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October 30th, 2009
10:07 AM ET

Ron Paul: Let the dollar prove itself

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Editor's note: Ron Paul is an 11-term Republican U.S. representative from Texas who made a bid for the GOP presidential nomination in 2008. His book, "End the Fed," was recently published by Grand Central Publishing.

Ron Paul
Special to CNN

A growing number of Americans are becoming aware of the Federal Reserve System, what it is, how it has precipitated our financial crisis, and how it continues to pursue policies that delay economic recovery and weaken the dollar.

The Fed's actions, combined with the federal government's bailout bills and stimulus packages, have struck a nerve in the American people.

Recent polls have shown that more than 75 percent of Americans support efforts to audit the Fed, something which my bill, HR 1207, the Federal Reserve Transparency Act, aims to do. HR 1207 has the support of 304 members of Congress, and the Senate version of the bill, S. 604, is supported by 31 U.S. senators.

Fed Chairman Ben Bernanke has embarked on an ambitious program of monetary expansion, more than doubling the monetary base to almost $1.9 trillion and doubling the size of its balance sheet to over $2 trillion, placing the American economy in a precarious position.

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Filed under: Raw Politics • Ron Paul
soundoff (3 Responses)
  1. George Filchak

    What do you think will happen if there is a run on the dollar?With the dollar shrinking in value daily could this could become a real possibility?

    October 30, 2009 at 3:37 pm |
  2. Joanne P

    Please audit away...this is crazy, the latitude given agencies is akin to the irresponsible bonuses given on the American peoples' tab!

    October 30, 2009 at 10:46 am |