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article imageRon Paul: Fed will self destruct when it destroys the dollar

By Andrew Moran     Nov 23, 2009 in Politics
For more than 25 years, Ron Paul has tried to end the Federal Reserve System and recently wrote a book called "End the Fed." He doesn't expected Washington to end the Federal Reserve but believes it'll self-destruct.
For decades, Republican Congressman of Texas Ron Paul has discussed abolishing the Federal Reserve System and the Obstetrician and Gynaecologist has received little attention regarding his views, that is until the financial crisis began and House Resolution 1207 Federal Reserve Transparency Act of 2009 was introduced.
A proponent of Austrian Theory, the author of “Revolution: A Manifesto” and “End the Fed” introduced legislation that would audit the Federal Reserve and force the entity to open the books to the general public. With 313 co-sponsors, all Republicans and a large of number of Democrats, HR 1207 is expected to make it through the House of Representatives.
According to the Wall Street Pit, a House panel approved the Paul-Grayson amendment by 43-26, which gives watchdogs the authority to audit the Federal Reserve.
The former 2008 Presidential candidate has often blamed the Fed for the current economic crisis in the United States by promoting cheap money and lowering interest rates to Japanese levels.
On Monday, Paul spoke to CNBC about his bill and his intentions, which he describes as trying to get rid of the Federal Reserve. “My intention is to get rid of the Fed. I don't say this is the step -- I mean, the whole purpose is to expose it,” says Paul, reports The Hill.
“I won't end the Fed; they're not going to pass a law to manage monetary policy or end the Fed -- that's not going to happen. But the Fed's going to self-destruct because they're going to destroy the dollar.”
Independent Senator of Vermont, Bernie Sanders, is co-sponsoring the bill in the Senate with 29 other Senators. Last week, Republican New Hampshire Senator Judd Gregg called Paul’s proposal a dangerous step in the Congress to “pander” to the American people’s anger towards the country’s central bank.
Paul responded to that comment on Monday during his interview with CNBC, “Pandering? Well in a sense, I do; I pander to the people, because it's the people who are behind this thing. The Federal Reserve, they say they want 'independence.' Every time they say 'independence'...what they're talking about is secrecy. What I'm talking about is transparency.”
As Digital Journal reported in the summer, which was seen the documentary “Fall of the Republic,” 75 per cent of Americans want an audit of the Federal Reserve.
However, the Dallas Morning News reports that House Financial Services Committee Chairman Barney Frank will try to decrease the amount of oversight powers and weaken the amendment.
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