The Only Way to Protect America Is to Audit the Fed

FOMC Chairman Powell answers a reporter’s question at the press conference. June 13, 2018.

Is Fed Chairman Jerome Powell the most dangerous man in America? That’s the belief of former congressman and presidential candidate, Dr. Ron Paul. During his time in Congress, Paul was the Chairman of the Subcommittee on Domestic Monetary Policy and Technology, and had led an effort that sought to audit the Federal Reserve, and give Americans back sound money. Powell has been renominated for his job as Fed chairman, and Paul opposes the nomination. At the Ron Paul Institute, he explains why, writing (abridged):

The US Senate will soon vote on Federal Reserve Chairman Jerome Powell’s nomination to a second term. One of the senators opposing Powell is Elizabeth Warren. I don’t often agree with Senator Warren, but I do agree with her assessment that Powell is “dangerous.” However, Warren actually doesn’t understand what makes Powell, or any Fed chairman, intrinsically dangerous to liberty and prosperity.

Warren thinks Powell is dangerous because she thinks he will not be supportive enough of imposing her desired new regulations on banks and other financial institutions. Senator Warren, like most progressives, clings to a fantastical notion that regulations benefit workers, consumers, and small businesses. The truth is most regulations benefit large corporations by imposing costs that big businesses can easily absorb, but that their smaller competitors cannot.

Powell is a threat to the American people. Under his tenure, the Fed has kept interest rates at or near zero. The Fed’s balance sheet has grown to over eight trillion dollars. This has caused prices to climb at a rate America has not seen in several decades.

Any group of individuals given the power to manipulate the money supply, and manipulate the interest rates that are the price of money, poses a threat to our liberty and prosperity. The solution is not to replace Powell with a “better” Fed chairman, or to force the Fed to follow a “rule” that still allows it to erode the dollar’s value.

The only way to protect the people from dangerous individuals like Jerome Powell, Lael Brainard, and the rest of the Fed board is to audit and then end the Fed.

Read more here.