US Rep. Ron Paul has introduced legislation to “repeal the legal tender laws, prohibit taxation on certain coins and bullion, and repeal superfluous sections related to coinage.” Dr. Paul has been trying to effect reform of our monetary system for many years. His bill to audit the Federal Reserve has 317 co-sponsors in the House and 30 co-sponsors in the Senate. Eventually, Paul wishes to End the Fed.
I do not understand why the supposedly conservative National Review opposes auditing the Fed. The Fed controls one of our most important commodities: money! I wonder if NR would also oppose the People’s (through their representatives in Washington) ability to audit possible future government-run medical panels and agencies if the huge health care reform bill passes.
And is it true that the supposedly “capitalist” Wall Street Journal opposes auditing the Fed? Here is the WSJ‘s paragraph, “about us” on their Opinion page:
We speak for free markets and free people, the principles, if you will, marked in the watershed year of 1776 by Thomas Jefferson’s Declaration of Independence and Adam Smith’s “Wealth of Nations.” So over the past century and into the next, the Journal stands for free trade and sound money; against confiscatory taxation and the ukases of kings and other collectivists; and for individual autonomy against dictators, bullies and even the tempers of momentary majorities.
“Sound money?” Hmmm. When you have government monopoly of money, it is not “sound.” Look at the situation we are in now. When governments have a monopoly over anything, it isn’t sound, because such authoritarian, top-down control distorts the natural direction of markets, and relationships among consumers and producers, which then causes dysfunction. All goods and services need competition. There needs to be a competitive market in the business of money, and government shouldn’t be in the money making business.
One ought to read Murray Rothbard’s What Has Government Done to Our Money? and The Case For a 100% Gold Dollar, and Ron Paul’s End the Fed, and really get an understanding of how the Fed’s control and monopoly over our money is nothing more than a counterfeiting racket.