Last week marked the conclusion of the grand taxpayer funded spectacles known as the national party conventions. It is perhaps very telling that while $18 million in tax dollars was granted to each party for these lavish ordeals, an additional $50 million each was needed for security in anticipation of the inevitable protests at each
We frequently hear the financial press refer to the U.S. dollar as the “world’s reserve currency,” implying that our dollar will always retain its value in an ever shifting world economy. But this is a dangerous and mistaken assumption. Since August 15, 1971, when President Nixon closed the gold window and refused to pay out
As we enter the fall political season, we will hear a great deal of rhetoric from both major political parties and their many candidates for office. It’s important for us to remember, however, that words can be made meaningless by misuse or overuse. And when we as citizens allow politicians to obscure the truth by
Grover Norquist, the influential conservative activist, recently made some very frank and sobering remarks about the U.S. military budget. Unlike many conservatives, Mr. Norquist understands that American national security interests are not served by the interventionist foreign policy mindset that has dominated both political parties in recent decades. He also understands that there is nothing “conservative”
I recently held a hearing in my congressional subcommittee on the subject of competing currencies. This is an issue of enormous importance, but unfortunately few Americans understand how the Federal Reserve and Treasury Department impose a strict monopoly on money in America. This monopoly is maintained using federal counterfeiting laws, which is a bit rich.
Last week the House passed yet another bill placing sanctions on Iran and Syria, bringing us closer to another war in the Middle East. We are told that ever harsher sanctions finally will force the targeted nations to bend to our will. Yet the ineffectiveness of previous sanctions teaches us nothing; in truth sanctions lead to war more than they prevent war.
Last week the House of Representatives overwhelmingly passed my legislation calling for a full and effective audit of the Federal Reserve. Well over 300 of my Congressional colleagues supported the bill, each casting a landmark vote that marks the culmination of decades of work. We have taken a big step toward bringing transparency to the
The senseless and horrific killings last week at a movie theater in Colorado reminded Americans that life is fragile and beautiful, and we should not take family, friends, and loved ones for granted. Our prayers go out to the injured victims and the families of those killed. As a nation we should use this terrible
Later this month Congress will have an unprecedented opportunity to force the Federal Reserve to provide meaningful transparency to lawmakers and taxpayers. HR 459, my bill known as “Audit the Fed,” is scheduled for a vote before the full Congress in July. More than 270 of my colleagues cosponsored the bill, and it has the
Last week my subcommittee held a hearing on fractional reserve banking and the moral hazard created by government (taxpayer) insured deposits. Fractional reserve banking is the practice by which banks accept deposits but only keep a fraction of those deposits on hand at any time. In practice, nearly 100% of deposits are loaned out, yet