is “the most important problem that we are facing now today.”[22]

            read more http://en.wikipedia.org/wiki/Income_inequality_in_the_United_States

          • doktor don

            You mean I am not alone in doing the Research necessary to discover the Truth? Deerinwater is well-informed; one of the best that I’ve encountered on these sorry sites.

          • doktor don

            Yeh, LBJ was no prince. More than the Silver Issue; he thought the Country could have both Guns & Butter. Fighting in Vietnam at the same time he ushered in his new Great Society. Yes, again; both Parties are responsible for the Debt Snowball.
            But, it was the Trashing of the Gold Standard which changed Monetary Standards and Relationships both at home & abroad. The question on the street during the Nixon Era; is the same question on the street today: “What is the Dollar worth today? Answer was the same as well: “Hell if I know!” When one can Mask the Value of anything; one is in a position to Scam just about anyone & and, anything; unless one is an expert.
            Once again; it is being reported that the Dollar today, is near a 13 Month low. Good for our Exports; but bad for imports; and the American People do like all that, “good stuff;” even though they can’t pay for it. We have all heard the familiar words, “Cash or Charge?” And, we all know the answer to that as well.

          • Robert Messmer

            I would put the beginning squarely with LBJ removing silver from specie and selling our silver stockpile. Then Tricky Dick came along and removed the last vestige of gold support for the dollar. Both/all parties have helped the situation along by building the snowball ever bigger but the beginning was LBJ.

          • Robert Messmer

            Shut the Fed down and let’s see if Wall Street is too Big to Crash.

        • Foxy Freddie Fuxsucker

          They;ve been way more responsible than the LOONY TUNES LIBs!!! After all, the DEMs rather pull their fingernails out than cut one cent from the federal nanny state!!!

        • http://www.thefreedomtrainusa.com/ FreedomTrainUSA

          Prove your EMPTY REHORTORIC…..With REAL FACTS?????

    • Deerinwater

      yOU ARE WRONG! ~ I would that ~ HOPE POLARIZED POLITICS HAS NOT MADE FOOLS OF US All.

      • Mama Maria Moskowitz

        No, but it has made a fool of you, time & time again!!

        • Deerinwater

          The last time I was fooled, ~ I voted for Reagan. ~ I haven’t been fooled since. ~ while I have lost a few.

  • Vis Fac

    All true Americans must see this http://vimeo.com/63749370
    Agenda Grinding America Down

    To sit back hoping that someday, some way, someone will make things right is to go on feeding the wolf, hoping he will eat you last – but eat you he will.

    You don’t have to be a Marine to make a difference the only requirement is being
    truly patriotic and the willingness to back it up!!!

    Libertas inaestimabilis res est
    Semper-Fi

    • Deerinwater

      The wolf has been gnawing and scratching at the door for some time now.

      So are there ~ Untrue Americans?

      • Vis Fac

        Yes They’re called Liberals and DUMBOCRITES That have followed Marxism to the letter as outlined in the film Apparently you didn’t watch it otherwise you wouldn’t have asked they foolish question !!!!!

        To sit back hoping that someday, some way, someone will make things right is to go on feeding the wolf, hoping he will eat you last – but eat you he will.

        You don’t have to be a Marine to make a difference the only requirement is being truly patriotic and the willingness to back it up!!!

        Libertas inaestimabilis res est
        Semper-Fi

  • BHR

    If the federal reserve is doing all of its business legal, why what anyone not want it audited. The audit would protect all Americans. Freddy And Fannie were suppose to be audited. But 15 times FRANK AND DODD stopped the government auditors from doing their job. The Bush administration knew it was in trouble but FRANK AND DODD controlled the committees that controlled the auditors and they stopped the auditors. If the auditors had be able to do their job we may not have had the housing crises! FRANK AND DODD should be in jail. They both had knowledge of the crimes being committed by both agencies.

    • Lumpy Lewschugovsky

      YES, you are 100% right,…also Stinkin’ Schumer kept saying all was well too.. but Fannie & Freddie are in bed with the LOONY TUNES LIBs & yet GOP got all the blame for crisis!!! Remember also that Dodd got corupt sweetheart deal from Countrywide!

      Also, Dodd-Frank bill is a 2,200 page horror that is hurting average Americans & small & large businesses & will not prevent a govt. bailout of big banks again!

      • http://seekingalpha.com/article/1514632 lottopol

        “…
        Paying interest on reserves combined with the subsidy to the banks of providing free unlimited deposit insurance on non-interest bearing demand deposits is keeping t-bill rates positive. Absent those policies the rate on
        t-bills would be actually negative. The Chinese and others all over the world are willing to pay anything for the safety of depositing funds in the USA. Already, Bank of New York Mellon Corp. has imposed a 0.13% charge on large deposits.
        http://seekingalpha.com/article/1514632

  • Jana

    The only problem I see so far is if Paul needs 40 of his colleagues like they needed 40 of their colleagues to vote for cloture they probably won’t get it in the Senate with good old RINO McConnell leading the pack.

    I agree this is something that is long overdue and should be done now, and the sooner the better.

  • ONLYJB1

    What are the progressive/communist attempting to hide? OUR Federal Reserve has not been audited or held accountable for more than 60 years. Why? Let’s look at this as the IRS audit of a company. What is the communist harry reid attempting to hide?
    Will the truth mean the END? Probably so and several individuals will pay the price of corruption!

    • jaybird

      This will never happen because it is so much dirt on everyone.

  • http://seekingalpha.com/article/1514632 lottopol

    “..Money is what can be used to buy things. Historically money has first been
    specie (gold and silver coins), then fiat money which is paper currency and
    checking accounts (M1) and more recently credit money. The credit money supply
    is what in aggregate can be bought on credit. Two hundred years ago your
    ability to take your friends out to dinner depended on whether or not you had
    enough coins (specie) in your pocket. One hundred years ago it depended on the
    quantity of currency in your pocket and possibly the balance in your checking
    account if the restaurant would take checks.

    Today it is mostly your credit card that allows you to spend. We no longer
    have a fiat money system. Today we have a credit money system. Just because
    there is still some fiat money does not negate the fact that we are on a credit
    money system. When we were on a basically fiat money system there was still a
    small amount of specie in circulation. Even today a five cent piece contains
    about 5 cents worth of metal, but no one would claim we are still on a specie
    money system.

    Fiat money is easy to measure; M1 was $1.376 trillion in 2007 and was $2.535
    trillion in May 2013. The effective money supply is the sum of fiat money and
    credit money. Credit money cannot be precisely measured. However, When the
    person in California whose occupation was strawberry picker and who had made $14,000
    in his best year was able to get a mortgage of $740,000 with no money down and
    private equity could buy a company like Clear Channel in a $20 billion
    leveraged buyout, also with essentially no money down, the credit money supply
    was clearly much higher than today. A reasonable ballpark estimate of the
    credit money supply is that it was $70 trillion in 2007 compared to $50
    trillion today.

    The effective money supply is the sum of the traditional fiat money
    aggregates plus the credit money supply. Thus, despite the clams of Ron Paul
    and Rick Perry to the contrary, the effective or true money supply has fallen
    drastically over the last few years…”
    http://seekingalpha.com/article/1514632

  • bob

    At least the Tea Party stands up what’s best for the people it’s like they have two parties of treasonous politicians against them. Right will win in the long run .

    • Deerinwater

      which people?

      The Tea Party does make this claim, ~ that they are standing up for “the people”

      The the Tea Party seem to be Hyjackers, ~ I’m not completely certain that they can be trusted.