The Crime Ring Called the Fed
The Anti-Fed Revolution
by Anthony Gregory
Through his 2008 presidential campaign, Ron Paul managed to make monetary policy a national political issue. For nearly a century it had been a relatively obscure topic, and throughout my lifetime respectable opinion considered it a fringe inclination even to be interested in it. Certainly, those who questioned the necessity of even having a central bank had long been relegated to the kooky periphery of political discourse.
This all changed with Paul’s campaign, which put restoring sound money at the top of the 21st-century populist libertarian agenda, second only, perhaps, to ending the U.S. military empire. The financial crisis has made Americans from all walks of life dare to question the central banker behind the curtain. Recent polls show that the Federal Reserve is now among the least-trusted federal agencies, with a vast majority of the public supporting a thorough and independent audit. Paul’s efforts to bring about such an audit garnered more than two-thirds support in the House of Representatives, and for the first time, the Fed’s partisans are on the defensive, publishing articles vindicating its expansionary credit during the Bush years, which an increasing segment of the population, including some in the mainstream press, now blame for causing the housing bubble and consequent financial collapse.