Readers Respond: Should the Fed be Audited?

Responses: 78

By Kimberly Amadeo, About.com Guide

See More About:

Listen, I don't want to be responsible for what I do with any part of my life. And, you know, money is so very important. I don't want Congress to be responsible either---it's too sticky and scarry. It's so much safer to let a private bank control these things in secret. After all, we couldn't afford all of these wonderful wars if we didn't have a debt based economy. Thank you for loving our Overlords like me! Peace.
—Guest Aaron

Of course it should be audited - it should be abolished as well! It's a banking monopoly that has caused the dollar to decrease 98% in value since 1913 when the Fed got control of our monetary system.
—Guest Dr. Quigs

The private Federal Reserve was created in 1913 and since this time the purchasing power of the USD has lost 96%. In other words, what cost $100 now would have cost $4 in 1913. The private Federal Reserve is a small group of elite bankers that controls our money supply. They have more power over us than our Federal Govt. Barack Obama promised us more transparency. The private Federal Reserve owes the citizens of the USA transparency in what they are doing with our currency. If it wasn't for the USD being the reserve currency of the entire world we wouldn't be able to fund these dumb wars and bailouts etc etc. The private Federal Reserve must come clean with the people about what they have done with our money. We deserve a complete audit of the Fed. Charlie
—Guest Charlie

Ron Paul will make millions off of these books? All those decades of attacking the Federal Reserve (in and out of DC) and preaching the ideas of Rothbard and other critics of central banking systems and fiat money has come to this! Talk about preserverence... of the evilest brand..
—Guest Duh!

The Fed's "ability to quickly and creatively spur an economy" is precisely what got us into this horrible mess. The people who signed mortgages for far more than the houses would have been worth in a free economy have Alan Greenspan and Ben Bernanke to thank. The American people, who are on the hook for tens of thousands of dollars each to pay off government bonds have the Fed to thank. Thanks for nothing, Fed.
—Guest Jive Dadson

It was the Fed that LED us to the brink of a depression to begin with. AUDIT THE FED.
—Guest AUDIT THE FED

What part of "Abolish the Fed" do you not understand? Ron Paul has been outspoken and 100% consistent on monetary policy since he first went to congress because of Nixon's default on the Bretton Woods pseudo gold-standard. Since then the dollar has lost over 80% of its purchasing power. I think it's about time people listened to the man. And they are. His new book, Abolish the Fed, is already #1 on Amazon's non-fiction list, and it's still on pre-order. The reason to audit the Fed is not secret. The Fed is secret, and that's the problem. When people see exactly how the Fed operates, the "creature from Jekyll Island" will be doomed. Congress created the creature, and congress can un-create it.
—Guest Jive Dadson

Ron Paul has proven himself to be a steadfast, honest, Constitution following upstanding citizen in every way possible over the last few decades of service he has given our country. This is a childish attempt to get page views and shouldn't be taken seriously by anyone in their right mind.
—Guest Joshua

Let's consider the following primary responsibilities of the Federal Reserve (http://www.federalreserve.gov/generalinfo/faq/faqfrs.htm#3): 1) "conducting the nation's monetary policy by influencing money and credit conditions in the economy in pursuit of full employment and stable prices" 2) "supervising and regulating banking institutions to ensure the safety and soundness of the nation's banking and financial system and to protect the credit rights of consumers" 3) "maintaining the stability of the financial system and containing systemic risk that may arise in financial markets" 4) "providing certain financial services to the U.S. government, to the public, to financial institutions, and to foreign official institutions, including playing a major role in operating the nation's payments systems" I believe that the Federal Reserve has abjectly failed responsibilities 1-3 yet it is redistributing billions of our tax dollars and continuing an inflationary monetary policy.
—Guest Charles

It's very ignorant to proclaim that Ron Paul's motives to end the Fed are tied to sales of his upcoming book - he's been trying to end the Fed for over 3 decades now.
—Guest emazur

This legislation was written and sent to committee in February. Seems to me that the committee held it up in order to get it out at the time of his book release, not him. Either way, I want to know where my money has went. The fed has the power to make our money worthless, and it seems to have been doing a good job of it since it's inception. The dollar is worth 95% less than what it was in 1912. That means what would get you a dollars worth in 1912 will get you 5 cents worth of that same thing today. Why is that? Who did they bail out? Where has our money gone? WE THE PEOPLE HAVE A RIGHT TO KNOW.
—Guest Sickofthelies

At least present both sides of the case that you are arguing against. Ron Paul claims that the Fed is ALREADY highly politicized, in particular, by the banking industry. He also argues that the 'stimulus' is pushing us further into debt and will ultimately lead to an even bigger collapse. I am also offended that you would accuse a man who simply likes to ride his bike for relaxation, take care of his tomato plants and spend time with his family and is already independently wealthy from his work delivering over 5,000 babies as someone who would attempt to hurt America in order to sell a book. I highly recommend you go into a store and read the first several pages of the book you speak of and take it into consideration.
—Guest Dan

Inflation is caused by the creation of money in a fiat system. The FED has created TRILLIONS of dollars with no real growth in the economy. That is no different than them stealing money right out of your bank account. It is time for real money that has real backing. This would prevent all the over investment in none sustainable markets, and stop the over spending of the state.
—Guest Jon Bray

Bawney Fwank wants to help Ron Paul sell his book, public perception alone is enough to affect the value of the Federal Reserve Note yet we know more than enough about what goes on, and the main purpose of the secrecy is to ensure the public doesn't find out failing banks are failing. Yet we should support all of this? Gee, I thought this was a free country with a free market and an appreciation of the free flow of information. I guess I was wrong. If you are worried about Ron Paul making a buck on his book, don't buy it. Buying the book but failing to audit the Fed just won't help, folks.
—Guest acptulsa

The Fed created the housing bubble and is trying to fight its ill effects with more of the same. Its time we regulated them to become more accountable. The ultimate regulation would be a metallic standard, but until then We the People can be placated with honest albeit socialist centralization of monetary policy.
—Guest Nick

Kimberly Amadeo
US Economy Guide