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Friday, November 05, 2010 1:20 AM

Ron Paul Questions Fed Authority, Vows Another "Audit the Fed" Effort

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Ron Paul is back at it with another "Audit the Fed" campaign, this time with a House and Senate far more to his liking.

Please consider Ron Paul vows renewed Fed audit push next year.

U.S. Republican Representative Ron Paul on Thursday said he will push to examine the Federal Reserve's monetary policy decisions if he takes control of the congressional subcommittee that oversees the central bank as expected in January.

"I think they're way too independent. They just shouldn't have this power," Paul, a longtime Fed critic, said in an interview with Reuters. "Up until recently it has been modest but now it's totally out of control."

Paul is currently the top Republican on the House of Representatives subcommittee that oversees domestic monetary policy, and is likely to head the panel when Republicans take control of the chamber in January.

That could create a giant headache for the Fed, which earlier this year fended off an effort headed by Paul to open up its internal deliberations on interest rates and monetary easing to congressional scrutiny.
Rand Paul's Victory Speech

In case you missed it, please consider Rand Paul's victory speech.

One play of that video is all you need to hear to know that Bernanke's life is going to be a lot more miserable after this election.

Several senators were elected who are openly hostile to the Fed. Rand Paul is one of them. Tea Party candidates won 29 seats in the House. They too will make Bernanke miserable.

Some people claim the election will not change anything. I bet otherwise. But it will take time.

Mike "Mish" Shedlock
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