Federal Reserve

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Ron Paul goes from ridicule to respect

From the Houston Chronicle:

Paul goes from ridicule to respect

Ron Paul has been brought to prominence by his long-standing opposition to the nation's monetary system and the Federal Reserve Board that prints money and controls its supply.

More Important than "Audit the Fed"

Of all of the efforts to rein in the Federal Reserve, this is by far the most critical, as it has the most potential to end that institution's pernicious ability to debase the currency we use. Read the full bill here.

Ron Paul: End the Fed

Federal Reserve made $14 billion on turmoil loans: report

LONDON (Reuters) - The Federal Reserve has made $14 billion in profits on loans made in the last two years, The Financial Times reported on Monday, citing officials close to the matter.

The U.S. central bank also earned about $19 billion from interest and fees charged to institutions that tapped liquidity facilities during the global financial crisis, the report said.

If the Fed had invested the same amounted loaned out in three-month Treasury bills since August 2007, it would have earned $5 billion in interest, the FT said.

Barney Frank: Bill Mandating "Complete Audit" Of The Fed Will Pass House In Fall

DOUBTFUL:

Huffington Post: Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee, told a Massachusetts audience at a recent town hall that the House will pass legislation this fall mandating a "complete audit" of the Federal Reserve.

The bill to audit the Fed, H.R. 1207, was introduced by libertarian Fed critic Rep. Ron Paul (R-Texas) and is backed by well over a majority of the House. Frank's comment suggests it won't just be left to languish in committee.