The title of this blog is somewhat misleading. Yesterday German Chancellor Angela Merkel publicly spoke out against the powers of central banks. She believes they have gone too far in their interventions of the private market in their attempt to fix the economic problems that are prevalent today.
I say that this is misleading because I am not sure if she would ever support such legislation as an audit of the European Central Bank, or the abolition of such entity. But to much of her credit, she is the lone "world leader" who has spoken out against the central banks. Both President Bush and President Obama support the actions taken by the Federal Reserve here in the United States. With this in mind, I would be very happy if we had a President who would stand up and say "enough!" to the Federal Reserve. But we do not, and they continue to support the central bank despite their unconstitutionality.
Thankfully, not just the American Public are realizing the folly of our system of central banking, but also many Representatives. Ron Paul introduced a bill that would force an audit of the Federal Reserve, H.R. 1207. It now has 182 cosponsors. Paul has called this possibly the most important piece of legislation in his career. One thing I am very excited about is the upcoming release of Paul's book End The Fed. Of all the issues out there, usually a few hours of looking into it one is able to have a basic understanding of what each side of an issue believes. With the Federal Reserve and central banking, it is an issue that is not really given much attention. It is not an issue that has carved out party lines giving it constant attention. But I find myself realizing more and more that this is a huge issue. We have un-elected officials who control our monetary policy, the very lifeblood of what allows our nation to function.
Paul has a way of putting a complicated isuse into simple terms. I'm sure that End the Fed will be no different. Instead of spending hours trying to find relevant information online, do yourself (and your country, children, etc.) a favor and buy this book when it comes out. I look forward to interesting discussions about this issue in the future.