Ron Paul: Fed Secrecy is Wrong

Brian Hicks

Updated January 14, 2010




Here is Ron Paul making too much sense again, which is why the elites will do anything they can to marginalize him.

But let’s face it folks, the status quo cannot possibly be maintained.

From Forbes by Alexandra Zendrian entitled: Ron Paul’s Golden Rule

Forbes: Why do you think the Federal Reserve needs to be audited?

Dr. Ron Paul: For lots of reasons. I don’t believe in secrecy. I don’t think anyone should have so much power that they can create money out of thin air and spend it and interfere in the markets and do central economic planning without any oversight. Congress has a responsibility to know what they’re doing because they created the Fed, they’re very, very important, and people benefit from their actions. And I’d like to know who benefits and who suffers the consequence. I just think that it would be in the interest of the people to know exactly what the Fed is doing.

Forbes: Why don’t we know what’s going on with the Fed?

People have been pretty complacent, generally complacent, over many, many years because it’s been an insidious problem. I mean, in 1913, they came into existence and a lot of people didn’t know much about it. And they didn’t call for it. But over the years, there’s always been one or two saying, “We should know more about it.”

And in the 1970s, when we had a pretty serious economic crisis with inflation and interest rates at 21%, there was a demand for an audit. So they passed an audit bill and what they did exactly was they put prohibitions in. Before that, it was a little vague, but they made it instead of opening up the doors for an audit, they made it absolutely much more difficult for us to find out what they were doing. And my bill essentially repeals what they put in place in 1978, the prohibitions against auditing the Fed.

And they work in secrecy. They’re allowed to make arrangements with foreign governments, foreign central banks, international organizations, and they’ve really abused their power, although their power’s been on the books, to deal with corporations. It’s been this recent crisis that has really brought this to a head. They have literally bought over a trillion dollars’ worth of securities. And we don’t know who benefited from that or how much they paid for them. So I think it’s time that the people know what they’ve been up to.

The Fed is all-powerful and they scare people and tell people “the world will come to an end.” That’s exactly what they’re doing right now. “This would be so horrible, we would lose our independence.” But all they’re talking about independence is secrecy. They argue, “Oh, no, we don’t want any political influence.” Well, what other kind of influence is there? Presidential politics has influence on the Fed. The president appoints the federal board chairman and other members.

There’s lots of influence behind the scenes. Companies like Goldman Sachs  have influence. So there’s a lot of political influence. Deficit financing is a political influence. Congress runs up debt and that puts a lot of political pressure on the Fed.

But the transactions are secret, and that’s what I consider wrong.”


So here is my take….

Whether you agree with the Fed or not, it is imperative to our democracy that powerful institutions are not allowed to operate in the dark.

The fact is the further we stray from our founding documents, the bigger our problems become. 

Of course, the rest of the interview is also well worth your time. You can find it by clicking here.


“All the perplexities, confusion and distresses in America arise not from defects in the constitution or confederation, nor from want of honor or virtue, as much from downright ignorance of the nature of coin, credit, and circulation.”

John Adams


Enough said.

Related Articles:

Ron Paul vs. Ben Bernanke

 Ron Paul: End The Fed

Ron Paul’s “National Nightmare”

There Is No Free Market in America

Is this the end of America?

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