Quote of the Day: "Congressional oversight of the Fed amounts to about twelve hours of hearings per year, and that's as far as it goes. Of those twelve hours, no more than five or ten minutes goes to any one Congressman, who has the opportunity to ask at most one question of Chairman Bernanke every six months. To claim that this is effective oversight is laughable." - Rep. Ron Paul
Ron Paul began hearings about Federal Reserve transparency on Tuesday, October 4. We agree with Congressman Paul – the Fed is unconstitutional. It should be abolished. Barring that, it must at least be audited.
This is why I sent the following letter to my elected representatives. You may copy it or borrow form it to send a letter of your own.
I support Federal Reserve transparency. I think the Free Competition in Currency Act is the best way to achieve that. Here's why . . .
Let Americans choose what they want to use for money -- gold, silver, or some other form of currency. Then the Federal Reserve will have to compete to get people to use Federal Reserve Notes (FRNs).
Competition will require the Fed to become transparent. No consumer will consent to use FRNs if the Fed won't consent to be audited. How else could a consumer know the value of an FRN? Only an audit could verify the number of FRNs the Fed is creating.
This new competition-induced transparency will also force the Fed to stop inflating the number of FRNs. The Fed's legalized counterfeiting will end. And if the Fed doesn't stop, then it will end, as companies with bad products always do.
For ten years Congress has imposed privacy-destroying legislation on the American people, saying, "If you're not doing anything wrong, you have nothing to hide." Well, shouldn't that rule apply to the Fed?
If it has nothing to hide, then it should submit to a thorough audit.
I don't want you to exercise political influence over the Fed. And I certainly don't want to abolish the Fed if it means having an identical monetary monopoly run by the Treasury Department. Instead . . .
I want to choose what I will use as currency, free from coercion.
I want to make the Fed transparent and accountable, by making it compete.
Please co-sponsor the Free Competition in Currency Act.
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