By Michael Beitler
My Concerns about the Fed
I am often asked, “Why do you feel so strongly about the Fed?” As the Chief Financial Officer of a bank for ten years, I had an up-close look at the Federal Reserve; it was very disturbing. As a CPA, I know the value of an independent audit; if there is nothing to hide, there is nothing to fear.
As a taxpayer, I want to know how federal government programs (from welfare to warfare) are being financed; the role of the central bank should be transparent.
As a parent, I am concerned about the financial obligations my children and their generation will be responsible for. I want my generation, the baby boomers, to serve all generations of Americans responsibly.
As a patriot, I love my country. I want America to be financially strong. I want the financial system and central bank to be transparent.
The Federal Reserve has operating in secrecy since its inception in 1913. One hundred years of behind-closed-doors dealing should make you nervous.
We only see the consequences of Federal Reserve interventions in our economy: skyrocketing debt, an inflated currency, artificially low interest rates, wildly swinging business cycles, asset bubbles, markets manipulated by the Federal Open Market Committee, and worried Americans who don’t know what to expect next.
Is the Fed independent? Obviously it’s not. The Fed Chairman is appointed by the President of the United States. President Obama’s team worked the phones to make sure Chairman Bernanke was reappointed.
Will the money be available for the next welfare or warfare project? Yes. The Fed will create it out of thin air.
What’s wrong with the Federal Reserve System? In a word—everything. It produces fiat currency (backed by absolutely nothing) in unlimited quantities. You do not need advanced training in accounting, finance, or economics, to know that isn’t right.
It is time for all Americans (Libertarians, Republicans, Democrats, and Independents) to support Congressman Ron Paul’s bill to audit the Fed. It is time for all Americans to use their power (the vote) to demand that their federal representatives (in both the House and Senate) support Dr. Paul’s bill.
An audit of the Fed will lead to demands to end the Fed. Demand an audit in 2010.