After last weeks vote by the Senate to pass one Audit the Fed Bill and against the original bill, I wanted to see how the media would spin it.
Would the media be lauding the passing of this bill that would once and for all let the American people know what goes on at the Federal Reserve, or would they let the good citizens know this bill is lacking the necessary audit of monetary policy, the one thing that could prevent the Federal Reserve from causing future busts in the economic cycle.
Leave it to the mainstream media, both sides of the aisle, to misinform. Look at the following headlines for proof positive there are big money sources working against letting the Federal Reserve cat out of the bag.
Washington Post: “Victory for Audit the Fed”
Forbes: “Ron Paul Gets His Wish – The Fed Will Be Audited”
Huffington Post: “Ron Paul Backs Fed Audit Compromise”
Every single one of those title’s is misleading and plain wrong.
What Ron Paul Really Said
Ron Paul did not approve of the Sanders amendment. He knew it didn’t go far enough. Sure, he would have voted for it, but the Vitter amendment was the carbon copy of the original H.R. 1207 bill that received bipartisan support in the House. This is what Ron Paul wanted to pass, but failed to win support in the Senate.
Taxpayers are sick and tired of bailing out privileged, dysfunctional institutions that should be allowed to fail in order to stop their ability to wreak havoc on our economy. Perpetuating these corporations at taxpayer expense is not just wasteful, it is actively harmful. It would be good to know what went on in the past, but what about accountability in the future? A one-time disclosure now will not do us a lot of good down the road when the cycle repeats itself and friends of the Fed find themselves in trouble again.
More importantly, agreements with foreign central banks are not touched by the new Sanders Amendment language. At a time when Greece, Portugal, Spain and other countries are experiencing dire financial crises and have their hands out to the international community, we need to know if our Federal Reserve is at all involved in bailing them out. As weary as we are of bailing out companies, the American people would not stand for bailing out entire countries. Our government is wasteful enough in its own affairs without contributing to the waste of other countries. Yet the Fed currently has the tools it needs to do just this, and to do it in secret.
Ron Paul Source
Is anyone else putting the pieces of the puzzle together?
What are you going to do about it come November?
