The meaning behind Ron Paul's attack on the Fed

July 9, 12:12 PMPortland Progressive ExaminerMichael Stone

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Ron Paul

Who is Ron Paul? Ron Paul is a libertarian, and a Republican member of the House of Represenatives leading an attack on the Fed. Ron Paul has introduced a bill to audit the Federal Reserve. An amendment based on Paul’s House bill was blocked by the Senate this week on procedural grounds.

While an audit on the Fed may or may not be a good idea, do not be fooled by the wolf in sheep's clothing that is Ron Paul. Paul, a registered Republican, would be a dangerous political force if his ideas were to gain any traction with the mainstream. For now he remains an impotent member of the right wing fringe with a small but very loyal cadre of followers that often resemble a religious cult more than a political movement.

Ron Paul is a dangerous demagogue, a failed libertarian presidential candidate and a congressman representing a large, coastal, rural area of Texas. Ron Paul's legislative history is one of abject failure. Among the bills he has co-sponsored: ending U.S. cooperation with the United Nations, a repeal of antitrust law, and stripping the government of the right to set a minimum wage. He has recently introduced a bill to repeal the Gun-Free School Zones Act of 1990, which would make schools less safe.

Paul's economic ideology advocates shifting the country in the wrong direction, back toward a gold standard, abolishing the personal income tax, and dismantling the Federal Reserve. Hence the proposed audit, which may or may not be a good idea in itself, is but a trojan horse for Paul. Paul's ultimate desire is to destroy, not audit, the Federal Reserve.