As a conservative I follow the constitution. In fact, I carry a copy of the constitution in my pocket. And I’m certainly not one of those squishy conservatives who believes the document is a living and breathing thing, up for occasional interpretation.
There are few issues more clearly outlined in the constitution than Congress’ responsibility to coin and regulate the currency. That is very clearly stated in article 1 section 10
Where it states that Congress is granted the authority to "coin money" which authorizes Congress to coin money from precious metals such as gold and silver.
The money supply in America is like a gas pedal on your car -- the heavier the pressure on the gas pedal, the more gas the engine gets and the car speeds up. The Federal Reserve is the driver of the car. The heavier the Federal Reserve presses on the gas pedal (the printing of notes) the greater the increase in the money supply.
Staying with the car analogy for a moment, think about what would happen if you floored the gas pedal and held it there.
The car would speed up until it either burned out the engine or ran headfirst into a wall, car, or pedestrian.
That’s what the Federal Reserve has been doing. They have been flooring the gas pedal with treasury notes, flooding the market with U.S. currency.
In fact, the Federal Reserve shoveled out $2.5 trillion in low or no interest notes to stimulate the economy.
To their credit, the Fed has tapered their money printing but they’ve left some burning questions.
Who holds all these notes?
After all, they are basically “IOUs” to the American taxpayers.
Are the institutions we loaned our money to safe?
Or are they high risk?
Are they even American?
Do they have ties to terror?
These are all great questions, especially because “We the People” are on the hook for that money.
The problem is, we aren’t allowed to see to whom and where the Fed has loaned our money or how they made the decisions to print more money and that’s a problem..
Congress isn’t even given access to that information.and that is unconstitutional!
Senator Rand Paul is introducing legislation this week that would allow us a look into what the fed has been doing with our money.
“Audit the Fed. ”
The legislation has bipartisan support and passed the house last year with over 300 votes from both republicans and democrats on board.
The legislation is clearly called for in the constitution, so I can’t even imagine why they need to legislate it..
The Federal Reserve claims they are exempt from oversight and they have been.
But they should not be exempt…
No other agency is exempt from congressional oversight. And the agency that regulates our currency certainly should not be exempt either.
I support Senator Paul’s legislation to audit the Fed. It makes sense. Dollars and cents, that is. Yours and mine.
We have a constitutional right to know. I am calling on the Federal Reserve to open the books and let the American people know to whom and where we are loaning our money.
Eric Bolling currently serves as co-host of Fox News Channel's "The Five" (weekdays 5-6PM/ET). He also serves as the host of "Cashin' In" (Saturdays 11:30AM-12PM/ET), an analysis program on FNC's weekend business block, "The Cost of Freedom." Bolling joined the network in 2008. Click here for more information on Eric Bolling.