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View Full Version : Orange County Register: Aduit the Fed, if not End It




0zzy
12-09-2009, 02:18 AM
An Orange County Register editorial

Sometimes persistence meets opportunity. Dr. Ron Paul, the libertarian Republican congressman from Texas who ran an enthusiastic but ultimately quixotic campaign for the presidential nomination last year, has introduced a bill to audit the Federal Reserve System going back to 1983. He finally got some traction on the idea this year. His bill attracted 317 co-sponsors (180 Republicans, 137 Democrats). It is slated to be voted on and probably approved today as part of a much broader package of new government regulations on financial institutions.

Ironically, Dr. Paul will probably vote against it. His whole purpose in politics is to reduce regulation and government involvement in the economy, and he'll stick to those guns even though the bill has a little sweetener he likes.

Such adherence to principle is admirable and all too rare. Support for the idea of auditing the secretive Fed probably does not reflect widespread support for Dr. Paul's ultimate goal of abolishing the Fed, but a rising populist resentment of powerful secretive institutions and a sneaking suspicion that the Fed contributed to last year's financial fiasco and then focused on protecting bankers and other fat cats.

We hope support for auditing the Fed leads to more fundamental questioning of whether the Fed should exist at all. It's worth noting that the Fed was supposed to stabilize the money supply and the economy, but since it was formed in 1913, panics, downturns and financial fiascos have been more frequent and severe than they were before.

Whether that comes to pass, auditing the Fed and making its operations less opaque seems to be an idea whose time has come.
OCRegister.com (http://www.ocregister.com/opinion/fed-223166-paul-auditing.html)


Wow, I knew the Orange County Register was very sympathetic to our ideals, but they just got cooler! :) I do think I'm going to have to subscribe to this newspaper sometime soon. Or at least bookmark their website.

Btw, they have the third largest circulation in California behind San Fransisco Chronicles and Los Angeles Times.



It often supports Republican politicians and positions, but it is also the largest newspaper in the country to have opposed the Iraq war from the beginning and opposes laws regulating issues such as prostitution and drug use. It was one of a handful of newspapers that opposed the internment of Japanese aliens and Japanese-Americans during World War II.

Well hot-dog! They even opposed Japanese camps? Damn these guys are sexy since WW2.

james1906
12-09-2009, 08:08 AM
OC Register is one of the few respectable mainstream outlets. During the recall, when California newspapers were split between Arnold and Gray Davis, they endorsed Tom McClintock. They've even endorsed Libertarian candidates in the past.

Pacis
12-09-2009, 09:15 AM
As I recall, the OC Register has always leaned our direction. I read in Brian Doherty's Radicals for Capitalism that the founder, RC Hoiles, was explicitly libertarian.

0zzy
12-09-2009, 09:19 PM
As I recall, the OC Register has always leaned our direction. I read in Brian Doherty's Radicals for Capitalism that the founder, RC Hoiles, was explicitly libertarian.

I know Doherty's wife! :) Well, I interned for her at antiwar.com.

malkusm
12-09-2009, 09:22 PM
Dr. Ron Paul, the libertarian Republican congressman from Texas who ran an enthusiastic but ultimately quixotic campaign

Number of articles that have used "Ron Paul" and "quixotic" in the same sentence since 2007: 23,464,321

HINT: This is not accidental.