Who Should Audit the Fed?

by Chidem Kurdas

A few days ago the House passed with a veto-proof majority the bill known as “audit the fed” or more plainly as H.R. 459, sponsored by Ron Paul.  If it became law, it would open the Federal Reserve’s policy deliberations and decisions, certain operations and dealings with foreign banks and governments to scrutiny by the Congressional Government Accountability Office. The GAO currently audits the Fed’s financials but not its policy making.

A number of House Democrats supported the bill, though party chieftains are against it.  The critics of the measure, prominently including Fed Chair Ben Bernanke, argue that it will open the way to political interference with monetary policy, which is best conducted on purely economic grounds.

Both sides have a valid point. Continue reading

Why Rand Paul is wrong about Title II

by Roger Koppl

Rand Paul won the Republican primary in the Kentucky Senate race and almost immediately stepped into a big pile of steaming controversy by telling Rachel Maddow that he did not support Title II of the Civil Rights Act of 1964.  Since then few voices have defended his statements on Maddow’s show, with John Stossel as one of the rare exceptions.  In his recent Christian Science Monitor op-ed on this topic, Sheldon Richman defends Paul’s statements saying, “individuals are either free to do anything peaceful or they are not.”  I reject libertarian objections to Title II precisely because I agree with the quoted remark: individuals are either free to do anything peaceful or not. (For the record: I’m not a libertarian, but the quoted statement is a logical truth, not a political program.)  Black and white people in the recently-Jim-Crow South would not have been free to associate without the assistance of Title II. Continue reading