According to a recent Rasmussen telephone poll 75% of Americans are in favor of a Federal Reserve Audit. The results show that only 9% oppose the idea and 15% are not sure.

Texas Congressman Ron Paul introduced H.R. 1207, which would allow the Government Accounting Agency to audit the books of the Federal Reserve. The bill now has 282 co-sponsors in House including all Republicans and 101 Democrats. The Senate version of the bill has 20 co-sponsors.

According to Rasmussen Reports:

Support for the bill has grown now that the Obama administration is proposing to give the Fed greater economic regulatory powers. The Fed which sets U.S. monetary policy was created as an independent agency to keep it free of politically-motivated interference.

Predictably, Fed Chairman Ben Bernake is opposed to the bill saying on PBS, “I don’t think the American people want Congress running monetary policy.”

Libertarians like Ron Paul saw the crisis coming as early as 2002.  It is not a failure of the free market, it a failure of big government intervention into the market place.  Watch the video for a great explanation:

Lew Rockwell recently posted an article on his blog reflecting on the current state of the economy and so-called deflation. Here is an excerpt:

It is a marvelous thing to see the market work, in good times and bad. Just look at the way that marvelous, unplanned barometer of wise resource use – the price system – has reacted in response to the human reality of economic downturn.

As we prepare for the future with the holidays upon us, consumers are wondering whether it is a wise thing to take on too many new financial burdens. They are cutting back and still somewhat indecisive about the economic climate. For most people, the only real evidence of downturn they see is the devastation that has been wrought on their retirement accounts. This causes quite a psychological hesitation to buy.

Click here for the full article. It is definitely worth your time.

P.S. Sorry I haven’t posted in a while. I am working on an epic piece regarding Lysander Spooner and his battles against the US Post Office’s monopoly on the delivery of the mail.

Also, if you are in a very giving mood this holiday season, you can check out my wish list on the right hand side of the page, or you can click here to view it!

Great CNN interview:

What is the role of government?

Part 1:

Part 2

Part 3

Part 4

Part 5

Part 6