July 17, 2009

Audit the Fed!

While Bush and McCain were “abandoning free-market principles to save the free-market system” by signing off on an $800 billion Wall Street Bailout, the Republican establishment still treated the truly free-market Ron Paul as some sort of crazy, irrelevant money crank.

It’s amazing the difference a year makes.

As of this writing, every single Republican in the House and over 60 Democrats have co-sponsored Paul’s H.R. 1207 Federal Reserve Transparency Act, which calls for an audit of the Federal Reserve. Given the current economic crisis, it turns out that many legislators are eager to see just how the Fed is able to print new money out of thin air. In the 1980’s, Paul introduced similar legislation with virtually no help from his fellow Republicans. In 2009, the entire party has lined up behind Ron Paul.

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