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Published On: Fri, Oct 11th, 2013

Rand Paul takes aim at the Fed

Like father, like son.

Senator Rand Paul (R-KY) sounds every bit as adverse to the policies of the Federal Reserve as his father, former Texas Congressman and long time critic of the US Central Bank, Ron Paul.

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However, the younger Paul will be able to do something his dad never did–as a Senator, he will be involved in the confirmation of President Obama’s choice to chair the Fed, Dr. Janet Yellen.

In an Op-Ed today in Time, Rand Paul writes in a piece titled “Rand Paul: Why I intend to grill Yellin”:

The institution needs to be reformed to prevent Yellin, or any other future nominee, from using the enormous power of the Fed to aid and abet the allies of big government.  I intend on using the Senate’s constitutional power of consent to nominations as a means to educate the American people on the structural flaws and policies of the Fed that are bankrupting our nation.

Paul questions the policy of quantitative easing and other questionable easy money practices of the Fed under the Ben Bernanke regime that Yellin was part of and is expected to continue under a Yellin regime.

“During Bernanke’s two terms we have seen QE1 (quantitative easing), QE2 and QE3, and all were ineffective, if not destructive. An unprecedented amount of new dollars has been injected into the economy. In 2009, it was even reported that the Fed could not account for $9 trillion in off-sheet balance transactions. That amount is more than half our national debt.

“When the economy doesn’t improve, what is the Fed’s eternal answer? Print even more money. In 2013, the Fed has been purchasing – and monetizing the government’s debt – at a rate of $85 billion a month.  Just this year, they have added over $800 billion in government debt to their balance sheets.”

Earlier this year, Sen. Paul introduced the bipartisan Federal Reserve Transparency Act of 2013, (S.209) aka the “Audit the Fed” bill.

After years of seeing Paul grilling Bernanke on CSPAN, we may get to see years of the younger Paul grilling Yellin on the policies of the Fed.

 

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About the Author

- Writer, Co-Founder and Executive Editor of The Global Dispatch. Robert has been covering news in the areas of health, world news and politics for a variety of online news sources. He is also the Editor-in-Chief of the website, Outbreak News Today and hosts the podcast, Outbreak News Interviews on iTunes, Stitcher and Spotify Robert is politically Independent and a born again Christian Follow @bactiman63

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  1. Ron Paul: Janet Yellin ‘might even end up being Ben Bernanke on steroids’ - The Global Dispatch says:

    […] Related story: Rand Paul takes aim at the Fed […]

  2. CHRISTOPHER ALLEN HORTON says:

    SINCE Speaker John Boehner (R-OH) HAS “CAVED” ON THIS BUDGET FIGHT, IT IS OBVIOUS THE CITIZENRY WANTS HIM TO STOP “TAKING CUES” FROM Senator Ted Cruz (R-TX).

    SO, IF Senator Rand Paul (R-KY) WANTS THE PRESIDENCY, HE NEEDS TO KEEP HIS MOUTH CLOSED ON ALL ISSUES – AT LEAST, UNTIL POOR AMERICANS START PAYING Obamacare fines AROUND APRIL 2014.

    CHRISTOPHER ALLEN HORTON

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