Liberty Maven

Ron Paul’s has been making moves to institute what could be considered anti-trust legislation for the Federal Reserve. His idea of legalizing competing currencies coupled with HR1207, his bill to audit the Fed, together are meant to reduce the regulatory power the Federal Reserve has over the economy.

While Paul’s competing currencies idea sits on the back burner lacking any real massive support, HR1207 is very much on the front burner with 149 cosponsors and more being added seemingly every day. Ron Paul’s nearly lifelong effort to shine a light on the Federal Reserve abuses may becoming a reality.

The Federal Reserve is not the lender of last resort, it is the beheader of economic progress. The consequences of its actions have lead indirectly to our recent financial calamity. It is the most powerful regulating authority over the U.S. economy and has been around since 1913. There are complex arguments against the Fed, but there is one very simple one. If the Fed has the ability to regulate the market successfully then why do we still have economic booms and busts?

In truth the Fed was instituted to interfere with what could be a free market. The free market is more powerful than the Fed, but the Fed’s interference in this natural order of things causes the market to behave like an artificial intelligence experiment gone wrong. Man creates the robot, and the robot turns against man and devours the earth. Keep that thought in mind as you watch this pathetic display from the Inspector General of the Federal Reserve answering questions about the robot’s recent actions surrounding the financial crisis:

This is oversight? This is transparency? No wonder Ron Paul’s HR1207 is up to 149 cosponsors. Ron Paul is a new kind of trust-buster. His kind takes on the government and quasi-government institutions like the Federal Reserve. If the GOP leadership (Cantor and Boehner that’s you, for now!) could remove their noggins from their nether-regions for a minute and unite behind HR1207 it would go a long way toward showing there is action behind their limited government rhetoric.